1086 PUBLIC LAWS--CH. 367-JULY 26, 1939 [53 STAT. TABLE OF CONTENTS Sec. 1 . Application of title. Sec. 2 . Imposition of tax. (a) Tax on individuals. (b) Tax on corporations. (c) Definition of "taxable income." (d) Exemptions from tax. Sec. 3 . Net income-definition. Sec. 4 . Gross income and exclusions therefrom. (a) Of individuals. (b) Of corporations. (c) Exclusions from gross income. Sec. 5 . Deductions from gross income. (a) Items of deduction. (b) Allocation of deductions. (c) Corporations to file return of total income. Sec. & Gain or loss from sale of assets. (a) Gain or loss in capital assets not recognized. (b) Gain or loss in assets other than capital. Sec. 7 . Exchanges. Sec. 8 . Deductions not allowed. (a) General rule. (b) Holders of life or terminable interest. Sec. 9. Personal exemptions and credit for dependents. (a) Credits. (b) Change of status. (c) In return for fractional part of year. Sec. 10. Accounting periods. Sec. 11 . Period in which items of gross income included. Sec. 12 Period for which deductions and credit taken. Sec. 13. Installment basis. (a) Dealers in personal property. (b) Sales of realty and casual sales of personalty. (c) Change from accrual to installment basis. (d) Gain or loss upon disposition of installment obligations. Sec. 14 . Inventories. Sec. 15. Individual returns. (a) Requirement. (b) Persons under disability. (c) Fiduciaries. Sec. 16. Corporation returns. Sec. 17. Taxpayer to make return whether return form sent or not. Sec. 18. Time and place for filing returns. Sec. 19. Extension of time for filing returns. Sec. 20. Allocation of Income and deductions. Sec. 21 . Publicity of returns. (a) Secrecy of returns. (b) When copies may be furnished. (c) Reciprocal exchange of information with States. (d) Publication of statistics. (e) Penalties for violation of this section. Sec. 22 Returns to be preserved. Sec. 23. Fiduciary returns. (a) Requirement of return. (b) Joint fiduciaries. (c) Law applicable to fiduciaries. Sec. 24 . Estates and trusts. (a) Application of tax. (b) Computation of tax. (c) Net income. (d) Different taxable year. (e) Revocable trusts. (f) Income for benefit of grantor. (g) Definition of "In discretion of grantor." (h) Income from intangible personnelproperty held by trust. Sec. 25. Partnerships. (a) Partners only taxable. (b) Partnership return. Sec. 26. Payment of tax. (a) Time of payment. (b) Extension of time for payment (c) Voluntary advance payment. (d) Fractional part of cent (e) Payment to the collector and receipts.
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