The following issues of Time magazine are in the public domain. March 3, 1923 to January 22, 1934. January 7, 1935 to June 29 1936. July 3, 1939 to May 13, 1940 January 7, 1945 to January 29, 1945. see http://en.wikipedia.org/wiki/Talk:Time_(magazine)/Archive_1#Public_domain_issues However, this photograph was published in this issue with its own copyright notice to Wide World.
Note that it may still be copyrighted in jurisdictions that do not apply the rule of the shorter term for US works (depending on the date of the author's death), such as Canada (70 years p.m.a.), Mainland China (50 years p.m.a., not Hong Kong or Macao), Germany (70 years p.m.a.), Mexico (100 years p.m.a.), Switzerland (70 years p.m.a.), and other countries with individual treaties.
(({{Information |Description=Derivative image from Time Magazine Cover, May 5, 1923 The following issues of Time magazine are in the public domain. March 3, 1923 to January 22, 1934. January 7, 1935 to June 29 1936. July 3, 1939 to May 13, 1940 January 7,