254 SIXTY-EIGHTH CONGRESS. Sess. I. Ch. 234. 1924. "0¤11¤¤¢¤r·" (8) The term " collector " means collector of internal revenue. "'1‘¤¤¤¤v¤r-" (9) ghehtergn S taxpayer " means any person sub]ect to a tax imd t c . _ “M¤i¤¤v ¤¤·-1 ¤%v¤' PO?l0) Xfhelsterm " military or naval forces of the United States " Exim me Umm includes the Marine Corps, the Coast Guard, the Army Nurse Corps, ulndudesw d _ Female, and the Navy N ursg Corps, Fpigale. ” h d _ d H _ . ,, =*¤ ¤¤ (b) The terms includes and including w en use in a e_ ni- °mdm` tion contained in this Act shall not be deemed to exclude other things otherwise within the meaning of the term defined. ¤·<¤>¤= M- TITLE II.—IN COME TAX. G¤¤ml ¤*°"*S*°°$- Parr I.—GnNnnAL PROVISIONS. Dehnitions. DEFINITIONS. £’£,.°§;¤;f)§e*§c'§{'H’~ Sec. 200. When used in this title- ' (:9 The term " taxable year " means the calendar year, or the umm ,, fisc year ending during such calendar year, upon the basis of which W"' the net income IS computed under section 212 or 232. The term " fiscal year " means an accounting lperiod of twelve months ending Y¤¢¤°¤$ i¤°l°°°d- on the last day of any month other than December. The term " taxable year " includes, in the case of a return made for a fractional part of a ear under the provisions of this title or under regulations prescribed by the Commissioner with the approval of the Secretary, T“°*"° "°" “’“· the period for which such return is made. The first taxable year, to be called the taxable year 1924, shall be the calendar year 1924 or an fiscal ear end` during the calendar ear 1924. .. .. Y Y mg . Y . ”"‘°’“"· (b) The term " fiduciary " means a guardian, trustee, executor, administrator, recefiver, conservator, or any person acting in any iiducia capacity or any rson. "W,§*'*‘*°"““¤ (c) llyhe term “withholdi’ng agent " means any person required ¤s¤¤t· . . . . P¤¤¢.p1>.2W.285- to deduct and withhold any tax under the provisions of section 221 ,, . ,, or 237. ma}:?§°.laa°Zrii°emrea.·· (d) The terms " paid or incurred ” and " paid or accrued " shall be construed according to the method of accounting upon the basis d,,·';§’,§}§’§j°,§,°d§2s_ "°' of which the net income is computed under section 212 or 232. The deductions and credits plrovide for in this title shall be taken for the taxable year in whxc “dpa1d or accrued " or " paid or incurred ”, dependent upon the metho of accounting upon the basis of which '°“·*’°·’“’·’8“· the net income is computed under section 212 or 232, unless in order to clearly reffect the income the deductions or credits should be taken as of a different period. "S¤¤¢k-" (og The term "stock " includes the share in an association, jointstoc company or insurance com any. "S*¤¤¤¤·>'d·¤-" (f) The terin " shareholder " includes a member in an association, joint-stock company, or insurance company. mg;§;{,f,gg"°“’ by DISTRIBUTIONS nr conroxwrions. 5,,§;°,§;b$“u;*g§‘$,§; gg; Sno, 201. (a) The term " dividend " when used in this title (exdwmed dividends. cept in paragraph of subdivision (a) of section 234 and para- Gig);-§=r¤¤¢¤ ¤·-·¤~¤ graph (4) of subdivision (a) of section 245) means any distribution made by a corporation to 1tS· shareholders, whether in money or in othe;8p1i<g;e§rty, out of its earnings or profits accumulated after Febru- . . HY v · . ·*¤P**<=*¤¤¤· (b) For the purposes of this Act every distribution is made out A um t ci earnings or profits to the extent thereof, and from the most be,,,$g“’;mcg°‘f· gg; recently accumulated earnings or profits. Any earnings or profits ¤¤¤¤v*~ accumulated, or increase in value of property accrued, before March 1, 1913, may be distributed exempt from tax, after the
