P U B L IC
L A W S -O H .
1 6 8 -A P R .
2 ,1 9 4 8
A p ril 2, 1948
[ .
R .4 7 9 0 ]
[P u b licL aw
4 7 1 ]
R evenue
A ct
o f
1 9 4 8 .
P o st,p .1 1 1 .
P o s t,p .1 1 2 .
P o s t,p .1 1 4 .
P o s t,p .1 1 6 .
P o s t,p .1 2 5 .
P o s t,p .1 2 8 .
P o st,p .1 3 0 .
P o st,p .
1 3 6 .
[C H A P T E R
1 6 8 ]
A N
A C T
T or e d u c e
in d iv id u a lin c o m e
ta xp a y m e n ts ,a n dfo ro th e rp u r p o s e s .
B ei t
e n a c te db yth eS e n a tea n dH ouseo f R e p r e s e n ta tiv e so fth e
U n ite dS ta te s
o f
A m zerica
i n
C ongressassem bled, T hat
th is
A c t,
d iv id e d
in to
title sa n d
s e c tio n sa c c o rd in g
to thefo llo w in g
T a b le
o f
C o n te n ts , m ayb ec ite da s th e"R evenue A cto f1 9 4 8 " :
T A B L E
O F
C O N T E N T S
T IT L E
I-IN C O M E
TA X
R E D U C T IO N
S e e .1 0 1 .
R e d u c tio n
o f n o rm a lta x
a n ds u r t a x .
S e c .1 0 2 .
R e d u c tio n
i nS u p p le m e n t
T
ta x .
S e c .1 0 3 .
In c o m eo fh u s b a n da n d w ife.
S e c .1 0 4 .T e c h n ic a l
a m e n d m e n ts .
S e c .1 0 5 .
T a x a b ley e a r s
t ow h ic h
a m e n d m e n tsa p p lic a b le .
T IT L E
II-C R E D IT S
A G A IN S T
N E T
IN C O M E
F oRNORM AL
T A X
A N D
S U R T A X
S e c .2 0 1 .
A d d itio n a lc re d its
a g a in s t
n e t
in c o m e
fo r
n o rm a lta x
a n d
s u rta x .
S e c .2 0 2 .
T e c h n ic a la m e n d m e n ts .
S e c .2 0 3 .
T a x a b ley e a r st o
w h ic ha m e n d m e n ts
a p p lic a b le .
T IT L E
III-H U S B A N D
A N D
W IF E
PA R T
I-IN C O M E
TA X
S e e .3 0 1 .
S p littin g
o f in c o m e .
S e c .3 0 2 .
S ta n d a rd
d e d u c tio n .
S e e .3 0 3 .J o in t r e tu r n so fh u s b a n d
a n d
w i f e .
S e c .3 0 4 .
D e d u c tio n
fo rm e d ic a l
e x p e n s e s .
S e c .3 0 5 .
T a x a b ley e a r s
t ow h ic h
a m e n d m e n ts
a p p lic a b le .
PA R T
II-E S T A T E
TA X
SU B PA R T
1 -R E P E A L
O F
1 9 4 2
C O M M U N IT Y
P R O P E R T Y
AM ENDM ENTS
S e e .3 5 1 . R epealo fc o m m u n ity
p ro p e rty
e s ta teta x
a m e n d m e n ts .
S U B P A R T
2 -M A R IT A L
D E D U C T IO N
FO R
B E Q U E S T S ,
E T C .,
T O
SPO U SE
S e c .3 6 1 .
M arital
d e d u c tio n .
S e c .3 6 2 .
P ro p e rty
p re v io u s ly
ta x e d .
S e c .3 6 3 .
C red itfo r
g iftta x .
S e c .3 6 4 .O p tio n a lv a lu a tio n .
S e c .3 6 5 .L ia b ility
o fl i f ei n s u r a n c e
b e n e fic ia rie s ,e tc .
S e c .3 6 6 .
B asiso fs u rv iv in g
s p o u s e 'sin te re s t
i n
c o m m u n ity
p ro p e rty .
PA R T
III--G IF T
TA X
S e c .3 7 1 .
G iftso f
c o m m u n ity
p ro p e rty .
S e c .3 7 2 .
M aritald e d u c tio n .
S e c .3 7 3 .
T e c h n ic a la m e n d m e n t.
S e c .3 7 4 .
G ifto fh u s b a n d
o r w ifet oth irdp a rty .
T IT L E
IV -A D JU S T E D
G R oss
IN C O M E
O F
L E S S
T H A N
$ 5 ,0 0 0
S e e .4 0 1 .
In d iv id u a lsw ith
a d ju s te d
g ro ssin c o m e s
o fle s sth a n
$ 5 ,0 0 0 .
T IT L E
V -R E D U C T IO N
I N
W IT H H O L D IN G
O F
TA X
A T
S O U R C E
O N
W AGES
S e e .5 0 1 . P e rc e n ta g e
m e th o d .
S e e .5 0 2 .
W ageb r a c k e tw ith h o ld in g .
S e c .5 0 3 .E ffe c tiv e
d a te .
T IT L E
V I-F IsC A r
Y E A R
T A X P A Y E R S
S e c .6 0 1 .
F is c a ly e a rt a x p a y e r s .
1 1 0
[6 2
S T A T .
62 Stat. 110 1918-1949
80T H
C O N G .,
2 D
S E S S .-C E .
1 6 8 -A P R .2 ,1 9 4 8
T IT L E
I-IN C O M E
TA X
R E D U C T IO N
S E C .1 0 1 .R E D U C T IO N
O F
NORM AL
TA X
A N D
S U R T A X .
S e c tio n1 2
(c )
o f th eIn te rn a lR evenueC odei sh e r e b yam ended
t o
re a da sfo llo w s:
" ( c )
R E D U C T iO N
O F
T E N T A T iv E
NORM AL
TA X
A N D
T E IT A T iv E
S U R -
T A X .-
" ( 1 )
T hec o m b in e dn o rm a l ta xa n ds u r t a xu n d e r s e c tio n
1 1a n d
s u b s e c tio n
(b )
o f th iss e c tio ns h a llb eth ea g g re g a teo f th ete n ta -
tiv en o rm a lta xa n dte n ta tiv es u r t a x ,re d u c e d
a s fo llo w s:
I f th ea g g re g a teis :
T he re d u c tio ns h a llb e :
N oto v e r$ 4 0 0
. . . .
-
. .
1 7 %
o f th ea g g re g a te .
O ver$ 4 0 0b u tn o to v e r $ 1 0 0 ,0 0 0 _ _ _
$ 6 8p lu s1 2 %
o fe x c e s so v e r$ 4 0 0 .
O ver$ 1 0 0 ,0 0 0- - - - - - - - - - - - - - -
$ 1 2 ,0 2 0
p lu s9 .7 5 %
of excesso v e r $ 1 0 0 ,0 0 0 .
" ( 2 )
I n
n o
e v e n ts h a ll
th e
c o m b in e d
n o rm a lta x
a n ds u r t a x
e x c e e d7 7p e r c e n tu m
o fth e n e tin c o m e ."
S E C .1 0 2 .
R E D U C T IO N
I N
SUPPLEM ENT
T
T A X .
F o r re d u c tio n
i nth eta xu n d e rS u p p le m e n tT
o f C h a p te r
1o f th e
In te rn a lR evenue
C ode
(ta xta b lew h ic h
m ayb eu s e db yta x p a y e ra t
h is e le c tio ni fh isa d ju s te dg ro ssin c o m ei sl e s s th a n$ 5 ,0 0 0 ),
s e es e c tio n
4 0 1 .
S E C .1 0 3 .IN C O M E
O F
H U S B A N D
A N D
W IF E .
F o r ta xi nc a s eo f jo in tre tu rno fh u s b a n d
a n d w ife
(th es o - c a l l e d
" s p littin go f incom e"),s e es e c tio n3 0 1 .
S E C .1 0 4 .T E C H N IC A L
AM ENDM ENTS.
(a )
S e c tio n1 1o f th e In te rn a l R evenue C ode(re la tin gt oth en o rm a l
ta xo n in d iv id u a ls )
i sh e r e b y am endedb y s trik in go u t" b y5p e r c e n tu m
th e re o f"a n din s e rtin gi nlie uth e re o f" a sp ro v id e di ns e c tio n1 2
(c )" .
(b )
S e c tio n
1 2
(b )
o f th eIn te rn a lR evenue
C ode(re la tin g
t oth e
ra teo fs u r ta xo nin d iv id u a ls )
is h e re b yam endedb ys trik in go u t" b y
5p e rc e n tu m
th e re o f"
a n d
in s e rtin gi nlie u
th e re o f" a sp ro v id e d
i n
s u b s e c tio n
(c )
o f th iss e c tio n " .
(c )
S u b s e c tio n s
(d ),
( e ) ,
( f )
(g ),
a n d
(h )
o fs e c tio n
1 2o f th e
In te rn a lR evenue C ode a re am endedt or e a da s fo llo w s:
" ( e )
C O M P U T A T IO N
O F
TA X
W IT H o U T
R E G A R D
T O
C R E D IT S
A G A IN S T
T A x .-In
th ea p p lic a tio no f th iss e c tio n ,th ec o m b in e dn o rm a lta xa n d
s u r ta x
s h a llb ec o m p u te d
w ith o u tre g a rd
t oth ec re d its
p ro v id e d
i n
s e c tio n s3 1 ,3 2 ,a n d3 5 .
" ( f )
A S C E R T A IN M E N T
O F
NORM AL
TA X
A N D
S U R T A X
S E P A R A T E L Y .-
W henever
i t
i sn e c e s s a r y
t o
a s c e rta in
th en o rm a lta xa n d
th es u r t a x
s e p a ra te ly ,th es u r t a xs h a llb ea n am ount w h ic hi s th e sam e
p ro p o rtio n
o f th ec o m b in e d
n o rm a lta x
a n ds u r t a x
a sth ete n ta tiv es u r t a xi so f
th ea g g re g a te
o fth ete n ta tiv en o rm a lta x
a n d
te n ta tiv es u r t a x ;a n d
th en o rm a lta x
s h a llb eth ere m a in d e ro fs u c hc o m b in e d
n o rm a lta x
a n ds u r t a x .
"(g )
C R O S S
R E F E R E N C S .-
" (1 )
A L T E R N A T IV E
T A x .-F o r
a lte rn a tiv e
ta x
w h ic h
m ay
b e
e le c te d
i f
a d ju s te d
g ro ssin c o m e
i sl e s sth a n
$ 5 ,0 0 0 ,
s e eS u p p le -
m entT .
" ( 2 )
TA XI N
C A S EO F C A P IT A LG A IN S .-F o rra tea n d c o m p u ta tio n
o f a lte rn a tiv e
ta xi nlie u of norm al ta xa n ds u r t a xi nth ec a s eo f
c a p ita lg a in
fro m
th es a l eo re x c h a n g e
o f c a p ita la s s e t sh e ldfo r
m o reth a n
6m o n th s ,s e es e c tio n
1 1 7
( c ) .
"(3 )
TA X
O N
P E R S O N A L
H O L D IN G
C o m P A N IE s.-F o r
s u r ta x
o n
p e rs o n a l h o ld in g com panies,s e es e c tio n5 0 0 .
5 3S ta t.6 .
2 6
U .S .
C .\u00a71 2
( c ) .
5 3S ta t.5 .
2 6U .S .
C .\u00a7 \u00a7 1 1 ,
1 2
(b ).
ia s fr a
55S ta t.6 8 9 .
2 6
U .
S .
C .
\u00a7 \u00a7
4 0 0 -
4 0 4 .
P o s t,p .1 2 8 .
P o s t,p .1 1 4 .
5 9S ta t.5 5 7 .
2 6U .
S .
C .\u00a7 1 1 .
S u p r a .
59S ta t.5 5 7 .
2 6
U .S .C .
\u00a71 2
(b ).
S u p r a .
5 3
S ta t.
6 ;
68 S ta t.
2 3 2 .
2 6U .
S .
C .\u00a71 2 (d )-
( h ) .
5 3
S ta t.
2 4 ;5 6
S ta t.
8 9 3 .
2 6U .S .C .
\u00a7 \u00a73 1 ,3 2 ,
3 5 .5 5 S ta t.
6 8 9 .
2 6
U .
S .
C .
\u00a7 \u00a74 0 0 -
4 0 4 .
P o s t,p .1 2 8 .
5 3
S ta t.5 1 .
2 6U .
S .
C .\u00a71 1 7( c ) .
5 3S ta t.
1 0 4 .
2 6u .
S .
C .
\u00a75 0 0 .
6 2
ST A T J]
62 Stat. 111 1918-1949
P U B L IC
L A W S -C H .1 6 8 -A P R .2 ,1 9 4 8
6 3S ta t.3 5 .
2 6
U .S .0 .
\u00a71 0 2 .
8 3S ta t.3 6 .
2 6
U .S .
0 .
1 0 5 .
P o,
p .1 3 6 .
6 3 S ta t.1 8 .
2 6
U .
S .
0 .1 2 5 (b )
(1 ),(2 ).
" (4 )
A v o ID A N C E
O FS U R T A X E S
B Y
IN C O R P O R A T iO N .-F o r
s u r ta xo n
c o rp o ra tio n sw h ic ha c c u m u la te
su rp lu st oa v o id
s u r ta xo ns h a r e -
h o ld e rs ,s e es e c tio n
1 0 2 .
" ( 5 )
SA L E
O F
O IL
O R
G A S
P R o P E R T IE S .-F o r
lim itatio no fs u r t a x
a ttrib u ta b let oth es a l eo fo ilo rg a s p ro p e rtie s ,s e es e c tio n
1 0 5 ."
S E C .1 0 5 .T A X A B L E
Y E A R ST O
W H IC H
AM ENDM ENTS
A P P L IC A B L E .
T hea m e n d m e n tsm adeb y th ist i t l es h a llb e a p p lic a b lew ithr e s p e c t
t ota x a b ley e a r s b e g in n in ga fte rD ecem ber3 1 ,1 9 4 7 .
F o rtre a tm e n to f
ta x a b ley e a r s b e g in n in gi n
1 9 4 7a n de n d in gi n
1 9 4 8 ,s e es e c tio n6 0 1 .
T IT L E
II-C R E D IT S
A G A IN S T
N E T
IN C O M E
FO R
NORM AL
T A X
A N D
S U R T A X
S E C .2 0 1 .A D D IT IO N A L
C R E D IT S
A G A IN S T
N E T
IN C O M E
FO R
N O R M A L
T A X
A N D
S U R T A X .
P a ra g ra p h s
(1 )
a n d
(2 )
o fs e c tio n
2 5
(b )
o f th eIn te rn a lR evenue
C odea reh e r e b y am endedt or e a d
a s fo llo w s:
" ( 1 )
C R E D rrs.-T h e res h a llb ea llo w e dfo rth ep u r p o s e so f b o th
th en o rm a lta x
a n d th es u r t a x , th efo llo w in g
c re d itsa g a in s tn e t
in c o m e :
"(A )
A n e x e m p tio no f$ 6 0 0fo rth eta x p a y e r;a n da na d d i-
tio n a le x e m p tio n
o f$ 6 0 0
fo rth es p o u s eo f th eta x p a y e ri fa
s e p a ra tere tu rn
is m a d eb yth eta x p a y e r,a n d
i fth es p o u s e ,
fo r th ec a le n d a ry e a ri nw h ic hth eta x a b le y e a ro fth e ta x p a y e r
b e g in s ,h a s
n o
g ro ss
in c o m e
a n d
i s
n o t th e
d e p e n d e n t
o f
a n o th e r ta x p a y e r;
"(B )
( i )A n a d d itio n a le x e m p tio no f$ 6 0 0 fo rth eta x p a y e r
i fh eh a s a tta in e dth ea g eo f6 5b e fo reth ec l o s e
o f h ista x a b le
y e a r;a n d
" ( i i )
A n
a d d itio n a le x e m p tio n
o f$ 6 0 0
fo r th e
s p o u s eo f
th e ta x p a y e ri fas e p a ra tere tu rni s m adeb y th e ta x p a y e r,a n d
i fth es p o u s eh a s a tta in e dth ea g eo f6 5 b e fo reth e
c lo s eo fs u c h
ta x a b ley e a r ,a n d ,fo rth ec a le n d a ry e a ri nw h ic hth eta x a b le
y e a ro fth eta x p a y e rb e g i n s ,h a sn o g r o s sin c o m ea n di sn o t
th ed e p e n d e n to f a n o th e rta x p a y e r;
"(C )
( i )A n a d d itio n a le x e m p tio no f$ 6 0 0fo r th eta x p a y e r
i f he is b lin da tth ec l o s eo f h ista x a b ley e a r ;a n d
" ( i i )
A n a d d itio n a le x e m p tio no f$ 6 0 0fo r th es p o u s eo f th e
ta x p a y e ri f
as e p a ra tere tu rn
i s m adeb y th eta x p a y e r,a n di f
th e
s p o u s ei sb lin d a n d ,fo rth e c a le n d a ry e a ri nw h ic h
th e
ta x a b le y e a ro fth e ta x p a y e rb e g i n s ,h a s n o g ro ssin c o m ea n d
i sn o t th ed e p e n d e n to f a n o th e rta x p a y e r.
F o r th ep u r p o s e s
o fth isc l a u s e th e d e te rm in a tio no f w h e th e r th es p o u s ei sb lin d
s h a llb e m adea so f th ec l o s eo f th eta x a b le
y e a ro fth e ta x -
p a y e r,u n l e s s
th e
s p o u s e
d ie sd u rin g
s u c hta x a b le
y e a r,i n
w h ic hc a s es u c hd e te rm in a tio n
s h a llb e m adea so f th e tim eo f
such
death;
" ( i i i )
F o rth ep u r p o s e so f th iss u b p a r a g r a p h
a n in d iv id u a l
i sb lin do n lyi fe ith e r:h isc e n tra lv is u a l a c u ityd o e sn o te x c e e d
2 0 /2 0 0i nth eb e tte re y ew ithc o rre c tin g
le n s e s ,o rh is v is u a l
a c u ityi sg re a te rth a n2 0 /2 0 0
but
i sa c c o m p a n ie db yalim ita-
tio n inth efie ld so f v is io ns u c hth a t th ew idestd ia m e te ro f
th e
v is u a lf i e l ds u b te n d sa na n g len o g re a te r th a n2 0d e g r e e s ;
"(D )
A n e x e m p tio no f$ 6 0 0 fo re a c hd e p e n d e n tw hoseg ro ss
in c o m efo rth ec a le n d a ry e a r in w hichth e ta x a b le year of th e
ta x p a y e rb e g in s
i sl e s sth a n
$ 5 0 0 ,e x c e p tth a tth ee x e m p tio n
s h a lln o tb ea llo w e din respect ofa d e p e n d e n t w hoh a s m adea
jo in tre tu rnw ithh iss p o u s eu n d e rs e c tio n
5 1
fo r th eta x a b le
y e a r b e g in n in gi ns u c hc a le n d a r y e a r.
1 1 2
[6 2
S T A T .
62 Stat. 112 1918-1949
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PL 80-471 Revenue Act of 1948
Full text of the Revenue Act of 1948 (PL 80-471).
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