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REGULATIONS 74
RELATING TO THE
INCOME TAX
UNDER THE
REVENUE ACT OF 1928
Table of Contents___
Division I. Introductory Provisions (Sections 1–4; Article 1).
II. General Provisions (Sections 11-65; Articles 11-451) - - - - - - III. Supplemental Provisions (Sections 101-322; Articles 501-1257)---
Page
V-XXIV
1-2
3-139
140-324
CONTENTS
DIVISION I-INTRODUCTORY PROVISIONS
TITLE I-INCOME TAX
SUBTITLE A-INTRODUCTORY PROVISIONS
[The section numbers refer to the Revenue Act of 1928 and the article numbers to Regulations 74]
12. Normal tax on individual citizens or residents of the
United States__
3
13. Citizens or residents of the United States liable to tax.
14. Who is a citizen..
4
Section 22 (a). Gross income: General definition..
Article 51. What included in gross income..
52. Compensation for personal services_-
53. Compensation paid other than in cash..
54. Compensation paid in notes__
9
10
55. Gross income from business..
56. State contracts___.
57. Gross income of farmers..
58. Sale of stock and rights___
59. Sale of patents and copyrights_-
60. Sale of good will...
61. Sale of real property in lots..
62. Annuities and insurance policies..
63. Improvements by lessees_.
64. Forgiveness of indebtedness_.
65. Creation of sinking fund by corporation__
66. Sale by corporation of its capital stock_.
67. Contributions to corporation by shareholders-
68. Sale and retirement by corporation of its bonds.
69. Sale of capital assets by corporation_-_.
70. Income to lessor corporation from leased property.
71. Gross income of corporation in liquidation_____
Gross income: Exclusions from gross income_
Section 22 (b).
Article 81. Exclusions from gross income.--.
11
13
15
16
17
18
19
20
21
82. Proceeds of insurance-Compensation-Pensions....
83. Gifts and bequests---
84. Interest upon State obligations..
2222
23
85. Dividends and interest from Federal land banks, Federal
intermediate credit banks, and national farm-loan asso-
ciations__..
89. Liberty loan bond exemption in the case of trusts or part-
nerships-----
26
90. Interest upon United States obligations in the case of
nonresident aliens and certain foreign organizations----
91. Income accrued prior to March 1, 1913_
Section 22 (c).
Section 22 (d).
Section 22 (e).
Section 22 (f).
Gross income: Inventories_
Article 101. Need of inventories__
102. Valuation of inventories_
103. Inventories at cost.
104. Inventories at market_
105. Inventories by dealers in securities__
106. Inventories of live stock raisers and other farmers__.
107. Inventories of miners and manufacturers..
108. Inventories of retail merchants...
Gross income: Distributions by corporations___
Gross income: Determination of gain or loss_ _ _ _
Gross income: Gross income from sources within
and without United States___.
27
28
29
30
31
33
34
Section 23 (a).
Deductions from gross income: Expenses__
Article 121. Business expenses--
123. Cost of materials.
124. Repairs__ _ _ _
122. Traveling expenses_
125. Professional expenses---
127. Treatment of excessive compensation.
126. Compensation for personal services..
128. Bonuses to employees- - - -
129. Pensions-Compensation for injuries _ _
130. Rentals__
131. Expenses of farmers..
132. Depositors' guaranty fund_
Section 23 (b). Deductions from gross income: Interest_
Article 141. Interest..
Section 23 (c). Deductions from gross income: Taxes generally_
Article 151. Taxes..
152. Federal duties and excise taxes_
153. Taxes for local benefits..
154. Federal estate and State inheritance taxes__
Section 23 (d). Deductions from gross income: Taxes of share-
holder paid by corporation.
Article 161. Tax on bank or other stock..
Section 23 (e). Deductions from gross income : Losses by indi-
viduals.
Section 23 (f). Deductions from gross income : Losses by corpora-
tions_
Section 23 (g). Deductions from gross income: Basis for deter-
mining loss..
Section 23 (h). Deductions from gross income: Loss on sale of
stock or securities....
Section 23 (i).
Deductions from gross income: Net losses-
Article 171. Losses___.
172. Voluntary removal of buildings_
173. Loss of useful value....
174. Shrinkage in value of stocks.
46
175. Losses of farmers__.
47
Section 23 (j).
Article 191. Bad debts..
176. Sale of capital stock, bonds, and capital assets__
Deductions from gross income: Bad debts..
48
Section 23 (k). Deductions from gross income: Depreciation_
Article 201. Depreciation..
203. Depreciation of intangible property.---.
204. Capital sum recoverable through depreciation allow-
ances----
51
52