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Individual, every, subject to tax..3, 103

Individuals-The Income Tax Law relates in general to either

individuals or corporations. Special provisions apply to in
dividuals to be sought under their appropriate heads. That por
tion of "Analysis and Comment" relating to individuals is in-
cluded in Sections 1-116

"Information at the source"

Applied to interest on domestic corporations, securities. .98
Brokers' returns..100

By non-taxable organizations..122

On bond, etc. interest..99

On payment of $1,000..98

Stockholders lists and dividend records..101

United States Government issues..43

When inaugurated..99

Inspection of returns (corporate).. 152

Installment, taxes paid by (see Returns)..147
Insurance companies, regulations for..136
Insurance premiums, not deductible..46, 130
Interest accrued on bonds, tax paid by whom..16
Interest on indebtedness in general deducted by
See Exempt income

Domestic corporations..130
Individuals. .46

Interest on indebtedness

Incurred in purchasing exempt securities.. 46, 130
(see Exempt income).

Interest on "municipal etc., bonds" (see Exempt income)

Commissioner's ruling as to..17

Cost or market value..17

"Dealer in securities"..17-18

Tax returns..17

Under 1918 Law..18

Inventory value, in determining gain or loss..15

When and how exempt as to interest..37, et seq.
Liberty Loan bonds

When and how exempt as to interest et seq..37
Information at the source..43

License for making foreign collections..102

Life insurance companies (see Insurance companies)
Life insurance premium, not deductible. .46, 130
Loss (see Gain or loss)


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Claim in abatement and inventory loss..51-2
In 1919..52

In taxpayer's business "Net loss"..50

Outside taxpayers business, on account of the war..53
Market value, basis of determining gain or loss..15

Mergers (see Gain or loss)

Method of computing tax, Example No. 1.. Page 21
Minors, returns by and for..104

"Municipal bonds” etc., tax exemption of
Interest on..34, 124

Must be reported..36, 126

See Exempt income

"Net income"


Deductions from..47


Definition of..45

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Non-resident alien partnership, "deduction at the source"..93

Normal tax

Basic tax. .8
In 1918..3

In 1919..4

Non-resident alien..5, 75

Personal exemption,. . 10-13

Under previous laws..2

Optional methods of payment (see Returns)

Optional payment of tax in advance (see Returns)

Organizations (see Corporations)

Partners, taxable individually..65

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Paying agents-Attention is called especially to the following gen-
eral heads in this index which affect paying agents:

"Deduction at the source"

"Information at the source"

Foreign collections, license for making

Payment of tax (see Returns)

Personal exemption

Dependent persons, on account of..10
Estates and trusts..60

"Head of a family"..10

Husband and wife..10

In computing normal tax only..13
In 1918. .9-10

Married or unmarried persons..10

Non-resident aliens..82

Under earlier laws..10

See Returns

Personal exemption, claim for, in deduction at the source..97

Personal service corporation

Definition of..69

Dividends. .24, 71

Members taxable..70

'Not taxable in general. .69-70

Philippine islands, income tax applied in..158

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"Political subdivision"

Definition of..35

Income exempt..35

Porto Rico, income tax applied in..158

Possessions of the United States, income tax of citizens of..157-8
Preferred stock, not interest bearing indebtedness..134

Preliminary returns by corporations..144

Premises owned, deduction of rental value not allowed. .46, 130
Premiums on life insurance policy not deductible..46, 130

President, salary not exempt..33

Public officials, when the compensation may be exempt..33
Public utility income (see Exemptions)

Rates of tax

Applying to individuals, Table No. I.. Pages 18-20

Average rates of tax on taxable incomes up to $100,000, Chart
A.. Page 22

Average rates of tax on taxable incomes up to $2,000,000, Chart
B.. Page 23


In previous years..2

In 1918..3

In 1919..4

Normal and basic..2-4

Receipts, to be issued on request..149

Receiver makes return of income (see Corporations, Returns)

Refund provision, in 1918 Law..151

Rental value of premises owned not deductible..46, 130

Reorganization, merger, etc. (see Gain or loss)

Residents (see Citizens or residents)

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List of taxpayers..154
Means of payment..150


"Municipal, etc., bonds," included in..36, 126

Non-resident alien, foreign corporations, etc...116





Receivers, required to make

Refund provisions..161

Secrecy of..155

Stockholders may inspect..153

Time and place of..112-113

Time and place of corporate..143
Time of payment..147


When due..146

Withholding agent..96

See Accounting period, Corporations, Estates and trusts, Hus-
band and wife, Non-resident alien individual.

Salary paid to employees in army, deductible..133

Sales (see Gain or loss)

Secrecy of returns..165

"Securities, Dealer in"..17

Securities, taxable and non-taxable (see Exempt income and Gross


State employees, salary probably exempt..33

Stock dividends

Constitutionality of taxation of..30

Court decisions..30

Definition of, 1918 Act..27

Taxation of..28-29

When received..28

Stockholders' lists and dividend records..101

Stockholders may inspect corporation returns..153

Surtax rates

In 1918..3

In 1919..4

No personal exemption from..13

Under previous laws..2

Tables, No. 1-Rates and amounts of tax to be paid by citizens or
residents on income from $2,000 to $10,000,000.. Pages

No. 2-Relative values of taxable and tax exempt securities..

Pages 24-27

Example of computing tax.. Page 21

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