TABLE OF CONTENTS C H A P T E R 1. N o r m a l Taxes and Surtaxes—Continued SUBCHAPTER G. Corporations used to avoid income tax on shareholders—Continued Part III. Foreign personal holding companies. Sec. 551. Foreign personal holding company income taxed to United States shareholders Sec. 552. Definition of foreign personal holding company Sec. 553. Foreign personal holding company income Sec. 554. Stock ownership Sec. 555. Gross income of foreign personal holding companies Sec. 556. Undistributed foreign personal holding company income Sec. 557. Income not placed on annual basis Part IV. Deduction for dividends paid. Sec. 561. Definition of deduction for dividends paid Sec. 562. Rules applicable in determining dividends eligible for dividends paid deduction See. 563. Rules relating to dividends paid after close of taxable year Sec. 564. Dividend carryover Sec. 565. Consent dividends -__ SUBCHAPTER H. Banking institutions. Part. I. Rules of general application to banking institutions. Sec. 581. Definition of b a n k Sec. 582. Bad debt and loss deduction with respect to securities held by b a n k s Sec. 583. Deductions of dividends paid on certain p r e ferred stock Sec. 584. Common t r u s t funds Part II. M u t u a l savings banks, etc. Sec. 591. Deduction for dividends paid on deposits i Sec. 592. Deduction for r e payment of certain loans Sec. 593. Additions to reserve for bad debts Sec. 594. Alternative tax for m u t u a l savings banks conducting life insurance business Part III. B a n k affiliates. Sec. 601. Special deduction for b a n k affiliates __„ SUBCHAPTER I. N a t u r a l resources. Part I. Deductions. Sec. 611. AlloYv^ance of deduction for depletion Sec. 612. Basis for cost depletion Sec. 613. Percentage depletion Sec. 614. Definition of property Sec. 615. Exploration expenditures _ Sec. 616. Development expenditures Part II. Exclusions from gross income. Sec. 621. Payments to encourage exploration, development, and mining for defense purposes Part III. Sales and exchanges. Sec. 631. Gain or loss in the case of timber or coal Sec. 632. Sale of oil or gas properties SUBCHAPTER J. Estates, t r u s t s, beneficiaries, and decedents. Part I. Estates, t r u s t s, and beneficiaries. Subpart A. General rules for tax a t i o n of estates and t r u s t s. Sec. 641. Imposition of tax Sec. 642. Special rules for credits and deductions Sec. 643. Definitions applicable to subpart s B, C, and D Subpart B. T r u s t s which distribute current income only. Sec. 651. Deduction for t r u s t s distril^uting current income only Sec. 652. Inclvision of a m o u n t s in gross income of beneficiaries of t r u s t s distriljuting current income only
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