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Definition, 57

Federal land bank, 67

Federal reserve bank, 67

Forgiveness of indebtedness, 63

Gross income, 40

Invested capital, 133, 134

Life Insurance Policies, 58

Liquidating, 58

National farm loan association, 67

Nonresident aliens, 16, 17

Payment in property, 60
Rate of tax, 57, 60
Scrip, 60

Stock, 57, 60, 61, 134
EARNED SURPLUS, 120
EMPLOYEES

Bonuses to, 44, 75, 76
Federal, 45

Promissory notes, 42
State, 70

Workmen's compensation, 69

ESTATES AND TRUSTS

Bad debts, 153

Classification, 25

Credits, 152, 156

Deductions, 28, 29, 153

Returns, 26, 27, 102

Stock dividends, 60

EXCESS PROFITS TAX

Allocation of net income, 114

Consolidations, 137

Credits, 119, 176

Computation, fiscal year, 137
Credits, 119

Definitions, 173

Exemptions, 111, 175

Fiscal year, 137, 181

Foreign corporations, 137

Fractional part of year, 111, 112

Gas wells, sale of, 115

Gold mining, 111, 115

Government contracts, 111. 116

Imposition, 111, 173

Invested capital, 120-137

Limitation of tax, 116

Mineral deposits, sale of, 115

Mines, sale of, 115

Net income, 176

Oil wells, sale of, 115
Partnership, 181

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Corporate stock, sales, 48

Corporations in liquidation, 102

Deferred payment sales, 51, 52-54
Definition, 39, 147, 160
Exclusions, 65-70, 147, 160
Farmers, 13, 14

Foreign corporations, 16-19
Forgiveness of indebtedness, 63
Good will, sales, 50
Inclusions, 39, 147, 160

Installment plan sales, 51, 52, 54
Insurance companies, 10-13

Insurance policies, proceeds, 40, 41,
148

Long term contracts, 47

Loss or damage recovered, 42
Lots, sales of, 52

Nonresident alien, 16-19, 148
Patents, sales, 49

Rent and royalties, 55-57
Sale of capital assets, 49
Taxable year, 40

Time to be accounted for, 40
GUARDIAN AND WARD, 26, 27
HEAD OF FAMILY, 5, 6, 96
HOLDING COMPANY, 154
HUSBAND AND WIFE

Marriage settlement, 66

Personal exemption, 5, 97
Returns, 97, 157

IMPAIRMENT OF CAPITAL, 124

INADMISSIBLE ASSETS, 124, 129, 130,

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INTANGIBLE PROPERTY
Definition, 121, 177

Depreciation, 86, 127

Invested capital, 120-124, 127, 128,
136

INTEREST

Accrual prior to March 1, 1913, 54,

70

Capital, 78

Constructive receipt, 41

Corporation obligations, 54, 171
Deduction, 18, 77, 78, 149, 161
Federal land bank, 67, 147

Food Administration Grain Corpo-
ration notes, 55

Liberty bonds, 5, 17, 55, 67, 68,
147, 152, 164

National Farm Loan Association,
67

Nonresident aliens, 17, 77, 78

Railroad Administration Certifi-
cates, 55

Savings-bank deposits, 41

State and municipal obligations, 66
Tax, 168

United States obligations (See Lib-
erty Bonds).

War Finance Corporation bonds, 5,

7, 8, 55, 62
INVENTORIES

Cost, 33, 142

Dealers in securities, 34

Deduction determined by, 32, 92
Depreciation, 85

Farmers, 14, 16

Losses, 92, 151, 163

Market, 33, 34

Necessity, 32

Valuation, 33

INVESTED CAPITAL

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Purchase of stock, 124 Reorganizations, 137 Reserves, 126

Securities, 128

Special cases, 117-119, 178, 179
State obligations, 124, 129
Subscriptions, 129

Subsidiary, stock of, 136

Surplus paid in, 120, 123, 125-127
Surrender of stock, 135
Tax on, 177, 178

Tangible property paid in, 120, 121,
122, 124

ITEMS NOT DEDUCTIBLE, 72, 151, 164 JUDGMENTS, ALLOCATION OF INCOME, 40

JURISDICTION OF DISTRICT COURTS, 183

LABOR, EXPENDITURES FOR, 46, 73, 74
LIMITATION

Action to collect tax, 168
Excess profits tax, 174
Surtax, sales of mines, 146
War profits credit, 175
LIMITED PARTNERSHIP, 24
LIQUIDATION DIVIDENDS, 140
LIVING EXPENSES, 72
LIVING QUARTERS, 43
LONG TERM CONTRACTS, 47
LOSSES

Bad debts, 83

Basis for determining, 81, 141 Compensation for, 63

Crops, 15

Deductions, 149, 161
Depletion, 90

Depreciation, 16, 84

Destruction of property, 15, 81
Discount on bonds, 48

Exchange of property, 35-39, 141
Extraordinary obsolescence, 81
Farmers, 15

Fire, 80, 81

Flood, 80, 81

Good will, sale, 50

Indemnity, 15

Insurance reducing, 80, 81

Inventories and Rebates, 92-95,

151, 163

Live stock, 15

Net losses, 95, 142

Nonresident aliens, 18

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Returns, 19, 102
Withholding, 155
NORMAL TAX

Imposition, 1, 144
Persons liable, 1
Rate, 1

NOTES AS COMPENSATION, 42

OBSOLESCENCE, DEDUCTIONS, 81, 84 Losses from, 125

Mining property, 90

OIL WELLS, DEPLETION, 90

Sale of, 115, 146, 182

PAID-IN SURPLUS, 123
PARTNERSHIP

Association distinguished, 24

Credits of partners, 7, 23, 106, 152
Credit for taxes, 106

Distributive shares of partners,
21, 23, 24, 25, 62

Liberty bond exemptions, 7
Limited partnership, 24
Net income, 21, 152

Readjustment of interests, 39
Returns, 21, 25, 96, 157, 181, 182
Taxability, 21, 152
PATENTS, SALES OF, 49
PATTERNS, 127
PAYMENT OF TAXES

Assessment, 167

At source, 97, 155, 164

Certificates of indebtedness, 106
Dishonored checks, 105

Installments, 101, 104, 105, 118, 119, 167

Interest, 104, 167

Medium, 105, 106, 183

Notice and demand, 104, 105

Special cases, 119

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Corporations, 5, 111, 113, 116, 117
Dividends, 57, 60

Fiscal year, 23, 24, 137, 143
Income tax, 159

Normal tax, 144

Surtax, 1, 3, 57, 60

REAL ESTATE

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