S IX T Y -E IG H T H
C O N G R E SS.
S z s s .I .
O as.2 3 1 -2 3 4 .
1 9 2 4 .
2 5 3
p a te n tsi n
fe e ,o r
a n y
o th e rd is p o s itio n
a u th o riz e d
b ye x is tin g
la w
re la tin g
t oIn d ia n
a llo tm e n ts .
A p p ro v e d ,J u n e2 ,
1 9 2 4 .
I'u n e 2 ,1 9 2 4 .
C H E A P .
2 8 2 .-A n
A ctT o p ro v id e
fo rth ea d d itio n
o fth enam es o fC h e s te r
[H .
I .
6 8 5 7 .1
C alfa n d C rooked
N ose W om ant oth efin a lro ll of th e
C heyenne
a n d A rapaho
[P u b lic ,N o.1 7 4 .]
In d ia n s ,
S e g e rju ris d ic tio n ,O k la h o m a .
B ei te n a c te db yth eS e n a te a n dH o u s e o f R e p r e s e n ta tiv e so fth e
U n ite d S ta te so f A m e r ic ai n
C ongressassem bed,T hatth e
S e c re -
ta ry
o f th eIn te rio r
b e ,a n d
h eh e r e b yis ,a u th o riz e d
to a d d
t o
th e
fin a lro llo f th eC heyenne
a n d A rapahoIn d ia n so f th e
S e g e rju ris -
d ic tio n ,O k la h o m a ,
a p p ro v e d
M ay
1 8 ,
1 9 2 1 ,th e
nam es
o f
C hester
C alfa n d
C rooked
N ose
W om an,w h ic h
nam es
w ere
in a d v e rte n tly
o m itted
fro m
th e
s a id
ro ll,a n d
t o
p a y
to e a c h
o ft h e s e
p e rs o n sa
su m
e q u a ltoth a th e re to fo re p a id
p e r c a p itat oth o s e
w hose nam es
a p p e a r
o nth e
a p p ro v e d
ro ll,s u c h
paym entt o
b e m ade
fro m
a n y
trib a lfu n d st oth ec re d ito fth eC heyenne and ArapahoI n d i a n s .
A pproved,J u n e2 ,1 9 2 4 .
C heyenne
a n d
A re-
p a h o In d ia n s,O k la .
N am esa d d e dt ofin a l
ro ll o f.
P er c a p itaP a y m e n t.
lu n e2 ,1 9 2 4 .
C H E A P .
2 8 8 .-A n
A ctT o
a u th o riz e
th e
S e c re ta ry
o fth e
In te rio r
t o
is s u e
[N .R .6 8 .1
c e rtific a te s
o f c itiz e n s h ipt oI n d i a n s .
[P u b lic , N o.1 7 6 .1
B ei te n = te d
b y
th eS e n a tea n dH ouseo f R e p r e s e n ta tiv e so f th e
In d ia n s
U n ite d
S ta
o f A m e r ic a
i n
C ongress assem bled,T hat
a lln o n -
B o rn
I n
U n ite d
c itiz e n
In d ia n s
b o rn
w ith in
th e
te rrito ria l
lim its
o f
th e
U n ite d
s ta te s
d e c la r e d
c it i-
S ta te s
b e ,a n dth e ya re hereby, declaredt ob ec itiz e n so fth e U n ite d
p r .,j .
S t a t e s :
P r o id e d ,T h a tth e
g ra n tin g
o f
s u c h
c itiz e n s h ip
s h a lln o t
T e rib
rig ts
n o t a f.
i n
a n y
m annerim p a iro r o th erw ise
a ffe c t
th e
rig h to fa n y
In d ia n
t otr ib a lo r o th e rp r o p e r t y .
A pproved,J u n e2 ,
1 9 2 4 .
n o
2 ,1 9 2 4 .
C H A P. 2 8 4 .-A n
A ctT ore d u c ea n de q u a liz e
ta x a tio n ,t o
p ro v id e
re v e n u e ,
[H .R .6 7 1 .]
a n d
fo r o th e rp u r p o s e s .
[P u b lic %N o.1 7 6 .1
B ei t
e n a c te db y
th eS e n a tea n d H o u s eo f R e p r e s e n ta tiv e so f th e
U n ite d S ta te 8o f A m e r ic ai n
C ongressassem bled,
T IT L E
I.-G E N E R A L
D E F IN IT IO N S .
S E C T O N
1 .
T h is A ct m ay
b e
c ite da sth e"R evenue A cto f1 9 2 4 ."
S E c .2 .
(a )
W hen
u s e d in this A c t-
(1 )
T he
te rm
" p e rs o n "
m eans
a n
in d iv id u a l,
a
tru st
o r
e s ta te ,
ap a rtn e rs h ip ,o rac o rp o ra tio n .
(2 )
T hete rm "c o rp o ra tio n "in c lu d e s a s s o c ia tio n s ,jo in t-s to c kcom -
p a n ie s ,a n d in s u ra n c ec o m p a n ie s .
(3 )
T het e r m
"dom estic"
w hena p p lie dt o
ac o rp o ra tio n
o rp a rt-
n e r s h ip
m eans
c r e a te d
o ro r g a n iz e d
i n
th e
U n ited
S ta te s
o r
u n d e r
th ela w
o f th e U n ited S ta te so ro fa n yS ta te o rT e r r ito r y .
(4 )*T het e r m
" fo r e ig n "
w hen
a p p lie d
t oa
c o r p o r a tio no rp a r t -
n e r s h ip
m eans
ac o r p o r a tio n
o r
a r tn e r s h ipw h ic h
i s
n o t dom estic.
(5 )
T het e r m
" U n ite d
S ta te s'" w h e nu s e d
i n
ag e o g r a p h ic a l
s e n s e
in c lu d e so n ly
th eS ta te s ,th eT e r r ito r ie so f A la s k a
a n dH a w a ii,a n d
th e D istricto fC o lu m b ia .
(6 )
T he
te rm
" S e c r e ta r y "
m eans
th e
S e c r e ta r y
o f
th eT r e a s u r y .
(7 )
T he
te r m" C o m m is s io n e r "
m eansth e C om m issioner
o f
I n t e r -
n a lR evenue.
R evenue A cto f1 9 2 4 .
G e n e ra l d e fin itio n s .
T itleo f A c t.
T erm sc o n s tru e d .
" P e rs o n ."
" C o rp o ra tio n ."
" D o m e s tic ."
" F o re ig n ."
" U n ite dS ta te s ."
" S e c r e ta r y ."
".C o m m iio m e r.
43 Stat. 253 1918-1925
2 5 4
S IX T Y -E IG H T H
C O N G R E SS.
S E ss.I .
C u.2 3 4 .
1 9 2 4 .
" C lc tn o r ."
(8 )
T he
te rm
" c o lle c to r"
m eans
c o lle c to r
o fin te rn a l
re v e n u e .
" T a s p a y e r ."
(9 )
T hete rm
" ta x p a y e r"
m eansa n yp e r s o n
s u b je c tt o
ata x
im -
p o s e
b yth isA ct.
I'M arya d
n a v a l
(1 0
T hete rm
"m ilitary
o rn a v a lf o r c e so fth e U n ite d
S ta te s "
fo rc e
o f
t h
U n ite d
S ta te s ."
in c lu d e sth e M arineC o rp s, th eC oastG uard, th e A rm yN u rseC o rp s,
F e m a le ,a n dth eN avy
N u rseC o rp s,F e m a le .
"In u d s"a n d" I n -
(b )
T he term s"
in c lu d e s "
a n d "
in c lu d in g "
w henu s e di nad e fin i-
c la d in g ."
tio nc o n ta in e d in this A cts h a l ln o tb e deem edt oe x c lu d eo th e r
th in g s
o th erw isew ith inth em e a n in go f th ete rm
d e fin e d .
m o o l,A X .
T IT L E
II.-IN C O M E
T A X .
G en"
p ro v ilIo n s.
P A R T
I.-G E N E R A L
P R O V IS IO N S .
D e fin itio n s .
D E F IN IT IO N S .
M e
ot e r s .
S E C .2 0 0 . W henu s e di nth istitle -
(a )
T he
te rm
" ta x a b le
y e a r"
m eansth e
c a le n d a r
y e a r,
o rth e
F is c a ly "
fis c a ly e a r e n d in gd u rin gs u c hc a le n d a ry e a r ,u p o nth eb a s i so f
w h ic h
th e
n e tin c o m e
i sc o m p u te d
u n d e r
s e c tio n
2 1 2
o r
2 3 2 .
T he
te rm
" fis c a l
y e a r"
m eansa na c c o u n tin gp e rio d
o ftw e lv em o n th se n d in g
F ra c tio n sin c lu d e d .
o n
th e
la s t
d a y
o f
a n y
m o n th
o th e r
th a n
D ecem ber.
T he
te rm
" ta x a b le
y e a r"
in c lu d e s ,i nth ec a s eo fare tu rnm ade fo rafra c tio n a l
p a rto fay e a ru n d e rth ep ro v is io n so f th ist i t l eo r
u n d e rre g u la tio n s
p re s c rib e db y th eC om m issioner w ithth ea p p r o v a lo f th eS e c r e t a r y ,
T a x a b ley e a r
m -
th ep e rio dfo r w h ic hs u c hre tu rni s m ade.
T hef i r s t ta x a b ley e a r ,t o
b e
c a lle d
th eta x a b le
y e a r
1 9 2 4 ,s h a l lb eth ec a le n d a ry e a r1 9 2 4
o r
a n y
f is c a ly e a r e n d in gd u rin gth ec a le n d a ry e a r1 9 2 4 .
" F ic ."
(b )
T he
te rm
" fid u c ia ry "
m eans
a
g u a rd ia n ,
tru s te e ,
e x e c u to r,
a d m in is tra to r,
re c e iv e r,c o n s e r v a t o r ,
o r
a n y
p e rs o n
a c tin g
i n
a n y
fid u c ia ryc a p a c ity
fo ra n yp e r s o n .
" W ith h o ld in g
(c )
T he
te rm
" w ith h o ld in g
a g e n t"
m eans
a n y
p e rs o n
re q u ire d
.n % :p p .= , 2 .'
t o
d e d u c ta n d
w ith h o ld
a n yta x
u n d e rth ep ro v is io n so fs e c tio n
2 2 1
" r a id
o r
in c u rre d "
o r2 8 7 .
a n d "p rdo ra c c r u e d . "
(d )
T he term s" p a id
o rin c u rre d "
a n d" p a id
o ra c c r u e d "
s h a ll
b ec o n s t r u e d
a c c o rd in gt oth e
m e th o do fa c c o u n tin g
u p o nth eb a s i s
d
c
e d its .
o fw h ic hth en e t in c o m ei sc o m p u te du n d e rs e c tio n
2 1 2o r2 3 2 .
T he
d e d u c tio n sa n d
c re d itsp ro v id e d
fo ri nth ist i t l es h a l lb eta k e n
fo r
th eta x a b ley e a ri nw h ic h" p a id
o ra c c r u e d "
o r " p a id
o r in c u rre d" ,
_
d e p e n d e n tu p o nth e
m e th o do fa c c o u n tin gu p o n
th e
b a s iso fw h ic h
J 'w ,P P ." 7 -m .
th en e t in c o m ei sc o m p u te d
u n d e rs e c tio n
2 1 2o r2 3 2 , u n le s si no rd e r
t o
c le a rly
re fle c t
th e
in c o m e
th e
d e d u c tio n s
o r
c re d its
s h o u ld
b e
ta k e na so fad iffe re n tp e rio d .
" s to ."
(e )
T hete rm
" s to c k "
in c lu d e sth es h a r ei n
a n
a s s o c ia tio n ,jo in t-
s to c kcom pany,o ri n s u r a n c ecom pany.
S h a re h o ld e rs ."
(f)
T he
te rm
" s h a re h o ld e r"
in c lu d e s
a
m em ber
i n
a n
a s s o c ia -
tio n ,jo in t-s to c k
com pany,o ri n s u r a n c e
com pany.
D is trib u tio n s
b y
D I8 T R IB U T IO N S
B Y
C O R P O R A T IO N S .
c o rp o ra tio n s .
a te r F e b
m
t c
S E
.2 0 1 .
(a )
T hete rm
"d iv id e n d "
w henu s e d
i nth ist i t l e
(e x -
deem ed
v Id e n d s .
c e t
i n
p a r a g r a p h(9 )
o f
s u b d iv is io n
(a )
o f
s e c tio n
2 3 4
a n dp a r a -
T e
In cer e e r v eg ra n h
(4 )
o f s u b d iv is io n
(a )
o f s e c tio n2 4 5 )
m eans
a n yd is trib u tio n
m adeb y
ac o rp o ra tio n
t oi t ss h a r e h o l d e r s ,w h e th e r
i nm oney
o ri n
o th e rp ro p e rty ,o u to fi t se a rn in g so rp ro fitsa c c u m u la te da fte rF e b ru -
a ry
2 8 ,1 9 1 3 .
A p p lic a tio n .
(b )
F or th ep u r p o s e s
o fth is A cte v e r y
d is trib u tio n
i sm adeo u t
o f
e a rn in g s
o rp ro fits
t o
th e
e x te n t
th e re o f,a n d
fro m
th e
m ost
b e .o re
M arch
M 9
re c e n tly
a c c u m u la te d
e a rn in g s
o rp ro fits.
A nye a rn in g s
o rp ro fits
S X U P t.
a c c u m u la te d ,
o r
in c re a s e
i n
v a lu e
o f
p ro p e rty
a c c ru e d ,
b e fo re
M arch
1 ,
1 9 1 3 ,
m ay
b e
d is trib u te d
exem pt
fro m
ta x ,a fte r
th e
43 Stat. 254 1918-1925
S IX T Y -E IG H T H
C O N G R E SS.
c u s .I .
C u.2 3 4 .
1 9 2 4 .
2 5 5
earniW gs
a n d
p ro fits
a c c u m u la te d
a fte r
F e b ru a ry
2 8 ,
1 9 1 3 ,
h a v e
nC\u00b0NZT\u2022
b e e nd is trib u te d ,b u ta n ys u c hta x -fre ed is trib u tio n
s h a llb ea p p lie d
a g a in s ta n dr e d u c eth eb a s i so f th es t o c kp ro v id e d
i ns e c tio n
2 0 4 .
(c )
A m o u n tsd istr ib u te di ncom plete
liq u id a tio no fac o rp o ra tio n
Distribution
i n
s h a ll
b et r e a t e da si n
u
paym enti n
e x c h a n g e
fo rth es t o c k ,
a n d
a m o u n tsd istr ib u te d
i n
p a r tia l liq u id a tio n
o f
a
c o r p o r a tio n
s h a ll
b e
tr e a te da s
in
p a r to rfu ll
paym enti n
e x c h a n g e
fo rth es t o c k .
T h e g a ino rl o s st o the distributeer e s u ltin gfro m
s u c he x c h a n g es h a llg in
o r
o .
b edeterm inedu n d e rs e c t i o n2 0 2 ,b u tsh a llb er e c o g n i z e d
o n ly
t oth e
Prtialliq u id a tio n
e x te n tp r o v id e di n
s e c tio n2 0 3 .
I nth ec a s e
o fa m o u n tsd istr ib u te dd itib u ti.
i np a r til liq u id a tio n(o th e r th a nad is tr ib u tio nw ith inth ep r o v is io n s
o fs u b d iv is io n
(g )
o fs e c t i o n
2 0 3o fs t o c k
o rs e c u r i t i e si nc o n n e c t i o n
w ith
ar e o r g a n iz a tio n )th ep a r to fs u c hd is tr ib u tio nw h ic h
i sp r o p -
e r lyc h a r g e a b le
t oc a p ita la c c o u n ts h a l
n o tb ec o n s i d e r e d
ad is tr ib u -
tio no f e a r n in g so r p r o fits w ith inth em e a n in go fs u b d iv is io n
(b )o f
th iss e c t i o n
fo rth ep u r p o s eo fd e te r m in in gth eta x a b ility
o fsu b se-
q u e n t d is tr ib u tio n sb y
th ec o .r p o r a tio n .
(d )
I fa n y
d is tr ib u tio n
(n o ti
s
p a rtia lo rc o m p le te
liq u id a tio n )
s
e x te n t~~
~
~
~
~
~
~
~
~
~ ~f o
p ro v e d e d
i n
setov0aluee
a o
m u n sd sriu e
is r b t
m adeb y
ao rp o ra tio n
t oi t ss h a r e h o l d e r si sn o to u to fi n c r e a s ei n
o
ro
1
v a lu e
o fp ro p e rty
a c c ru e d
b e fo re
M arch
1 ,
1 9 1 8 ,
a n d
isn o to u to fp o t.
e a rn in g s
o r
p ro fits,th e n
th e
am ounto f
s u c h
d is trib u tio n
sh a llb e
a p p lie da g a in s ta n dr e d u c eth eb a s iso fth es t o c kp r o v id e di n
s e c tio n
2 0 4 ,a n d
i f
i n
e x c e s s
o fs u c hb a sis,s u c h
e x c e s s
s h a llb eta x a b lei n
th esam em annera sag a inf r o m
th e
s a leo re x c h a n g e
o fp r o p e r ty .
T h ep r o v is io n so fth isp a rra tip h
sh a lla l s o
a p p lyt od istr ib u tio n s
V 0 P 1 o tl
fr o m
d e p le tio nr e s e r v e s
a
o nth ed i s c o v e r y
v a lu eo f m in es\u2022
(e )
A nyd is trib u tio nm adeb yac o r p o r a t i o n , w h ic h
w asc l a s s i f i e d
n rea reo fv l
a sap e r s o n a ls e r v i c ec o rp o ra tio n
u n d e rth ep r o v is io n so f th e R evenue
a rc h
1 ,o 1 9 1 .
A cto f1 9 1 8o r th e R evenue
A cto f1 9 2 1 ,o u to fi t se a r n in g
o r p r o fitst ~ .
o
w h ic h
w ereta x a b lei na c c o r d a n c e
w ithth ep r o v is io n so r - s e c t i o n
2 1 8
.p .2
.
o fth e
R evenue
A ct
o f
1 9 1 8o r
s e c tio n
2 1 8
o fth eR evenue
A cto f
1 9 2 1 ,sh a l
b e exem ptf r o m
ta xt oth ed is trib u te e s .
s
b e
( f )
A
s to c k
d iv id e n d
s h a lln o tb e
s u b je c t
to
ta x ,b u ti f
b e fo r e
_-.S
ta x d a
no
o ra fte rth ed istr ib u tio no fa n y
s ic hd iv id e n d
th ec o r p o r a t i o np r o - s J \u00b0 r
d s ta x a b ~ e
c e e d st oc a n c e lo rr e d e e m
it ss t o c k
a ts u c htim ea n di n
s u c h
m anneri v
.
a s
t o
m ake
th e
d is tr ib u tio n
a n d
c a n c e lla tio n
o r
redem ption
i n
w h o le
o r
i n
p a rt
e s s e n tia lly
e q u iv a le n t
t o
th e
d is trib u tio n
o f
a
ta x a b led iv id e n d , th eam ounts od is trib u te d
i nre d e m p tio n
o rc a n c e l-
la tio no fth es t o c k ,t oth ee x t e n t th a ti tr e p r e s e n t sa
d is tr ib u tio no f
e a r n in g s
o rp r o fitsaccum ulated
a fte r
F e b r u a r y2 8 ,1 9 1 8 ,
sh a llb e
tr e a te da sata x a b led iv id e n d .
w
e
s e
n
2
(g )
A s
u s e d
in
th is
s e c tio n
th et e r m
" a m o u n tsd istr ib u te d
i no
n
d is ir
o
1 9 2 1 ,s h a l
b e
xem ptfrom tax
o
th e d is tib a m o s .
ts
d id n s
te
p a r tia l liq u id a tio n "m eansad is trib u tio n
b yac o rp o ra tio n
i n
c o r n -
i
P ro c e s
iq e a to n ,,
p le te
c a n c e lla tio n
o r redem ptiono fa
p a rto fi t ss t o c k ,o ro n eo fa
s e r ie so fd is trib u tio n si n
c o m p le te
a n c e lla tio no rre d e m p tio n
o fa ll
o rap o r tio no fi t ss t o c k .
D E T R M IN A T O N
O F
A
O U N T qO F
G A IN q
O R
L O SS.
G ano rlo s .
S a e .
2 0 2 .
(a )
E x c e p ta
se re ifte rrid e d
i n
e c tio n ,
t
o d e to c n a n g
la to n o fth e s tc k
to th
e te t
ta titre p e s n t
a
i s r i u t
o n is o
a o p o p r
g a in
fro m
th e
s a le
o ro th e r
d is p o s itio n
o fp ro p e rty
s h a ll
b e
th e
e x c e s s
o fth e am ountr e a liz e d
th e r e fr o m
o v e rth eb a s isp r o v id e d
i n
s u b d iv is io n
(a )
o r(b )o fs e c t i o n
2 0 4 ,a n d th el o s ss h a llb e th ee x c e s s
o fs u c h
b a siso v e rth e am ount r e a liz e d .
(b )
I n
c o m p u tin gth e
am ounto fg a in
o rl o s s
u n d e rs u b d iv i
A d ti
.
a
pt,
(a )p r o p e r a d ju stm e n ts h a l lb e m adefo r(1 )
a nye x p e n d i t u r ep ro p -
depif.e .,o p r o p
e r ly
c h a r g e a b let oc a p ita la c c o u n t ,
a
)a n y
te mo fl o s s ,e o fa u s -
t y
tio n ,w eara n dte a r,o b s o l e s c e n c e ,
a m o r tiz a tio n ,o rd e p le tio n ,p r e v i-
o u sly
a lo w e d
w ith
r e s p e c tt os u c h
p r o p e r ty .
4 5 8 2 2
2 t
1 9
43 Stat. 255 1918-1925
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PL 68-176 Revenue Act of 1924
Full text of the Revenue Act of 1924 (PL 68-176).
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