33 
INCOME TAXES 
PART II.—INDIVIDUALS 
Sec. 
210. Normal tax. 
211. Surtax. 
212. Net income of individuals defined. 
213(a). Gross income defined: Inclu- 
sions. 
213(b). Gross income defined: Hxclu- 
sions. 
213(c). Gross income defined: Non- 
resident alien individual. 
214 (a) (1). Deductions allowed indi- 
viduals : Business expenses. 
214 (a) (2). Deductions allowed indi- 
viduals: Interest. 
214 (a) (3). Deductions allowed indi- 
viduals: Taxes. 
214(a) (4), (5), and (6). Deductions 
allowed individuals: Losses. 
214(a) (7). Deductions allowed indi- 
viduals: Bad debts. 
214 (a) (8). Deductions allowed indi- 
viduals: Depreciation. 
214 (a) (9). Deductions allowed indi- 
viduals: Depletion. 
214 (a) (10). Deductions allowed indi 
viduals: Contributions or gifts 
Sec. 
214(a) (11). Deductions allowed indi- 
viduals: Future expense lia- 
bilities. 
215. Items not deductible. 
216. Credits allowed individuals. 
217. Net income of nonresident alien 
individuals. 
218. Partnerships. 
219. Estates and trusts. 
220. Evasion of surtaxes by incorpo- 
ration. 
221. Payment of individual's tax at 
source. 
222. Credit for taxes in case of indi- 
viduals. 
223. Individual returns. 
224. Partnership returns, ’ 
225. Fiduciary returns. 
226. Returns for a period of less than 
12 months. 
227. Time and place for filing individ- 
ual, partnership, and fiduciary 
returns. 
Part III.— (CORPORATIONS 
Sec. 
230. Tax on corporations. 
231. Conditional and other exemptions 
of corporations. 
232. Net income of corporations de- 
fined. 
233. Gross income of corporations de- 
fined. 
234. Deductions allowed corporations. 
235. Items not deductible by corpora- 
tions. 
236. Credits allowed corporations. 
237. Payment of corporation income 
tax at source. 
238. Credit for taxes in case of corpo- 
rations. 
Sec. 
239, Corporation returns. 
240. Consolidated returns of corpora- 
tions. : 
241. Time and place for filing corpo- 
rate returns. 
242. Taxes on insurance companies. 
243, Same; rate of tax on life compa- 
nies. 
244, Same; gross income; reserve 
funds. 
245. Same; net income. 
246. Same; rates of tax on other than 
life or mutual. 
247. Same: deductions. 
PART IV.—ADMINISTRATIVE PROVISIONS 
Sec. | 
>54. Returns of payments of dividends. 
255. Returns of brokers. 
256. [nformation at source. 
257. Returns to be public records. 
258. Publication of statistics. 
259. Collection of foreign items. 
260. Citizens of possessions of the 
IInited States. 
See. 
261. Porto Rico and the Philippine 
Islands. 
262. Income from sources within the 
possessions of the United 
States. 
9263. China Trade Act corporations. 
PART V.—PAYMENT, COLLECTION, AND REFUND OF TAX AND PENALTIES 
Sec. 
270. Date on which tax shall be paid 
271. Examination of return and deter 
mination of tax 
279  Overpavments. 
Sec. 
273. Deficiency in tax. 
74. Same ; notice; right of appeal, ete, 
>75. Additions to the tax in case of 
deficiency.