(b) FISCAL YEAR.- "Fiscal year" means an accounting period of twelve months ending on the last day of any month other than December. (c) "PAID OR INCURRED", "PAID OR ACCRUED".- The terms "paid or incurred" and "paid or accrued" shall be construed according to the method of accounting upon the basis of which the net income is computed under this Part. (d) TRADE OR BUSINESS. -The term "trade or business" includes the performance of the functions of a public office. Part V-Returns and Payment of Tax SEC. 51. INDIVIDUAL RETURNS. (a) REQUIREMENT.-The following individuals shall each make under oath a return stating specifically the items of his gross income and the deductions and credits allowed under this chapter and such other information for the purpose of carrying out the provisions of this chapter as the Commissioner with the approval of the Secre- tary may by regulations prescribe- (1) Every individual who is single or who is married but not living with husband or wife, if- (A) Having a net income for the taxable year of $1,000 or over; or (B) Having a gross income for the taxable year of $5,000 or over, regardless of the amount of the net income. (2) Every individual who is married and living with husband or wife, if no joint return is made under subsection (b) and if- (A) Such individual has for the taxable year a net income of $2,500 or over or a gross income of $5,000 or over (regardless of the amount of the net income), and the other spouse has no gross income; or (B) Such individual and his spouse each has for the taxable year a gross income (regardless of the amount of the net income) and the aggregate net income of the two is $2,500 or over; or (C) Such individual and his spouse each has for the taxable year a gross income (regardless of the amount of the net income) and the aggregate gross income is $5,000 or over. (b) HUSBAND AND WIFE.- In the case of a husband and wife living together the income of each (even though one has no gross income) may be included in a single return made by them jointly, in which case the tax shall be computed on the aggregate income, and the liability with respect to the tax shall be joint and several. No joint return may be made if either the husband or wife is a nonresident alien. (c) PERSONS UNDER DISABILITY. -If the taxpayer is unable to make his own return, the return shall be made by a duly authorized agent or by the guardian or other person charged with the care of the person or property of such taxpayer. (d) SIGNATURE PRESUMED CORRECT.-The fact that an individual's name is signed to a filed return shall be prima facie evidence for all purposes that the return was actually signed by him. (e) FIDmCIARIES. - For returns to be made by fiduciaries, see section 142. SEC. 52. CORPORATION RETURNS. (a) REQUIREMENT.- Every corporation subject to taxation under this chapter shall make a return, stating specifically the items of its gross income and the deductions and credits allowed by this chapter and such other information for the purpose of carrying out the pro- visions of this chapter as the Commissioner with the approval of the Secretary may by regulations prescribe. The return shall be sworn to by the president, vice president, or other principal officer and by INCOME TAX 27
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