Publisher's Synopsis
Excerpt from Statistics of Income for 1935, Vol. 1: Compiled From Individual Income Tax Returns, Estate Tax Returns and Gift Tax Returns
Net income includes gains and losses from the sales of capital assets to the extent required or allowed under the Revenue Act of 1934. (see pp. 7 - 8 for a statement concerning treatment of net capital gains and losses.) Surtax net income represents the amount of net income less personal exemption and credit for dependents. The amount of net income subject to normal tax is determined by subtracting from the surtax net income the amounts of interest received on Govern ment obligations not wholly exempt from tax, dividends received, and earned income credit.
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