1939's Internal Revenue Code

UNITED STATES STATUTES AT LARGE
CONTAINING THE

LAWS AND CONCURRENT RESOLUTIONS ENACTED DURING THE FIRST SESSION OF THE SEVENTY-SIXTH CONGRESS OF THE UNITED STATES OF AMERICA

1939
AND

TREATIES, INTERNATIONAL AGREEMENTS OTHER THAN TREATIES, AND PROCLAMATIONS
COMPILED, EDITED, INDEXED, AND PUBLISHED BY AUTHORITY OF LAW UNDER THE DIRECTION OF THE SECRETARY OF STATE

VOLUME 53
PART 1 INTERNAL REVENUE CODE
APPROVED FEBRUARY 10, 1939

UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1939

PREFACE The Internal Revenue Code, approved February 10, 1939, and published in this volume as Public Act No. 1 of the Seventy-sixth Congress, is the first Federal act of its kind since the Revised Statutes of the United States, approved
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the laws of the United States hereinafter codified and set forth as a part of this act under the heading "Internal Revenue Title" are hereby enacted into law. SEC. 2. CITATION.—This act and the internal revenue title incorporated herein shall be known as the Internal Revenue Code and may be cited as "I. R. C.". SEC. 3. EFFECTIVE DATE.—Except as otherwise provided herein, this act shall take effect on the day following the date of its enactment. SEC. 4. REPEAL AND SAVINGS PROVISIONS.—(a) The Internal Revenue Title, as hereinafter set forth, is intended to include all general laws of the United States and parts of such laws, relating exclusively to internal revenue, in force on the 2d day of January 1939 (1) of a permanent nature and (2) of a temporary nature if embraced in said Internal Revenue Title. In furtherance of that purpose, all such laws and parts of laws codified herein, to the extent they relate exclusively to internal revenue, are repealed, effective, except as provided in section 5, on the day following the date of the enactment of this act. (b) Such repeal shall not affect any act done or any right accruing or accrued, or any suit or proceeding had or commenced in any civil cause before the said repeal, but all rights and
11. NORMAL TAX ON INDIVIDUALS.

There shall be levied, collected, and paid for each taxable year upon the net income of every individual a normal tax of 4 per centum of the amount of the net income in excess of the credits against net income provided in section 25.
SEC. 12. SURTAX ON