Page:United States Statutes at Large Volume 61 Part 1.djvu/356

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PUBLIC LAWS-CH. 258-JULY 16, 1947 SEc. 4 . GENERAL DEFINITIONS. - For the purposes of this article and wherever appearing herein, unless otherwise required by the context- "District." (a) The word "District" means the District of Columbia. "Commissioners." (b) The word "Commissioners" means the Commissioners of the District of Columbia or their duly authorized representative or representatives. "Assessor." (c) The word "Assessor" means the Assessor of the District of Columbia or his duly authorized representative or representatives. "Collector. (d) The word "Collector" means the Collector of Taxes of the District of Columbia or his duly authorized representative or representatives. "Person." (e) The word "person" means an individual (other than a fidu- ciary), a fiduciary, a partnership (other than an unincorporated busi- ness), an association, an unincorporated business, and a corporation. "Individual." (f) The word "individual" means all natural persons (other than fiduciaries), whether married or unmarried. "Fiduciary." (g) The word "fiduciary" means a guardian, trustee, executor, com- mittee, administrator, receiver, conservator, or any other person acting in any fiduciary capacity for any person. nessTde or us i- (h) The words "trade or business" include the engaging in or carrying on of any trade, business, profession, vocation or calling or commercial activity in the District of Columbia; and include the performance of the functions of a public office. Taxpayer." (i) The word "taxpayer" means any person required by this Article to pay a tax, file a return or report, or apply for a license. "Fiscalyear. () The words "fiscal year" mean an accounting period of twelve aabe ya months ending on the last day of any month other than December. "Tab yer. (k) The words "taxable year" mean the calendar year or the fiscal year, upon the basis of which the net income of the taxpayer is computed under this Article; if no fiscal year has been established by the taxpayer, they mean the calendar year. The phrase "taxable year" includes, in the case of a return made for a fractional part of a calendar or fiscal year under the provisions of this Article or under regulations prescribed by the Commissioners, the period for datne fcromcaaletc which such return is made: Provided, however, That no taxpayer may change from a calendar year to a fiscal year or from a fiscal year to a calendar year within any taxable year without the written permission of the Assessor. " Cpitalassets. " (1) The words "capital assets" mean any property, whether real or personal, tangible or intangible, held by the taxpayer for more than two years (whether or not connected with his trade or busi- ness), but do not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inven- tory of the taxpayer if on hand at the end of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business. (m) The word "dividend" means any distribution made by a cor- poration (domestic or foreign) to its stockholders or members, out of its earnings, profits, or surplus (other than paid-in surplus), when- ever earned by the corporation and whether made in cash or any other property (other than stock of the same class in the corporation if the recipient of such stock dividend has neither received nor exercised an option to receive such dividend in cash or in property other than stock instead of stock) and whether distributed prior to, during, upon, or after liquidation or dissolution of the corporation: Provided, how- ever, That in the case of any dividend which is distributed other than in cash or stock in the same class in the corporation and not exempted from tax under this article, the basis of tax to the recipient thereof shall be the market value of such property at the time of such distri- bution: And provided, however, That the word "dividend" shall not 332 [61 STAT.