22 per centum of the amount by which t $46,000 and does not exceed $48,000; 23 per centum of the amount by which t $48,000 and does not exceed $50,000; 24 per centum of the amount by which t $50,000 and does not exceed $52,000; 25 per centum of the amount by which t $52,000 and does not exceed $54,000; 26 per centum of the amount by which t $54,000 and does not exceed $56,000; 27 per centum of the amount by which t $56,000 and does not exceed $58,000; 28 per centum of the amount by which t $58,000 and does not exceed $60,000; 29 per centum of the amount by which t $60,000 and does not exceed $62,000; 30 per centum of the amount by which t $62,000 and does not exceed $64,000; 31 per centum of the amount by which t $64,000 and does not exceed $66,000; 32 per centum of the amount by which t $66,000 and does not exceed $68,000; 33 per centum of the amount by which t $68,000 and does not exceed $70,000; 34 per centum of the amount by which t $70,000 and does not exceed $72,000; 35 per centum of the amount by which $72,000 and does not exceed $74,000; 36 per centum of the amount by which $74,000 and does not exceed $76,000; nt by which the net income exceeds 2,000; nt by which the net income exceeds ,000; nt by which the net income exceeds 1,000; nt by which the net income exceeds ,000; nt by which the net income exceeds 10,000; nt by which the net income exceeds 50,000; nt by which the net income exceeds 100,000; nt by which the net income exceeds 00,000; nt by which the net income exceeds 500,000; nt by which the net income exceeds 1,000,000; nt by which the net income exceeds sub S prov (a or c Pres cour whet or ar comp form merce grown also f any t incom items which permit (3) The value of property acquired by gi descent (but the income from such property gross income); missioner, be computed on the basis of such r subject to the provisions of section 226. GROSS INCOME DEFINED. SEC. 213. That for the purposes of this tit provided in section 233) the term "gross inco (a) Includes gains, profits, and income derive or compensation for personal service (includi President of the United States, the judges of the courts of the United States, and all other c whether elected or appointed, of the United S or any political subdivision thereof, or the Dis compensation received as such), of whatever form paid, or from professions, vocations, t merce, or sales, or dealings in property, whe growing out of the ownership or use of or inte also from interest, rent, dividends, securities, any business carried on for gain or profit, o income derived from any source whatever. T items shall be included in the gross income f which received by the taxpayer, unless, under permitted under subdivision (b) of section 2 are to be properly accounted for as of a differe (b) Does not include the following items, from taxation under this title: -ing on any trade or business, including aries or other compensation for pera, and including rentals or other paya condition to the continued use or trade or business, of property to which is not taking title or in which he has Lied within the taxable year on indebtincurred or continued to purchase or (other than obligations of the United 24, 1917), the interest upon which is under this title as income to the taxesident alien individual, the proportion ount of his gross income from sources to the amount of his gross income from the United States; ithin the taxable year imposed (a) by tates, except income, war-profits and the authority of any of its possessions, , war-profits and excess-profits taxes on 222; or (c) by the authority of any unty, school district, municipality, or ny State or Territory, not including efits of a kind tending to increase the or (d) in the case of a citizen or resithe authority of any foreign country, , war-profits and excess-profits taxes ion 222; or (e) in the case of a non 1 S. case (ε (t impi prop (c good made SE be all (a) taxab as div profits (b) States include (c) or in th husban wife li ance for obsolescence; ITEMS NOT DEDUCTIBLE. SEC. 215. That in computing net income no case be allowed in respect of (a) Personal, living, or family expenses ; (b) Any amount paid out for new buildin improvements or betterments made to increa property or estate; (c) Any amount expended in restoring p good the exhaustion thereof for which an alle made; or CREDITS ALLOWED. SEC. 216. That for the purpose of the norm be allowed the following credits: (a) The amount received as dividends from taxable under this title upon its net income, as dividends from a personal service corporat profits upon which income tax has been impose (b) The amount received as interest upon ob States and bonds issued by the War Finance included in gross income under section 213; (c) In the case of a single person, a persona or in the case of the head of a family or a mar husband or wife, a personal exemption of $2 wife living together shall receive but one 1 $2,000 against their aggregate net income; a |