Excerpt from Regulations No; 41: Relative to the War Excess Profits Tax Imposed by the War Revenue Act, Approved October 3, 1917
5 Art. 5. Taxable year. - The term "taxable year" means the 12 months ending December 31 of each year, except in the case of a corporation or partnership which has fixed its own fiscal year, in which case it moans such fiscal year. The first taxable year is the year ending December 31, 1917, except that in the case of a corporation or partnership which has fixed its own fiscal year, the first taxable year is the fiscal year ending during the calendar year 1917. (For special provisions as to prorating the amount of tax due for the portion, of any fiscal year ending during the calendar year 1917, see articles 19 and 20.)
6 Art. 6. Prewar period. - The term "prewar period" means the calendar years 1911, 1912, and 1913, or if a corporation or partnership was not in existence or an individual was not engaged in the trade or business during the whole of such three years, then as many of such years during the whole of which the corporation or partnership was in existence or the individual was engaged in the trade or business.
7 Art. 7. "Trade," "business," "trade or business" in case of corporations and partnerships. - In the case of a corporation or partnership all income from whatever source derived is deemed, to be received from its trade or business, and the terms "trade" "business," and "trade or business" include all sources of income.
8 Art. 8. "Trade" in the case of individuals. - In the case of an individual, the terms "trade," "business," and "trade or business" comprehend all his activities for gain, profit, or livelihood, entered into with sufficient frequency, or occupying such portion of his time or attention as to constitute a vocation, including occupations and professions. When such activities constitute a vocation they shall be construed to be a trade or business whether continuously carried on during the taxable year or not, and all the income arising therefrom shall be included in his return for excess-profits tax.
9 In the following cases the gain or income is not subject to excess-profits tax, and the capital from which such gain or income is derived shall not be included in "invested capital": (a) Gains or profits from transactions entered into for profit, but which are isolated incidental or so infrequent as not to constitute an occupation, and (b) the income from property arising merely from its ownership, including interest rent, and similar income from investments except in those cases in which the management of such investments really constitutes a trad or business.'
l0 Art. 9. "Dividend." - The term "dividend" has the same meaning as in section 31 of the act of September 8, 1916, as amended by the act-of October 3, 1917.(See Income Tax Regulations, art. 106.)
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