6 1989 TITLE 26.-—·INTE.
See note at beginning of this chapter.
_ “This title," referred te herein, constitutes chapter 19*ot this supplemental title. N, . · 966. Sade;} iiduciaries; yhen_ required; eontentez veriiicatien.-1—( a) Every tlduciary (except a receiver appointed by `lauthority of law in` possessionot part only of the property of an individual) shall make under_oath.·a return for any of the lfollowing individuals, estates, or trusts for which he acts; stating specifically the litems, of. gross. income- thereof and the deductions and credits allowed under this titl`e—__ _ _. · · (1) Every individual having a net income for the taxable year of $1,590 or over, if,single, or it married andj not living with husband or wife; _ _- , —· _ ‘ _(2) Every individual, havi~ng`a. netincome for the taiable year ot $3,500 orwover, if married and livingxvith hilsband or wife; ~· ‘ _ . · > (3) Every individual having a grosscincome for the taxable year- of $5,000 or over, regardless of the; amount of his net `fincomel; `· _ ` I . . · V (4) Every estate ,or trust the net income of which for the taxable year is .$1,500·or over; -_ . · . · ` {5) Every eqtate or trt1st»·the gross' income of which for the taxable year is $5,000 or over; regardless of the amount of the net income; and " ¥`_ . ‘ _ . ‘ ` (6) Every estate or trust of whigh any beneficiary is a nonresident alien. _ . e - , . _. · (ly) Under auch regulations as the commissioner with thei _ approval of the Secretary may prescribea- return made by one ot two or more joint tlduclaries and tiled in the omce of the collector of the district 'where auch tlduclary resides. shall be suillclent eompllance with `"the above requirement. Such Heueiary shall make oath (*1) that he has sumcient knowledge or the adairs ot the individual, estate or trust for which the return is made, to enable ·hi1Il_t0 make the return, gn} (2) that the return is, to the best of his knowledge and belief, true and correctr Any ildaciary required. to make a return under this Act shall be subject to all the provisions of this .Act which apply te individuals, (Reb. %, 1926,-c. 27, § 225, 44 Stat. 37.)° · ·&e note at beginning oftlals chapter. ‘ ‘ __ I ' _ _*‘Thl•" title," referred to hereln,‘conrtltutes chaptcr'19 ot this supplemental title., ·" This Act," mentioned in the text, constitutes this supplemental title, J _ . _ . . 967. Same; time for makinxl towhom made.-·(a) Returns (except in the case of nonresident aliens) shall be made An_ or before the Afteenth day of the third mouth following the close of the decal ytar, or, lf cthereturu is madeon the basis of the calendar`y&.r, Qthen the return ehall be made on or before the 15th day of March.- In the case ot a, nonresielcnt alien individual returns shall be made on or before the tltteenth day of the sixth month lollowing the close of the flaéal year, or, it the return ie made Io11'the‘ basis of the _Qcalendar yur, Ltben the return shall be made on or before the. 15th day ot Jane. The commissioner may grant a reasonable extension of time for tiling returns, under such rulu and regulations as he shall pxwcrlbe with the approval of the Secretary. Except in the °eaee or taxpayers jwhu are abroad, no such extension shall be for mere than six months. ” p _ "(b) uheturna shall be made to the collector for the dist1·.ict, _ in which la. locand the' legal raidence or principal place ot bualnesa ot person rnaking the retu,rn,;.or, if hehas no legal residence or principal place of business in y the United States, than to the collector at Baltimore, Maryland. (Feb. 2Q, 19%, c. 27, { E7, 44 Stat.- 8$.) " ‘ _ Sm note at bqlnning of this ehapter. 968. ea change fro# iscal te calendar year, or vleq .versa;‘eenpnt•;i~a¤ of nd ln¢ome.—·—-(a) lf a taxpayer, with. the apprevtl of the- luloner. changes the basis ot competing net income from Mal year to calendar year `·a separate return
man RJWJJWUE §981 shall be made for the period between the close of the last ilscal year for, which return was made and the following ·Deccuiber 31. .If theychange is from calendar year tolfiacal year, a separate retnrn shall be made for the period between the close of the last calendar year for which return was made nucl the date designated as the close ot the- fiscal year. If the change isfrom one liscal yea} to another ilscel year `a separate return shall be made for the period between the close of the tormerllséal year! and the date designated as the ‘close of the e new ilscal year, l _ n ’ e . (b.)- Where a ‘separate_ return is so made, and in all other cases where a separate return is required or permitted, by regulations prescribed by` the commissioner with the approval of the Secretary, to be made for a fractional pant of. a year, then the income shall be computed onthe basis of the period fof which separate return is. made. ‘ _ _ I (le) It a separate return is made under subdivision (a) the ‘,11et— income, computed ·. in accordance with the provisions ef subdivision (b), shall be placed {on an annual basis by»mnlti— plying the amount thereof by twelve and dividing `by the number , of months,-included in the period fof which the` separate return _ is made, 'The tax` shall be such part of the tax computed an e such annual basis ss°·tpe‘n{1mber of months in such period is of twelve months; e * _ l- _ _ _(d)e The commissioner with the approval of the Secretary shall by regulations prescribe the method of applying the provisions of subdivisions (b) and (cf to cases, where the taxpayer. makes. a. separate`·retéurn· under subdivision ,(a) and lt appears that for the period foe which the returnis so made he has derived a capital net gain, or sustained a capital net loss, or received earned income. ° ~- . (e) In the case of a return made for a fractional partfot a year, except a return made under subdivision (a)‘, the credits 1 _pi·ovided_in subdivisions (c), (d), and (e) of section 216 shall be reduced respectively to amonntswhlch hear the ame iatio to the full credits provided in such subdivisions as the number _ of months in the period for which return is made bears to twelve months. (Feb. 26, 1926, c.~27, 9 226, 44 Stat. 38,), ' . See notelat beginning of this cbantcr. ° _ Section 218 mentioned ln the text is set out in Q $51 ot this supplemental title. . . _ ’. " Pam III. CORPORATIONS 981. Rate [installment payments].-———(a) In lieu ot the `tax imposed by` section 230 of the Revenue Act of 1924, there Shllll be levied, collected. and paid for (each taxable year upon. the net income of every corporation, a tax at the following rates: , (1) For the calendar year 1925, 13 per centnm .,of the amount of the net income in excess of the credits provided ln seetions 236 and 263; and — · _ (2)_ For each calendar year thereafter 13%; per centum et ` such excess amount, ~ M (b) A taxpayer whose taxable year is the calendar year and who elects- for the calendar year 1925 to pay the tax imposed by this section in four installments as provided in wction 270, shall pay such installments in amounts as fol- `· lows: _ ` I ‘ _ _ _ ‘ , (1) The amount of the first and second 'lnstallmenls shall each equal 24 per centum of the. tax; and . · ’ ‘ (2) The amount of the third andiourth `installments shall meh equal 26 per centum ot the tax. (Feb. 26, 1926, c. 27, § 230, 44 Stat,39.) _»’. —' ` See note et beglnninz et This chapter. . Bection 230 of the Revenue Act of 1924, mentioned in the text, tract outln { 9'81 ot 'Pitle`28 (Ixnnmn Rnvxsun) or the Code. Sections 236 and 263, mentlened In the text, are set out in ' -].5 *088 and 1031, ·respwtlvely, ot this supplemental title. Section 2%*0, herein referred to, is set out in §§ 1,041 to 1044, inclusive, , _ of this supplemental tltle._ A ‘ ` ~ =.
