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NOTE.-This print is a proposed tentative rearrangement and proposed new typographical setup of the income tax title of the Revenue Act of 1928. The basis for the rearrangement is the distribution of the provisions between two classifications: General Provisions and Supplemental Provisions. There are also separated out a few Introductory Provisions.
The General Provisions are those which in general apply to the ordinary transactions of the ordinary classes of taxpayers. It is believed that approximately 80 per centum of the taxpayers who file returns will find in the General Provisions practically all the income tax statute law of interest to them. The General Provisions are divided into Parts and sections.
The Supplemental Provisions comprise all provisions of the income tax title other than the General Provisions and the Introductory Provisions. In the main the Supplemental Provisions are those which apply only to extraordinary classes of taxpayers or which apply only to the extraordinary transactions of ordinary classes of taxpayers. The Supplemental Provisions are divided into Supplements and articles.
The present draft is framed as the Revenue Act of 1928 would appear if
(1) The Congress made no changes in policy; and
(2) Transactions for prior taxable periods were left untouched and would remain covered by the prior Acts.
Mr. Middleton Beaman, House Legislative Counsel, Mr. Frederic P. Lee, Senate Legislative Counsel, and Mr. E. C. Alvord, Special Assistant to the Secretary of the Treasury, have contributed very largely both to the form and plan of this rearrangement. The present draft of the rearrangement has been prepared by Mr. Beaman.
The Committee desires to express its appreciation of the hearty cooperation of the Public Printer, of Mr. E. S. Moorhead, Production Manager, and of Mr. E. A. Huse, Night Assistant Production Manager.
To reduce and equalize taxation, provide revenue, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
TITLE 1-INCOME TAX
TABLE OF CONTENTS
SUBTITLE A-INTRODUCTORY PROVISIONS
Sec. 1. Classification of provisions.
SUBTITLE B-GENERAL PROVISIONS
PART I-RATES OF TAX
Sec. 11. Normal tax on individuals.
PART II-COMPUTATION OF NET INCOME
Sec. 21. Net income.
PART III-CREDITS AGAINST TAX
Sec. 31. Earned income credit.
PART IV-ACCOUNTING PERIODS AND METHODS OF ACCOUNTING
Sec. 41. General rule.
PART V-RETURNS AND PAYMENT OF TAX
Sec. 51. Individual returns.
PART VI. - MISCELLANEOUS PROVISIONS
Sec. 61. Laws made applicable.
SUBTITLE C-SUPPLEMENTAL PROVISIONS
SUPPLEMENT A-RATES OF TAX
Sec. 101. Capital net gains and losses.
SUPPLEMENT B-COMPUTATION OF NET INCOME
Sec. 111. Determination of amount of gain or loss.
SUPPLEMENT CCREDITS AGAINST TAX
Sec. 131. Taxes of foreign countries and possessions of United States. Sec. 132. Payments under 1926 Act.
SUPPLEMENT D--RETURNS AND PAYMENT OF TAX
Sec. 141. Consolidated returns of corporations.
SUPPLEMENT E-ESTATES AND TRUSTS
Sec. 161. Imposition of tax.
Sec. 181. Partnership not taxable.
SUPPLEMENT G-INSURANCE COMPANIES
SUPPLEMENT --NONRESIDENT ALIEN INDIVIDUALS
Sec. 211. Normal tax.
SUPPLEMENT FOREIGN CORPORATIONS
Sec. 231. Gross income.
SUPPLEMENT J-POSSESSIONS OF THE UNITED STATES
Sec. 251 Income from sources within possessions or United States.
SUPPLEMENT K-CHINA TRADE ACT CORPORATIONS
Sec. 261. Credit against net income.
SUPPLEMENT L-ASSESSMENT AND COLLECTION OF DEFICIENCIES
Sec. 271. Definition of deficiency.