REVENUE ACT OF 1926 
333 
Sec. Sec. 
276. Additions to the tax in case of 281. Fiduciaries. 
delinquency. 282. Bankruptcy and receiverships. 
277. Period of limitation upon assess- 283. Taxes under prior acts. 
ment and collection of tax. 284. Credits and refunds. 
278. Same; fraud cases. 285. Closing by Commissioner of tax 
279. Jeopardy assessments. able year. 
280. Claims against transferred assets. | 286. Effective date of title. 
Parr I.—GENERAL PROVISIONS gt ones] provi: 
DEFINITIONS Definitions. 
Sec. 200. When used in this title— 
(a) The term “taxable year ” means the calendar year, 
or the fiscal year ending during such calendar year, upon 
the basis of which the net income is computed under sec- 
tion 212 or 232. The term “fiscal year” means an ac- 
counting period of twelve months ending on the last day 
of any month other than December. The term “ taxable gu Eractions in 
” 3 3 u . 
year ” includes, in the case of a return made for a frac- 
tional part of a year under the provisions of this title or 
ander regulations prescribed by the Commissioner with 
the approval of the Secretary, the period for which such 
return is made. The first taxable year, to be called the First taxable 
taxable year 1925, shall be the calendar year 1925 or any "" 12% 
fiscal year ending during the calendar year 1925. 
(b) The term “fiduciary ” means a guardian, trustee, 
executor, administrator, receiver, conservator, or any per- 
son acting in any fiduciary capacity for any person. 
(c) The term “withholding agent ” means any person _“ Withholling 
required to deduct and withhold any tax under the pro- *%"* 
visions of section 221 or 237. 
(d) The terms “paid or incurred ” and paid or ac- “Paid or in 
crued ” shall be construed according to the method of paid op ind 
accounting upon the basis of which the net income is com. crued.” 
puted under section 212 or 232. The deductions and tone) cation 1 
‘redits provided for in this title shall be taken for the tax- cuctions and 
able year in which “paid or accrued” or “ paid or in- 
curred,” dependent upon the method of accounting upon 
the basis of which the net income is computed under sec- 
tion 212 or 232, unless in order to clearly reflect the in- 
tome the deductions or credits should be taken as of a 
lifferent period. 
(e) The term “stock ” includes the share in an asso- 
:iation, joint-stock company, or insurance company. 
(f) The term “shareholder ” includes a member in an 
association, joint-stock company, or insurance company. 
DISTRIBUTIONS BY CORPORATIONS 
Meaning of 
arms. 
‘‘Taxableyear.” 
“ Qtock ** 
Sec. 201. (a) The term “dividend” when used in this, From earnings 
litle (except in paragraph (9) of subdivision (a) of Sec- 28, 1013, deemed 
tion 234 and paragraph (4) of subdivision (a) of section “oi su rance 
245) means any distribution made by a corporation to its reserve excepted.