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When credit for taxes may be taken. Domestic corporation owning a majority of the stock of foreign corporation.

SUBPART P-ADDITIONAL EXCLUSIONS FROM 9.131-8 Limitations on credit for foreign taxes.

9.116-1 Income of foreign governments, am- SUBPART V-RETURNS AND PAYMENT OF TAX

9.116-2

GROSS INCOME

bassadors, and consuls.

Compensation of State officers and employees.

9.141-1

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Consolidated returns of affiliated corporations for taxable years beginning after December 31, 1937. Formation of and changes in affiliated group.

9.141-3 Corporations to be included in consolidated returns for taxable years beginning after December 31, 1937. Foreign corporations which may be treated as domestic corporations. Fiduciary returns.

9.117-1 Meaning of terms.
9.117-2 Percentage of capital gain or loss 9.141-4
taken into account; net loss

carry-over.

9.142-1 Alternative tax in case of net long- 9.142-2

term capital gain or loss.

Return by guardian or committee.

Returns where two trusts.

Return by receiver.

Return for nonresident alien bene

ficiary.

Time for filing return upon death,

or termination of trust.

9.117-3

9.142-3

9.117-4 Determination of period for which capital assets are held.

9.142-4

9.142-5

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Fixed or determinable annual or periodical income.

9.118-1

9.143-3

Exemption from withholding.

9.143-4

Ownership certificates for bond interest.

Withholding tax at source.

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SUBPART R-LOSS FROM WASH SALES

Losses from wash sales of stock or
securities.

SUBPART SINCOME FROM SOURCES
WITHIN UNITED STATES

9.119-1 Income from sources within the United States.

Dividends.

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Compensation for labor or personal 9.143-8
services.

Rentals and royalties.

Sale of real property.

9.143-9

Income from sources without the 9.144-1
United States.

Deductions in general.

9.144-2

Ownership certificates in the case of fiduciaries and joint owners.

Return of income from which tax was withheld.

Withholding in the case of nonresident foreign corporations.

Aids to withholding agents in determining liability for withholding of tax.

Penalties.

Termination of the taxable period by Commissioner.

ments of $1,000.

9.145-1

9.146-1

9.147-1

Return of information as to pay

9.147-2

9.119-13

Transportation service.

Return of information as to payments to employees.

9.119-14 Telegraph and cable service.

9.147-3

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Cases where no return of information required.

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9.147-4 Return of information as to interest

on corporate bonds.

CHARITABLE AND OTHER CONTRIBUTIONS, 9.147-5 Return of information as to pay

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9.131-5 Countries which do or do not satisfy 9.148-3 Return of information respecting

the similar credit requirement.

distributions in liquidation.

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9.207-2

9.207-3

9.207-4

Tax on insurance companies other than life or mutual. Gross income of insurance companies other than life or mutual.

Deductions allowed insur

foreign corporations.

Return of income.

Dates on which tax shall be paid by foreign corporations.

BB-INCOME

FROM SOURCES

WITHIN POSSESSIONS OF UNITED STATES

ance companies other than 9.251-1
life or mutual.

Tax on mutual insurance

companies other than life.

Citizens of the United States and domestic corporations deriving income from sources within a possession of the United States.

Gross income of mutual in- 9.251-2 Income received within the United

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Required addition to reserve 9.251-6 Allowance of deductions and credits

funds of mutual insurance

companies (other than life).

to citizens and domestic corporations entitled to the benefits of section 251.

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Convertible securities.

Gross income in general for pur

poses of Supplement P. Additions to gross income for purposes of Supplement P. Supplement P net income. Illustration of computation of Supplement P net income and undistributed Supplement P net income.

Income of foreign personal hold-
ing companies taxed to United
States shareholders.

Credit for obligations of the
United States.

Information in return.

Effect on capital account of for

eign personal holding company and basis of stock in hands of shareholders. Information returns by officers and directors of certain foreign corporations.

Annual information returns by
officers and directors of certain
foreign corporations.

Time and place of filing returns.
Information returns by share-

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Definition of a mutual investment company.

9.361-2

Proof of status of a mutual investment company.

9.361-3

holders of certain foreign corporations.

Annual information returns by shareholders of certain foreign corporations.

Time and place of filing returns.

SUBPART II—MUTUAL INVESTMENT

COMPANIES

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Records to be kept for purpose of ascertaining actual ownership of outstanding stock of mutual investment companies.

Records to be kept for purpose of determining whether a corporation claiming to be a mutual investment company is a personal holding company.

Additional information required in returns of shareholders.

Tax on mutual investment com. panies.

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Amounts used or irrevocably set aside to pay or to retire indebtedness of any kind incurred prior to January 1, 1934.

Title IA net income.

Illustration of computation of Title IA net income, undistributed Title IA net income, and surtax.

Purpose and scope of deficiency dividend credit.

Date when decision by Board or court becomes final.

Credit against unpaid deficiency. Credit or refund of deficiency paid.

Claim for deficiency dividends credit or credit or refund. Effect of deficiency dividends on dividends paid credit. Suspension of statute of limitations and stay of collection. Return and payment of tax. Determination of tax,

ment, collection.

assess

SUBPART LL-GENERAL PROVISIONS

9.371-10 Records to be kept and informa- | 9.409-2
tion to be filed with returns.
Basis for determining gain or loss.
Basis of property acquired upon
exchanges under section 371 (a),
371 (b), or 371 (e).
Basis of property acquired by cor-
poration under section 371 (a),
371 (b), or 371 (e) as contribu-
tions of capital or surplus, or in
consideration for its own stock
or securities.

9.372-2

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Partnership associations.

9.901-1

Classification of taxables.

9.901-2

Association.

9.901-3

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9.901-4

Partnerships.

9.901-5

Limited partnerships.

9.901-6

9.901-7

Insurance company.

9.901-8

Domestic, foreign, resident, and nonresident persons.

9.901-9

Fiduciary.

9.901-10

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9.903-1

Subpart A-Scope of Regulations

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act, divided into titles and sections according to the following Table of Contents, may be cited as the "Revenue Act of 1938":

TITLE I-INCOME TAX

SUBTITLE A-INTRODUCTORY PROVISIONS SEC. 1. Application of title. The provisions of this title shall apply only to taxable years beginning after December 31, 1937. Income, war-profits, and excess-profits taxes for taxable years beginning prior to January 1, 1938, shall not be affected by the provisions of this title, but shall remain subject to the applicable provisions of prior revenue Acts, except as such provisions are modified by Title V of this Act or by legislation enacted subsequent to this Act.

§ 9.1-1 Scope of regulations. The regulations in this part deal with the taxes

to Title IA, Surtax on Personal Holding Companies. Subpart LL relates to Title VI, General Provisions of the Act.*†

upon net income imposed by Title I of | title C of Title I. Subpart KK relates the Revenue Act of 1938, including the tax imposed by section 102 of Title I of that Act upon the net income of certain corporations, and the tax imposed by Title IA of that Act upon the undistributed adjusted net income of personal holding companies (see section 401).

The sections of the regulations in this part have been given key numbers corresponding to the numbers of the sections, subsections, or paragraphs of the Act. For example, §§ 9.23 (a)-1 to 9.23 (a)-13, relating to deduction for expenses, bear the key number 23 (a), which corresponds to subsection 23 (a) of the Act. The sections bearing a given key number are the regulations prescribed with respect to the corresponding section, subsection, or paragraph of the Act; and the section, subsection, or paragraph of the Act shall be considered as a part of the respective sections of the regulations to which it corresponds. * †

*§§ 9.1-1 to 9.903-1, inclusive, (with exceptions noted in the text,) issued under the authority contained in sec. 62, 52 Stat. 480; 26 U.S.C., Sup., 62, and preceded by the statutory provisions which they interpret.

In §§ 9.1-1 to 9.903-1, inclusive, the numbers to the right of the decimal point correspond with the respective article numbers in Regulations 101, Secretary of the Treasury, Feb. 7, 1939; 4 F.R. 623, 700, 802. Amendments and additions are noted in brackets following

sections affected.

SEC. 2. Cross references.-The cross references in this title to other portions of the title, where the word "see" is used, are made only for convenience, and shall be given no legal effect.

SEC. 3. Classification of provisions.-The provisions of this title are herein classified and designated as

Subtitle A-Introductory provisions. Subtitle B-General provisions, divided into Parts and sections.

Subtitle C-Supplemental provisions, divided into Supplements and sections.

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SEC. 4. Special classes of taxpayers.-The application of the General Provisions and of Supplements A to D, inclusive, to each shall be subject to the exceptions and addiof the following special classes of taxpayers, tional provisions found in the Supplement applicable to such class, as follows:

(a) Estates and trusts and the beneficiaries thereof.Supplement E. (b) Members of

ment F.

partnerships.-Supple

(c) Insurance companies.-Supplement G. (d) Nonresident alien individuals.—Supplement H.

(e) Foreign corporations.-Supplement I. (f) Individual citizens of any possession of the United States who are not otherwise citizens of the United States and who are

not residents of the United States. Supplement J.

(g) Individual citizens of the United States or domestic corporations, satisfying the conditions of section 251 by reason of deriving a large portion of their gross income from sources within a possession of the United States.-Supplement J.

(h) China Trade Act corporations.-Supplement K.

(1) Foreign personal holding companies and their shareholders.-Supplement P. (j) Mutual investment companies.-Supplement Q.

§ 9.4-1 Application of regulations to special classes of taxpayers. With respect to certain classes of taxpayers, the application of the provisions of Subparts B to V is subject to certain exceptions and additional provisions, which are discussed in Subparts W to CC and Subparts HH and II, as follows:

Subpart W-Estates and trusts. Subpart X-Partnerships. Subpart Y-Insurance companies. Subpart Z-Nonresident alien individuals.

Subpart AA-Foreign corporations. Subpart BB-Income from sources in possessions of the United States. Subpart CC-China Trade Act corporations.

Subpart HH-Foreign personal holding companies.

Subpart II-Mutual investment companies.

For provisions interpretative of Title IA, surtax on personal holding companies, see §§ 9.401-1 to 9.409-2, inclu

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