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V i
FEDERAL
VOLUME I

REGISTER
1934

O M I-n o

,
NUMBER 175

Washington, Saturday N ovem ber l i TREASURY DEPARTMENT.

Co n te n ts
Bureau o f Internal Revenue.

CHAPTER I

Scope o f Regulations
Regulations 94
I n c o m e T a x U nd e r
th e
,
R evenue A ct
op
1936

INTRODUCTORY

These regulations deal with, the tax imposed on income by the Revenue A ct o f 1936.
Since these regulations deal only w ith the tax on income, certain parts o f the Act, which are general in their nature, or which do not relate directly to the im p osin g and collecting o f the tax, have not been printed in the body o f these regulations, but have been inserted in the Appendix, where they are grouped and classified under proper h e a d in g s. For this reason the main body o f these regulations deals only with Titles I, IA , and VUE o f 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 T itle I o f the Revenue A ct o f 1935, as amended by T itle n o f the Revenue A ct o f 1936, have been printed in their entirety in the Appendix. The regulations under T itle HE o f the Act, relating to the tax on unjust enrichment, have been promulgated as Regulations 95.
The numbering o f the respective articles in the body of the regulations follows the plan adopted in Regulations 86 pre scribed under the Revenue A ct o f 1934. In accordance with this plan the numbers of the sections o f the A ct are used as key numbers, follow ed by a dash , w ith the number o f the article placed after the dash. By this means anyone who desires to learn how a given section or subsection o f the A ct 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 o f the Act, he should turn to article 21-1 o f the regulations. In some cases several articles are necessary in the interpretation o f different phases o f one section or sub section or paragraph o f the Act. For example, section 23 The regulations proper have been divided into chapters.
The m aterial to be found in each respective chapter is shown in the Contents. The classification o f the m aterial by chapters follows the arrangement o f the corresponding sec tions of the Act.
Certain important provisions o f prior Revenue Acts from 1924 to date, together w ith im portant sections o f the Revised Statutes relating to income tax, w ill be found, in the Appendix, classified and grouped under the proper hoadinga,
T itle I Income Tax, Subtitle A Introductory Provisions T b e section numbers refer to the Revenue Act o f 1936 and the article numbers to Regulations 94
Section 1. Application o f title.
Article 11. Scope o f regulations.
S ection 2. Cross references.
Section 3. Classification of provisions.
Article 3-1. Division of regulations.
Section 4. Special classes o f taxpayers.
Article 4-1. Application o f regulations to special classy o f taxpayers.
CHAPTER H

Rates o f Tax Subtitle B General Provisions, Part I Rates o f Tax Section 11. Normal tax on individuals.
Article 111. Income tax on individuals.
11-2. Citizens or residents of the United States liable to tax.
11- 8. Who Is a citizen.
Section 12. Surtax on individuals.
Article 12-1. Surtax.
12- 2. Computation of surtax.
Section 13. Normal tax on corporations.

Article 131. Normal income tax on corporations.
Section 14. Surtax on undistributed profits.
Article 141. Surtax on undistributed profits o f corporations.
14-2. Method o f computation o f surtax Example.
14-3. Specific credit if adjusted net Income is less than $50,000.
CHAPTER H I

Gross Incom e N et Incom e Part n Computation o f N et Income Section 21. N et Income.
Article 211. Meaning o f net income.
Section 22 a . Gross income: General definition.
Article 22 al1. What included in gross income.
22 a>2. Compensation for personal services.
22 a -3 . Compensation paid other than in cash.
22 a -4. Compensation paid in notes.
22 a 6. Gross income from business.
22 a - 6. State contracts.
22 a 7. Gross income of farmers.
22 a $. Sale of stock and rights.
22 a 9. Sale of patents and copyrights.
22 a 10. Sale o f good will.
22 a 11. Sale o f real property in lots.

22 a 12. Annuities and insurance policies.
22 a-13. Improvements by lessees.
22 a 14. Cancellation of indebtedness.
22 a 15. Creation o f sinking fund by corporation.
22 a 16. Acquisition, or disposition by a corporation of its own capital stock.
22 a 17. Contributions to corporation by shareholders.
22 a 18. Sale and purchase by corporation o f its bonds.
22 a 19. Sale o f capital assets by corporation.

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