Revenue Act of 1934 (Public No. 216, 73d Congress [H. R. 7835])
Approved May 10, 1934, 11:40 a. m.

Revenue Act of 1935 (Public No. 740, 74th Congress [H. R. 12395])
Approved June 22, 1936, 9 p. m.

AN ACT

To provide revenue, equalize taxation, and for other

purposes.

Be it enacted by the Senate and House of Represent-
atives of the United States of America in Congress
assembled, That this Act, divided into titles and sections
according to the following Table of Contents, may be cited
as the "Revenue Act of 1934 1936":

TABLE OF CONTENTS

TITLE I-INCOME TAX

SUBTITLE A-INTRODUCTORY PROVISIONS

Sec. 1. Application of title.

Sec. 2. Cross references.

Sec. 3. Classification of provisions.

Sec. 4. Special classes of taxpayers.

SUBTITLE B-GENERAL PROVISIONS

PART I-RATES OF TAX

Sec. 11. Normal tax on individuals.

Sec. 12. Surtax on individuals.

Sec. 13. Tax Normal tax on corporations.

Sec. 14. Surtax on undistributed profits.

PART II-COMPUTATION OF NET INCOME

Sec. 21. Net income.

Sec. 22. Gross income.

Sec. 23. Deductions from gross income.

Sec. 24. Items not deductible.

Sec. 25. Credits of individual against net income.

Sec. 26. Credits of eorporation against net ineome corporations.

Sec. 27. Corporation credit for dividends paid.

(1)

PART III-CREDITS AGAINST TAX

Sec. 31. Taxes of foreign countries and possessions of United States.

Sec. 32. Taxes withheld at source.

Sec. 33. Credit for overpayments.

PART IV-ACCOUNTING PERIODS AND METHODS OF ACCOUNTING

Sec. 41. General rule.

Sec. 42. Period in which items of gross income included.

Sec. 43. Period for which deductions and credits taken.

Sec. 44. Installment basis.

Sec. 45. Allocation of income and deductions.

Sec. 46. Change of accounting period.

Sec. 47. Returns for a period of less than twelve months.

Sec. 48. Definitions.

PART V-RETURNS AND PAYMENT OF TAX

Sec. 51. Individual returns.

Sec. 52. Corporation returns.

Sec. 53. Time and place for filing returns.

Sec. 54. Records and special returns.

Sec. 55. Publicity of returns.

Sec. 56. Payment of tax.

Sec. 57. Examination of return and determination of tax.

Sec. 58. Additions to tax and penalties.

Sec. 59. Administrative proceedings.

PART VI-MISCELLANEOUS PROVISIONS

Sec. 61. Laws made applicable.

Sec. 62. Rules and regulations.

Sec. 63. Taxes in lieu of taxes under 1932 1934 Act.

Sec. 64. Short title.

SUBTITLE C-SUPPLEMENTAL PROVISIONS

SUPPLEMENT A-RATES OF TAX

Sec. 101. Exemptions from tax on corporations.

Sec. 102. Surtax on corporations improperly accumulating surplus.

Sec. 103. Rates of tax on citizens and corporations of certain foreign
countries.

Sec. 104. Banks and trust companies.

Sec. 105. Sale of oil or gas properties.

SUPPLEMENT B-COMPUTATION OF NET INCOME

Sec. 111. Determination of amount of, and recognition of, gain or loss.
Sec. 112. Recognition of gain or loss.

Sec. 113. Adjusted basis for determining gain or loss.

Sec. 114. Basis for depreciation and depletion.

Sec. 115. Distributions by corporations.

Sec. 116. Exclusions from gross income.

Sec. 117. Capital gains and losses.

Sec. 118. Loss from wash sales of stock or securities.

Sec. 119. Income from sources within United States.

Sec. 120. Unlimited deduction for charitable and other contributions.

Sec. 121. Deduction of dividends paid on certain preferred stock of

certain corporations.

SUPPLEMENT C-CREDITS AGAINST TAX

Sec. 131. Taxes of foreign countries and possessions of United States.

SUPPLEMENT D-RETURNS AND PAYMENT OF TAX

Sec. 141. Consolidated returns of railroad corporations.

Sec. 142. Fiduciary returns.

Sec. 143. Withholding of tax at source.

Sec. 144. Payment of corporation income tax at source.

Sec. 145. Penalties.

Sec. 146. Closing by Commissioner of taxable year.

Sec. 147. Information at source.

Sec. 148. Information by corporations.

Sec. 149. Returns of brokers.

Sec. 150. Collection of foreign items.

SUPPLEMENT E-ESTATES AND TRUSTS

Sec. 161. Imposition of tax.

Sec. 162. Net income.

Sec. 163. Credits against net income.

Sec. 164. Different taxable years.

Sec. 165. Employees' trusts.

Sec. 166. Revocable trusts.

Sec. 167. Income for benefit of grantor.

Sec. 168. Taxes of foreign countries and possessions of United States.

Sec. 169. Common trust funds.

SUPPLEMENT F-PARTNERSHIPS

Sec. 181. Partnership not taxable.

Sec. 182. Tax of partners.

Sec. 183. Computation of partnership income.

Sec. 184. Credits against net income.

Sec. 185. Earned income.

Sec. 186. Taxes of foreign countries and possessions of United States.

Sec. 187. Partnership returns.

Sec. 188. Different taxable years of partner and partnership.

SUPPLEMENT G-INSURANCE COMPANIES

Sec. 201. Tax on life insurance companies.

Sec. 202. Gross income of life insurance companies.

Sec. 203. Net income of life insurance companies.

Sec. 204. Insurance companies other than life or mutual.

Sec. 205. Taxes of foreign countries and possessions of United States.

Sec. 206. Computation of gross income.

Sec. 207. Mutual insurance companies other than life,

SUPPLEMENT H-NONRESIDENT ALIEN INDIVIDUALS

Sec. 211. Tax on nonresident alien individuals.

Sec. 211 212. Gross income.

Sec. 212 213. Deductions.

Sec. 213 214. Credits against net income.

Sec. 214 215. Allowance of deductions and credits.

Sec. 215 216. Credits against tax.

Sec. 216 217. Returns.

Sec. 217 218. Payment of tax.

Sec. 219. Partnerships.

SUPPLEMENT I-FOREIGN CORPORATIONS

Sec. 231. Gross income Tax on foreign corporations.

Sec. 232. Deductions.

Sec. 233. Allowance of deductions and credits.

Sec. 234. Credits against tax.

Sec. 235. Returns.

Sec. 236. Payment of tax.

Sec. 237. Foreign insurance companies.

Sec. 238. Affiliation.

SUPPLEMENT J-POSSESSIONS OF THE UNITED STATES

Sec. 251. Income from sources within possessions of United States.

Sec. 252. Citizens of possessions of United States.

SUPPLEMENT K-CHINA TRADE ACT CORPORATIONS

Sec. 261. Taxation in general.

Sec. 261 262. Credit against net income.

Sec. 262 263. Credits against the tax.

Sec. 263 264. Affiliation.

Sec. 264 265. Income of shareholders.

SUPPLEMENT L-ASSESSMENT AND COLLECTION OF DEFICIENCIES

Sec. 271. Definition of deficiency.

Sec. 272. Procedure in general.

Sec. 273. Jeopardy assessments.

Sec. 274. Bankruptcy and receiverships.