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Internal Revenue Service Continued
Income and excess profits taxes regulations (1939 IRC)-Continued
Income tax; taxable years beginning after December 31, 1951, 26 Part 39—Con.

Elections; extensions of time for making, 26 § 39.6000–1
Emergency facilities; amortization deduction, 26 $$ 39.124A (a)-

39.124A (i)-1
Estates and trusts, 26 $ 39.172–1

Partnerships, 26 § 39.190–1
Estates and trusts, taxation of, 26 $$ 39.161–39.172–1

See also Fiduciaries.
Amortization of emergency facility of estate or trust; deduction,

26 § 39.172–1
Common trust funds, 26 $ 39.169-1-39.169–5
Credits against net income, 26 § 39.163–1
Deductions:
Amortization of emergency facility of estate or trust, 26

$ 39.172–1
Net operating losses, 26 $ 39.170–1

On account of decedents' deductions, 26 $ 39.23 (w)
Divorce cases (alimony payments, etc.); taxability of income of

trusts, 26 $$ 39.171-1, 39.171-2
Emergency facility of estate or trust; amortization, 26 $ 39.172–1
Employees' trusts (pension, profit-sharing plans, etc.), 26

$$ 39.165–1–39.165-7 Foreign countries, and possessions of United States, taxes of, 26

§ 39.168 Imposition of tax; application, computation, etc., 26 § 39.161-1 Net income (allocation to legatees and beneficiaries, etc.), 26

$$ 39.162–1, 39.162–2
Net operating losses; deductions, 26 $ 39.170–1
Revocable trusts; power to revest, taxability of grantor, etc., 26

$$ 39.166-1, 39.166-2
Taxable years, different, 26 § 39.164
Trusts where income benefits grantor, 26 $$ 39.167–1, 39.167-2
Discretionary trusts for maintenance or support of certain

beneficiaries, 26 § 39.167–2
Estimated tax:

Penalties in connection with, 26 SS 39.291 (d), 39.294-1

Returns and payment. See Returns and payment of tax. Exchanges and distributions in obedience to orders of Securities and

Exchange Commission; gain or loss, 26 SS 39.371–39.373-1 Exchanges, sales, etc. of property, gain or loss on. See Computation of

net income. Exempt organizations (charitable, religious, etc.). See Tax-exempt

organizations. Fiduciaries:

Claims against, 26 $$ 39.311-39.313

Returns by. See Returns and payment of tax.
Foreign corporations, taxation of, 26 $$ 39.231-39.238
See also Foreign personal holding companies; and Foreign personal

service corporations.
Credits against income, 26 § 39.233–1
Credits against tax, 26 § 39.234
Deductions, 26 $$ 39.232–1, 39.233–1
Exchanges; gain or loss, 26 $ 39.112 (i)-1
Exempt organizations, 26 $ 39.238
Gross income, 26 $ 39.231-2

Exclusions; earnings of foreign ships or aircraft, 26 § 39.231-3

Insurance companies, 26 $$ 39.201–2, 39.237
Payment of tax; dates for, 26 § 39.236–1
Rates of tax, 26 $ 39.103
Corporations formed or utilized to avoid surtax, 26 $$ 39.102.1 -

39.102-4

Internal Revenue Service Continued
Income and excess profits taxes regulations (1939 IRC)–Continued
Income tax; taxable years beginning after December 31, 1951, 26 Part 39 Con.
Foreign corporations, taxation of—Continued
Returns, 26 $8 39.235–1, 39.235–2
Information respecting organizations, etc., of foreign corpora-

tions, 26 § 39.3604
Withholding tax at source, 26 $$ 39.144-1, 39.144-2
Foreign governments and their employees; exclusion of certain income

from gross income, 26 $$ 39.22 (b) (8), 39.116 (c), (h), 39.116–2 Foreign items, interest or dividends, collection of; license for, and

information returns, 26 § 39.150–1
Foreign personal holding companies, 26 $$ 39.331–39.340

Gross income, 26 $ 39.331-2, 39.334-1, 39.334-2
Income, described, 26 § 39.332-1
Income taxed to United States shareholders, 26 $$ 39.337-1-

39.337-4
Insurance companies, 26 $$ 39.201 (c), 39.206
Penalties, 26 § 39.340
Returns, information:

By officers and directors, 26 $$ 39.338–1–39.338–3

By shareholders, 26 SS 39.339–1–39.339–3
Stock ownership:

Constructive ownership, 26 $$ 39.333 (a)-1439.333 (a)-7
Convertible securities, 26 $ 39.333 (b)-1

Requirement, 26 § 39.331-3
Supplement p net income, 26 $$ 39.334–1–39.336-2
Illustration of computation of undistributed net income, 26

§ 39.336–2
Foreign personal service corporations; tax of shareholders, 26 § 39.396
Foreign Service personnel, and other Government personnel stationed

outside continental United States, allowances of; exclusion from

gross income, 26 $$ 39.116-4, 39.116-5
Forms, instruction, regulations; issue of, 26 § 39.4041
Gain or loss, computation of. See Computation of net income.
Grain storage facilities, amortization deduction for, 26 88 39.124B—

39.124B-8
Gross income:
Adjusted gross income:

Computations of; certain deductions allowable, 26 § 39.22 (n)
Individuals with adjusted gross income of $5,000 or less; tax

under Supplement T, 26 $$ 39.400—39.404_1
Exclusions from, etc. See under Computation of net income.
Foreign corporations, 26 $$ 29.231-2, 39.231-3

Insurance companies, foreign, 26 $$ 39.201–2, 39.237
Foreign personal holding companies, 26 $$ 39.331–2, 39.334

Nonresident aliens, 26 $$ 39.212–1, 39.212-2
Holding companies:

Foreign. See Foreign personal holding companies.
Recognition of gain or loss for exchanges or distributions in

obedience to orders of Securities and Exchange Commission,
pursuant to Public Utility Holding Company Act of 1935, 26

$$ 39.371–39.373-1
Surtax on personal holding companies. See Personal holding

companies.
Husband and wife, special provisions affecting:

Adjusted gross income of $5,000 or less, 26 § 39.400-1 (c)
Alimony, etc., payments:

Income to former wife, 26 § 39.22 (k)
Periodic; deductions for, 26 § 39.23 (u)-1

Trust income in case of divorce, 26 $$ 39.171-1, 39.171-2
Estimated tax declarations, 26 § 39.58 (c)-1

Amended declarations, 26 § 39.58 (d)-1 (c)

Exemptions for spouse, 26 § 39.25-2 (b)

Internal Revenue Service-Continued
Income and excess profits taxes regulations (1939 IRC)-Continued
Income tax; taxable years beginning after December 31, 1951,26 Part 39—Con.
Husband and wife, special provisions affecting-Continued
Gain or loss; property acquired by inheritance, etc., 26 § 39.113 (a)

(5)-1
Joint returns; general provisions, 26 $ 39.51-1 (b)
Medical, dental, etc., expenses; deductions for, 26 $ 39.23 (x)-1
Rates of tax; combined normal tax and surtax, 26 $ 39.12–3
Sales or exchanges between, 26 $ 39.117 (0)-1
Self-employment income; joint returns, 26 $ 39.482–1 (b)
Short sales, 26 $ 39.117 (1)-1 (c) (3)
Taxes paid to foreign countries or possessions of United States,

credit for, 26 § 39.131 (b)-1 (c)
Trust income in cases of divorce, etc., 26 $$ 39.171-1, 39.171-2
Individuals:

Aliens, nonresident. See Nonresident alien individuals.
Computation of net income. See Computation of net income.
Husband and wife, special provisions affecting. See Husband and

wife.
Individuals with gross income from certain sources of $5,000 or

less; tax under Supplement T, 26 $$ 39.400—39.404–1 Election, 26 $ 39.402-1

Ineligibility of certain taxpayers, 26 § 39.404–1
Rates of tax. See Rates of tax.
Returns and payment of tax. See Returns and payment of tax.

Self-employed, taxation of. See Self-employment income.
Insolvent banks and trust companies, exemption from tax, 26

$$ 39.3798–39.3798-11
Insurance companies, tax on, 26 $$ 39.201-39.208
Foreign insurance companies:

See also Foreign corporations, above.

Life insurance companies. See Life insurance companies. Insurance companies (other than life or mutual) and mutual ma

rine or fire insurance companies, 26 $$ 39.204–1–39.204–3
Deductions, 26 $ 39.204–3
Gross income, 26 $ 39.204–2

Computation of, 26 $ 39.206
Taxes of foreign countries or possessions of United States, 26

$ 39.205
Life insurance companies, 26 $$ 39.201-39.203A-2
Adjusted corporation surtax net income; reserve and other

policy liability credit, 26 $ 39.203-1 Computation of adjusted normal-tax net income:

Adjustment for certain reserves, 26 § 39.202–2

Reserve and other policy liability credit, 26 § 39.202–1
Discount, accrual of, 26 § 39.201.9
Foreign life insurance companies, 26 $ 39.201–2

See also Foreign corporations, above.
Gross income, computation of, 26 $$ 39.201 (c) (1), 39.206
Interest paid, 26 § 39.201-5
Net income and deductions, 26 § 39.201–7
Premium, amortization of, 26 $ 39.201-9
Real estate owned and occupied, 26 § 39.201-8
Reserves, life insurance, 26 $ 39.201-4

Adjusted reserves, 26 § 39.201-6
Taxes of foreign countries or possessions of United States, 26

$ 39.205
Mutual insurance companies other than life or marine or fire in-

surance companies, 26 $$ 39.207–39.207-6
Discount, accrual of, 26 § 39.207-6
Dividends to policyholders, 26 $ 39.207-3
Net income and deductions, 26 § 39.207-4
Net premiums, 26 § 39.207–2
Premium, amortization of, 26 § 39.207–6
Real estate owned and occupied, 26 § 39.207–5

Internal Revenue Service-Continued
Income and excess profits taxes regulations (1939 IRC)-Continued
Income tax; taxable years beginning after December 31, 1951, 26 Part 39_Con.
Insurance companies, tax on-Continued
Mutual insurance companies—Continued
Taxes of foreign countries or possessions of United States, 26

$ 39.205
Net operating losses (repealed), 26 g 39.208
Interest and additions to tax, for delinquencies:

Interest rate, 6%, 26 § 39.3794

Penalties. See Penalties.
Inventories; computation of net income, 26 $$ 39.22 (c)—39.22 (c)-8

Last-in first-out inventory method, 26 $$ 39.22 (d)-39.22 (d)-7

Sale; basis for determining gain or loss, 26 § 39.113 (a) (1)-1 Investment companies, regulated; taxation of, 26 $$ 39.361–39.362–6 Personal holding company; records to be kept for purpose of de

termining whether corporation claiming to be regulated
investment company is a personal holding company, 26

§ 39.362–3
Issuance of instructions, regulations, and forms, 26 $ 39.4041
Jeopardy assessments, 26 $8 39.273–1, 39.297
Joint-stock land banks; obligations and mortgages issued by, not tax-

exempt, 26 $ 39.3799
Liability, tax. See Tax liability.
Liens for taxes; release, etc., 26 $$ 39.3670–39.3680
Limitations:
Mitigation of effect of, in case of determinations under income tax

laws; adjustments pursuant to. See Adjustments.
Statute of limitations, mitigation of effect of, in case of related

taxes under different chapters, 26 $$ 39.3812-39.3812–2 Losses; computation of, and deductions for. See Computation of net

income. Medical, etc., expenses; deductions for, 26 $ 39.23 (x)-1 Medical care, education, and research, organizations providing; tax

exemption of. See Tax-exempt organizations. Military or naval forces of United States. See Armed forces. Mines and other natural deposits; deductions for depletion, develop

ment, etc., 26 $$ 39.22 (b) (15)-1, 39.23 (m)-1439.23 (m)-28,

39.23 (cc)-1, 39.23 (ff)-1
Mitigation of effect of limitation. See Limitations.
Net income. See Computation of net income.
Nonprofit organizations, tax exemption of. See Tax-exempt organi-

zations.
Nonresident alien individuals, taxation of, 26 $$ 39.211-39.221
Aliens, tax of; seamen, residents and nonresidents, status of em-

ployees, loss of residence, etc., 26 $$ 39.211–1–39.211-7
Credits against net income, 26 $$ 39.214–1, 39.215-1
Credits against tax, 26 § 39.216
Deductions, 26 $$ 39.213—1, 39.215–1
Foreign exempt organizations, 26 § 39.221
Gross income of nonresident alien individuals, 26 $$ 39.212–1,

39.212-2
Exclusion from, of earnings of foreign ships or aircraft, 26

$ 39.212-2
Partnerships, 26 $ 39.219_1
Payment, date of, 26 § 39.218-1
Puerto Rico, alien residents of, 26 § 39.220_1
Returns, 26 $$ 39.217–1, 39.217–2

Fiduciary returns, 26 $ 39.142-5
Withholding tax at source, 26 § 39.143
Oath:

Authority to administer, 26 g 39.3632

Declarations in lieu of, in verification of returns, 26 § 39.3809
Oil and gas properties; surtax on amounts received from sale of, 26

$ 39.105-1

Internal Revenue Service Continued
Income and excess profits taxes regulations (1939 IRC)—Continued
Income tax; taxable years beginning after December 31, 1951, 26 Part 39—Con.

Organizations, tax-exempt. See Tax-exempt organizations.
Overpayments; credits and refunds, 26 $$ 39.321—39.322–12

Adjustments, credit and refund, 26 § 39.322–2
Authority for abatement, credit, and refund of tax, 26 § 39.322–1
Claims:
For payment of judgment:

Against district director, 26 $ 39.322-4
Against United States:

Judgment obtained in Court of Claims, 26 $ 39.322-6
Judgment obtained in United States district court,

26 $ 39.322-5
For refund; claims by taxpayers, 26 § 39.322–3
Crediting of accounts of district directors in cases of assessments

against several persons covering same liability, 26 § 39.322–12 Limitation upon crediting and refunding, 26 $$ 39.322–7–39.322–11 Partnerships, taxation of, 26 $$ 39.181—39.191-2

Computation of partnership income, 26 § 39.183–1
Credits allowed partners against net income, 26 § 39.184–1
Deductions:

Amortization of emergency facility of partnership, 26 § 39.190_1

Net operating loss, 26 § 39.189–1
Distributive share of partners, 26 § 39.182–1
Earned income credit, 26 § 39.185–1
Emergency facility of partnership; amortization deduction, 26

$ 39.190–1
Family partnership, 26 $$ 39.191–1, 39.191-2
Foreign countries and possessions of United States, taxes of, 26

$ 39.186
Liability for income tax, 26 § 39.181-1
Net operating loss; deduction, 26 § 39.189-1
Returns, partnership, 26 $ $ 29.181–1, 39.187–1

Taxable years, 26 § 39.188
Payment of tax. See Overpayments; and Returns and payment of tax.
Penalties:

Concealment of property, withholding of records, etc., 26 § 39.3762
Disclosure of information by officers and employees of United

States, 26 $ 39.4047 (a)
Enforceability by suit or prosecution, 26 § 39.145–1
Estimated tax; penalties for deficiency, etc., 26 $ 39.294

Additions to, 26 § 39.294_1

Carrybacks, substantial overestimate of, 26 § 39.294–2
Fraudulent bonds, permits and entries, 26 § 39.3793
Interest and additions to tax for delinquencies, 26 $$ 39.291—

39.294–2, 39.295–39.299
Bankruptcy and receiverships, 26 § 39.298
Deficiencies:

Additions to tax for, 26 $ 39.293

Interest on, 26 $ 39.292
Extensions of time:

For payment of deficiency, 26 $ 39.296

For payment of tax, 26 $ 39.295
Failure to file return, addition to tax for, 26 § 39.291
Jeopardy assessments, interest on, 26 § 39.297
Nonpayments, addition to tax for, 26 $ 39.294
Removal of property or departure from United States, 26

§ 39.299
Perjury in making returns, 26 $ 39.3809
Personal exemption for individuals, 26 $ 39.25–2
Personal holding companies:

Definition, 26 § 39.501-1
Foreign; income taxed to individual United States shareholders.

See Foreign personal holding companies.

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