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INTRODUCTORY

These regulations deal with the tax imposed on income by the Revenue Act of 1936.

Since these regulations deal only with the tax on income, certain parts of the Act, which are general in their nature, or which do not relate directly to the imposing and collecting of the tax, have not been printed in the body of these regulations, but have been inserted in the Appendix, where they are grouped and classified under proper headings. For this reason the main body of these regulations deals only with Titles I, IA, and VIII of the Act. Treasury Decision 4666, approved July 16, 1936, and Treasury Decision 4690, approved August 26, 1936, relating to the excess-profits tax imposed under Title I of the Revenue Act of 1935, as amended by Title II of the Revenue Act of 1936, have been printed in their entirety in the Appendix. The regulations under Title III of the Act, relating to the tax on unjust enrichment, have been promulgated as Regulations 95.

The numbering of the respective articles in the body of the regulations follows the plan adopted in Regulations 86 prescribed under the Revenue Act of 1934. In accordance with this plan the numbers of the sections of the Act are used as key numbers, followed by a dash (-), with the number of the article placed after the dash. By this means anyone who desires to learn how a given section or subsection of the Act has been interpreted by the Bureau can readily and quickly find that interpretation by using the key number. Thus, if one desires to learn what interpretation has been placed on section 21 of the Act, he should turn to article 21-1 of the regulations. In some cases several articles are necessary in the interpretation of different phases of one section or subsection or paragraph of the Act. For example, section 23 (m), dealing with "Depletion," requires many articles. Each of them, however, is designated by the key 23(m); for example, article 23 (m)-1, article 23 (m)-2. It is believed that by thus keying the numbers of the articles to the sections, subsections, and paragraphs of the Act, the material in the regulations is made more readily available.

(III)

The regulations proper have been divided into chapters. The
material to be found in each respective chapter is shown in the
"Contents." The classification of the material by chapters follows
the arrangement of the corresponding sections of the Act.

Certain important provisions of prior Revenue Acts from 1924 to
date, together with important sections of the Revised Statutes re-
lating to income tax, will be found in the Appendix, classified and
grouped under the proper headings. The material in the Appendix
has also been made readily available by means of the General
Index. This indexing of the material in the Appendix along with
the material in the body of the regulations obviates the necessity of
consulting two indexes.

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