72d CONGRESS . SESS. I . CH. 209 . JU NE 6, 1932 . SEC. 62. RULE S AND REGULA TIONS . The Commissioner, with the approval of the Secretary, shall pre- scr ibe and publish all needful rule s and regulation s for the enforc e- ment of this title . SEC. 63. TAXES IN LIEU OF TAXES UNDER 1928 ACT . The ta xes imposed by t his title shall be in lieu of th e correspond- ing taxes imposed by the sections of the Revenue Act of 1928 bearing the same numbers . SEC . 64. SHORT TITLE . This title may be cited as the " Income Tag Act of 1932." SEC. 65 . EFFECTIVE DATE OF TITLE . Thi s title shall ta ke effec t as of January 1, 1932, except that sections 145 and 150, and this section, shall take effect on the enact- ment of this Act . SUBTITLE C-SUPPLEMENTAL PROVISIONS Supplement A-Rates of Tax [Supplementary to Subtitle B, Part I] SEC. 101. CAPITAL NET GAINS AND LOSSES . (a) TAX IN CASE OF CAPITAL NET GAIN .-In the case of any tax- payer, other than a corporation, who for any taxable year derives a capital net gain (as hereinafter defined in this section), there shall, at the election of the taxpayer, be levied, collected, and paid, in lieu of all other taxes imposed by this title, a tax determined as follows A partial tax shall first be computed upon the basis of the ordinary net income at the rates and in the manner as if this section had not been ena cted and the tot al tax s hall be this amou nt plus 121/2 per centum of the capital net gain . (b) TAX IN CASE OF CAPITAL NET Loss.-In the case of any tax- payer, other than a corporation, who for any taxable ear sustains a capital net loss (as hereinafter defined in this section, there shall be levied, colle cted, and paid, in lieu of all o ther taxes impose d by this title, a tax determined as follows : a partial tax shall first be computed upon the' basis of the ordinary net income at the rates and in the manner as if this section had not been enacted, and the total tax shall be this amount minus 121 per centum of the capital net loss ; but in no case shall the tax of a taxpayer who has sustained a capital net loss be less than the tax computed without regard to the provi sions of t his secti on . (c) DEFINITIONS .--For the purposes of this title- "Capital gain" means taxable gain from the sale or exchange of capital assets consummated after December 31, 1921 . (2) " Capital loss" means deductible loss resulting from the sale or exchange of capital assets . (3) " Capital deductions " means such deductions as are allowed by section 23 for the purpose of computing net income, and are properly allocable to or chargeable against capital assets sold or exchanged during the taxable year . (4) -" Ordinary deductions' means the deductions allowed by section 23 other than capital losses and capital deductions . (5) " Capital net gain " means the excess of the total amount of capital gain over the sum of (A) the capital deductions and capital losses, plus (B) the amount, if any, by which the ordinary deductions exceed the gross income computed without including capital gains . 191 INCOME TAX Rul es and r egu la- tions . To he prescribed and pub lis hed . Taxes in lieu of 1928 Act. Table . Vol.45,p . 795. Short title. "Income Tax Act of 1932 ." Effective date. Exceptions . Post, pp . 217, 219 . Supplemental pro- visio ns . Rates of tax . Capital net gains and losses. Computation of tax of net gains . Of net loss. Meaning of terms. "Capital gain ." "Capital loss ." "Capital deduc- tions ." Ante, p. 179. "Ordinary deduc. tions." "Capital net gain ."
