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III, IV, or VI, or under subdivision thirteen of Schedule A of Title VIII, or under this section, and (b) if such contract does not permit the adding of the whole of such tax to the amount to be paid under such contract, then the vendee or lessee shall, in lieu of the vendor or lessor, pay so much of such tax as is not so permitted to be added to the contract price.

The taxes payable by the vendee or lessee under this section shall be paid to the vendor or lessor at the time the sale or lease is consummated, and collected, returned, and paid to the United States by such vendor or lessor in the same manner as provided in section five hundred and three.

The term "dealer" as used in this section includes a vendee who purchases any article with intent to use it in the manufacture or production of another article intended for sale.

Sec. 1008. That in the payment of any tax under this Act not payable by stamp a fractional part of a cent shall be disregarded unless it amounts to onehalf cent or more, in which case it shall be increased to one cent.

Sec. 1009. That the Secretary of the Treasury, under rules and regulations prescribed by him, shall permit taxpayers liable to income and excess profits taxes to make payments in advance in installments or in whole of an amount not in excess of the estimated taxes which will be due from them, and upon determination of the taxes actually due any amount paid in excess shall be refunded as taxes erroneously collected: Provided, That when payment is made in installments at least one-fourth of such estimated tax shall be paid before the expiration of thirty days after the close of the taxable year, at least an additional one-fourth within two months after the close of the taxable year, at least an additional one-fourth within four months after the close of the taxable year, and the remainder of the tax due on or before the time now fixed by law for such payment: Provided further, That the Secretary of the Treasury, under rules and regulations prescribed by him, may allow credit against such taxes so paid in advance of an amount not exceeding three per centum per annum calculated upon the amount so paid from the date of such payment to the date now fixed by law for such payment; but no such credit shall be allowed on payments in excess of taxes determined to be due, nor on payments made after the expiration of four and one-half months after the close of the taxable year. All penalties provided by existing law for failure to pay tax when due are hereby made applicable to any failure to pay the tax at the time or times required in this section.

Sec. 1010. That under rules and regulations prescribed by the Secretary of the Treasury, Collectors of Internal Revenue may receive, at par and accrued interest, certificates of indebtedness issued under section six of the Act entitled "An Act to authorize an issue of bonds to meet expenditures for the national security and defense, and, for the purpose of assisting in the prosecution of the war, to extend credit to foreign governments, and for other purposes," approved April twenty-fourth, nineteen hundred and seventeen, and any subsequent Act or Acts, and uncertified checks in payment of income and excess profits taxes, during such time and under such regulations as the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, shall prescribe; but if a check so received is not paid by the bank on which it is drawn the person by whom such check has been tendered shall remain liable for the payment of the tax and for all legal penalties and additions the same as if such check had not been tendered.

Sec. 1300. That if any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of said Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered.

Sec. 1301. That Title I of the Act entitled, "An Act to provide increased revenue to defray the expenses of the increased appropriations for the Army and Navy and the extension of fortifications, and for other purposes," approved March third, nineteen hundred and seventeen, be and the same is hereby repealed.

Sec. 1302. That unless otherwise herein specially provided, this Act shall take effect on the day following its passage.

INDEX

INCOME TAX

Comment:

Unless otherwise indicated the references in this index are to
paragraphs.

References, in brackets, to the text of the law, appearing in the
Appendix, are by Appendix page number and Law Line number.

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Administration of estates, tax liability during settlement..
Administrators (See "Fiduciaries")

Agents:

For foreign corporations.

For non-resident aliens..

Life insurance; commissions..

Paying agents appointed at the source.

Real estate..

Returns by..

Withholding agents at the source.

Agricultural organizations...

Aliens: (non-resident alien individuals)
Additional tax

Agents for...

American wife.

Bad debts

Credits allowed.

Deduction of tax at the source.

Dividends on foreign stock.

Exemption, specific

Exemption at source

Expenses deductible

Income, Returnable

.163-164-167-169

.290

135

20-21

.153

20-76-222

.119-290

..153

.190-191-195

Chap. IX, Page 66

132

135

127

.130

..131

137-149

.138

128

.149

.130

.125

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When tax is due...

312

.353

355-356

Except from estates of insane, deceased, or insolvent persons.
When assessment is made..

359

352

.354

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Bonds:

United States, State, Municipal, etc. interest is exempt.
Partnerships and the members thereof.....

62-65-66-297

141

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Building and loan associations (domestic).

Business leagues

Capital Assets:

Appreciation of not evidenced by sale or other disposition:

.190-196

.190

.311

Depreciation of not evidenced by sale or other disposition:
Loss from sale of:.
89-90-93-94-95-96-97-239-240-247

.311

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Paid-up capital stock in determining deductible interest..
Preferred stock not considered interest-bearing indebtedness.
Proceeds from sale of..

251-254

257

.205

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