The Code of Federal Regulations of the United States of America Having ...

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 $$ 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 $S 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 $$ 39.201–2, 39.237
Payment of tax; dates for, 26 § 39.236-1
Rates of tax, 26 $ 39.103
Corporations formed or utilized to avoid surtax, 26 $ $ 39.102.1—
Internal Revenue Service-Continued
Income and excess profits taxes regulations (1939 IRC)-Continued
Income tax; taxable years beginning after December 31, 1951, 26 Part 39—Con.
Foreign corporations, taxation of-Continued
Returns, 26 $$ 39.235–1, 39.235–2
Information respecting organizations, etc., of foreign corpora-

39.102-4

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 $$ 39.339–1–39.339–3
Stock ownership:

Constructive ownership, 26 $$ 39.333 (a)-1-39.333 (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:

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