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States, a credit is allowable against the | Stat. 505, 49 Stat. 1926; 34 U.S.C. and excess profit for the amount of Federal Sup., 496) [As amended by T.D. 4897, income taxes paid or remaining to be Apr. 24, 1939; 4 F.R. 1693] paid on the amount of such excess profit. The "Federal income taxes" in respect of which this credit is allowable include the income taxes imposed by Titles I and IA of the Revenue Act of 1934, Titles I and IA of the Revenue Act of 1936, and

NOTE: This section was amended by adding a new paragraph at the end thereof, by T.D. 4897, Apr. 24, 1939; 4 F.R. 1693.

PART 9-INCOME TAX UNDER THE
REVENUE ACT OF 1938

[The word "section" as used herein refers to the Revenue Act of 1938, and the symbol "g" and the words "this section" as used herein refer to sections of the regulations in this part, unless a contrary intent is shown.] SUBPART A-SCOPE OF REGULATIONS

Sec.

9.1-1
9.3-1

Titles I and IA of the Revenue Act of
1938, and the excess-profits taxes im-
posed by section 702 of the Revenue Act
of 1934, section 106 of the Revenue Act
of 1935, as amended by section 402 of
the Revenue Act of 1936, and section 602
of the Revenue Act of 1938. This credit
is allowable for these taxes only to the
extent that it is affirmatively shown that
they have been finally determined and
paid or remain to be paid and that they
were imposed upon the excess profit
against which the credit is to be made.
In case such a credit has been allowed
and the amount of Federal income taxes
imposed upon the excess profit is rede- 9.11-2
termined, the credit previously allowed
shall be adjusted accordingly. (Sec. 3,
48 Stat. 505, 49 Stat. 1926; 34 U.S.C. and
Sup., 496) [As amended by T.D. 4897,
Apr. 24, 1939; 4 F.R. 1693]

§ 5.13 Book of account and records.

*

Scope of regulations.
Division of regulations.

9.4-1 Application of regulations to special

9.11-1

9.11-3

9.12-1

9.12-2 9.13-1

9.13-2
9.13-3

9.13-4

9.14-1

classes of taxpayers.

SUBPART B-RATES OF TAX

Income tax on individuals.

Citizens or residents of the United
States liable to tax.

Who is a citizen.
Surtax.

Computation of surtax.

Tax on corporations in general.
Tax under general rule.

Alternative tax (corporations with
net incomes slightly more than
$25,000).

Corporations in bankruptcy or receiv-
ership, joint-stock land banks, and
rental housing corporations.
Tax on special corporations.

Subpart C-Gross Income-NET INCOME

9.21-1
9.22 (a)-1

9.22 (a)-3

9.22 (a)-4
9.22 (a)-5
9.22 (a)-6
9.22 (a)-7
9.22 (a)-8
9.22 (a)-9
9.22 (a)-10
9.22 (a)-11
9.22 (a)-12

All books, records, and original evidences of costs (including, among other things, production orders, bills or schedules of materials, purchase requisitions, purchase orders, vouchers, requisitions for materials, standing expense orders, inventories, labor time cards, payrolls, cost distribution sheets) pertinent to the 9.22 (a)-2 determination of the true profit, excess profit or net loss from the performance of a contract or subcontract shall be kept at all times available for inspection by internal-revenue officers, and shall be carefully preserved and retained so long as the contents thereof may become material in the administration of the Act. This provision is not confined to books, records, and original evidences pertaining to items which may be considered to be a part of the cost of performing a contract or subcontract. It is applicable to all books, records, and original evidences of costs of each plant, branch or department involved in the performance of a contract or subcontract or in the allocation or distribution of costs to the contract or subcontract. (Sec. 3, 48

9.22 (a)-13
9.22 (a)-14
9.22 (a)–15
9.22 (a)-16

9.22 (a)-17
9.22 (a)-18

Meaning of net income.
What included in gross in-

come.

Compensation for personal

services.

Compensation paid other
than in cash.

Compensation paid in notes.
Gross income from business.
State contracts.

Gross income of farmers.
Sale of stock and rights.

Sale of patents and copyrights.
Sale of good will.

Sale of real property in lots.
Annuities and insurance poli-
cies.

Improvements by lessees.

Cancellation of indebtedness. Creation of sinking fund by corporation.

Acquisition or disposition by a corporation of its own capital stock.

Contributions to corporation

by shareholders.

Sale and purchase by corporation of its bonds.

[blocks in formation]
[blocks in formation]

Depletion of mines, oil and gas wells, other natural deposits, and timber; depreciation of improvements. Computation of depletion of mines, oil and gas wells, and other natural deposits without reference to discovery value or percentage depletion. Computation of depletion of mines (other than metal, coal, or sulphur mines) on the basis of discovery value. Computation of depletion based on a percentage of income in the case of oil and gas wells. Computation of depletion based on a percentage of income in the case of coal mines, metal mines, and sulphur mines or deposits.

Determination of cost of deposits.

[blocks in formation]

9.23 (m)-22

9.23 (m)-21 Computation of allowance for depletion of timber for given year. Revaluation of timber not allowed.

9.27 (d)-1

[blocks in formation]

9.27 (g)-1

9.23 (m)-23

9.23 (m)-24

Depreciation of improvements in the case of timber. Information to be furnished by taxpayer claiming depletion of timber.

9.23 (m)-25 Determination of fair market value of timber. Determination of quantity of timber. Aggregating timber and land for purposes of valuation and accounting.

9.27 (h)-1 9.27 (i)−1 9.28 (a) (1)−1 9.28 (a) (2)-1 9.28 (a) (3)-1 9.28 (a) (4)-1 9.28 (a) (5)-1 9.28 (a) (6)-1 9.28 (b)-1

9.28 (b)-2

Timber depletion and deprecia- | 9.28 (c)−1 tion accounts on books. Contributions or gifts by indi

9.23 (m)-26

9.23 (m)-27

9.23 (m)-28

9.23 (0) -1

9.28 (d)−1

[blocks in formation]

Dividends in kind.

Dividends in obligations of

Dividends paid credit for dis

tributions in liquidation.
Preferential distributions.
Nontaxable distributions.
Consent stock.

Preferred dividends.
Consent dividends day.
Consent distribution.

Partial distribution.
Preferential distribution.
Payment of preferred divi-
dends.

Liquidation of consent stock. Amount of consent dividends credit.

Making and filing of consents. Consent distribution must be

nonpreferential.

Consent and partial distributions to be considered together.

Taxability of amounts specified in consents.

Treatment of amount specified in consent of corporate shareholder.

Effect on basis of stock in hands of shareholders and capital account of corporation.

[blocks in formation]

Sec.

9.112 (b) (5)-1

9.112 (b) (5)-2

9.112 (b) (6)-1 9.112 (b) (6)-2

9.112 (b) (6)-3

9.112 (b) (6)-4

9.112 (b) (6)-5

9.112 (b) (7) −1

9.112 (b) (7)-2

9.112 (b) (7)-3

9.112 (b) (7)-4 9.112 (b) (7)-5

9.112 (c)-1

9.112 (e)-1 9.112 (f)-1

9.112 (f)-2 9.112 (g)-1

9.112 (g)-2 9.112 (g)-3

9.112 (g)-4

9.112 (g)-5

[blocks in formation]

Making and filing of writ- 9.113 (a) (13)–1
ten elections.
Treatment of gain.
Records to be kept and in-
formation to be filled
with return.
Receipt of other property
or money in tax-free ex-
change not connected
with corporate reorgani-
zation.

Nonrecognition of loss.
Reinvestment of proceeds
of involuntary conver-
sion.

Replacement funds.
Purpose and scope of ex-
ception of reorganization
exchanges.

Definition of terms.
Exchanges solely of stock
or securities, or property,
solely for stock or securi-
ties, in pursuance of plan
of reorganization.

9.113 (a) (14)-1
9.113 (a) (15)-1

Property contributed in
kind by a partner to a
partnership.
Readjustment of partner-
ship interests.
Property acquired prior to
March 1, 1913.
Basis of property received

by a corporation in com-
plete liquidation of an-
other corporation.

9.113 (a) (16)-1 Basis of property established by Revenue Act of 1934.

9.113 (a) (18)-1 Basis of property received in certain corporate liquidations.

9.113 (b)-1

9.113 (b)-2

9.113 (b)-3
9.113 (b) (3)-1

Exchanges in reorganiza- 9.113 (b) (3)-2
tion for stock or securi-
ties and other property
or money.
Receipt of stock or securi-
ties in reorganization
without surrender 01
stock by shareholder.

Records to be kept and in

Adjusted basis; general
rule.

Adjusted basis; cancella-
tion of indebtedness.
Substituted basis.
Adjusted basis; discharge
of corporate indebted-
ness; general rule.
Adjusted basis; discharge
of indebtedness; special

cases.

SUBPART N-DEPRECIATION AND DEPLETION

9.114-1 Basis for allowance of depreciation and depletion.

formation to be filed with SUBPART O-DISTRIBUTIONS BY CORPORAreturns.

TIONS-DIVIDENDS

9.112 (g)-6

9.112 (h)-1

Control of corporation.

[blocks in formation]

Election of shareholders as to me

dium of payment.

Distribution in redemption or cancellation of stock taxable as a dividend.

prior to January 1, 1921. 19.115-10 Dividends paid in property.

dend.

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