cx11 INDEX. Income Tax, 1924, Y•¥°· Income Taz, Title II, Revenue Act of Pm refund or credit for overpayments ex- 1.924—Continued. tended to taxable year 1919 1115 reorganization distribution of stock, for taxable years 1917 and 1918, filed etc., not a distribution of earnbefore April 1, 1926 ... 1115 ings, etc., for tax determination- 257 for taxable year 1919, filed before corporation acts constituting a reorgan- April 1, 1927 _____________.__, 1116 ization ...____,__ 257 Income Tax, Title II, Revenue Act of 1921, meaning of "a party to a reorganizarepealed, as of January 1, 1924 ... 352 ° tion"; control of ownerships provision for reduction of, payable in described . .»-- 257 1924 .-..-.-...-. 353 gain or loss on disposal of property actime extended for allowing claims for quired after February 28, 1913, credits or refunds for excess pay- based on its cost ..- - .. 258 ments -,.___-.-.--, -- 22 based on last inventory value --...- 258 taxable year 1918 included ...-.-.-. 22 acquired by gift after December 31, Income Tux, Title II , Revenue Act of 1924, 1920, on value in hand of the meaning of terms; "taxab1e year," donor, etc .-- 258 "liscal year" ..-...-..--..-.-. 254 by trust transfer, same as in hands of fractions included; first year, 1924- 254 grantor ...-...-.-...-.-.-..-- 258 "iiduciary," " withholding agent "L- 254 market value, before December 31, "paid or incurred," "paid or ac- 1920 .---.-----.. 258 crued" ..-- - --...--.- 254 acquired by bequest, or transfer in application to deductions or credits 254 contemplation of death, at mar- "stock," "sbareho1der" .-..-..-... 254 ket value .-.-.--..-.-...-...- 258 corporation dividend means any dis- acquired upon an exchange, the same tribution from earnings, etc., _ as on the property exchanged-- 258 accumulated since February 28, if other property received; excep- 1913 __,__...-...--..-... 254 tions .--.--.-.---..-- 258 to insurance reserve fund excepted- 254 acquired by reorganization after Deaccumulations, etc., accrued before cember 31, 1917, same as in March 1, 1913, not taxable; ap- hands of transferor- ---.----.-- 259 plication and distribution- .---- 254 after December 31, 1920, by issue liquidation distributions, treated as of stock, etc., same as in hands of exchange of stock .-.-----.-..- 255 transferor .-.----..----------- 259 gain or loss determined; tax on gain 255 after December 31, 1923, of stock in partial liquidation ------------ 255 distributed to taxpayer -------- 259 distributions not out of profits. etc., acquired by involuntary, etc., contaxable ---------..-------.--- 255 version, same as property condistributees of earnings from per- verted -.-...---.-.-.-..-- 259 sonal service corporations ex- acquiring after December 31, 1920, empt from tax --.-.--...-..--- 255 property identical to stock disstock dividends exempt; proceeds of posed of, same as that stock ---- 259 redeemed stock taxable ..----- - 255 acquired before March 1, 1913, cost partial liquidations construed .-..-- 255 or market value .-----.---...- 259 gain or loss determined -...--.----.-. 255 for depletion, exhaustion, etc., same adjustment for capital expenditures, as for sale, etc -.---.---------- 260 etc. -.---.-.--.--...--..- 255 mines, oil and gas wells; market on amount received from sales -----. 256 value not exceeding 50 per cent extent recognized ---...--..----- 256 of net income --.--------- - ---- 260 installment payments sales- ..--.--. 256 inventories may be used to determine entire amount recognized; exceptions 256 income of taxpayer -.------.--. 260 no gain or loss recognized in exchanges net losses, determination of ----.----- 260 of property for similar uses .--- 256 limitation on deductions; losses not if stock received on reorganization-- 256 , included with business -----.--- 260 by corporation for stock of party to capital losses -..-..--..---.---.- 260 reorganization .---------.- 256 depletion ..-..-...-----.-----.- 260 transfers for stock of corporation un- corporation dividends -----.-.- -- 260 der same control ---.---.-.--.- 256 interest free from tax, etc ----.- 260 involuntary conversions into similar amount of, in computing income for property, etc ------.---.-----. 256 next taxable year -------.----- 260 no gain from receipt of additional stock, allowed if exceeding net income for etc., on reorganization without succeeding taxable year .-.----- 260 surrender of holding -.-..-.-..- 256 application for loss sustained in secamount of gain if additional property ond year; if exceeding net income 261 received on exchange therefor, for capital gain --.--..-.-..--..- 261 on which no gain recognized--- 257 application to third year .--.------- 261 if reorganization distribution taxable application to losses of income for dividends, on the exchange -..-- 257 1922 under Act of 1921 ----..-. 261 on reorganization exchanges for prop- for 1923 -.---...- - .-----.------ 261 erty other than stock, if dis- if fiscal year of parties differ from _ tributed no gain recognized ---. 257 calendar years -----.-- - .------ 261 if not distributed, gain to be recog· benefits allowed partners, estates or Dlléd --.---.-.--.---.--.. 257 trusts, and insurance companies 261 no loss of other property received be- fiscal years returns, determination of sides that on which no gain or tax, on beginninginone calendar loss recognised --.-... 257 year and ending in succeeding-- 261
