The Income Tax and Other Federal Taxes |
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Page 17
... deducted the $ 800 dividend in order to ascertain normal tax liability . This having been done , Morrison finds that he has $ 47,520 on which to compute his normal tax and he proceeds to do so as follows : 2 per cent on the amount of ...
... deducted the $ 800 dividend in order to ascertain normal tax liability . This having been done , Morrison finds that he has $ 47,520 on which to compute his normal tax and he proceeds to do so as follows : 2 per cent on the amount of ...
Page 33
... deduction in his return . 45. - FARMER'S INCOME . By reason of the fact that , generally speaking , he does not keep ... deductions to which the law says he is entitled . Without a system of accounting , the farmer finds himself at the ...
... deduction in his return . 45. - FARMER'S INCOME . By reason of the fact that , generally speaking , he does not keep ... deductions to which the law says he is entitled . Without a system of accounting , the farmer finds himself at the ...
Page 34
... deduction as an item of expense of operation ; but when livestock is purchased for breeding or working purposes , the cost is not an allowable deduction as an expense in the farmer's return of in- come . In the latter case the ...
... deduction as an item of expense of operation ; but when livestock is purchased for breeding or working purposes , the cost is not an allowable deduction as an expense in the farmer's return of in- come . In the latter case the ...
Page 35
... deducted as an item of ex- pense , and less ( in the case of animals purchased for breeding and working purposes ) any amount claimed as a deduction on account of depreciation . If a farmer , who has deducted as a loss the cost of ...
... deducted as an item of ex- pense , and less ( in the case of animals purchased for breeding and working purposes ) any amount claimed as a deduction on account of depreciation . If a farmer , who has deducted as a loss the cost of ...
Page 43
Joseph Jay Scott. CHAPTER VI THE INCOME TAX DEDUCTIONS ALLOWED INDIVIDUALS [ The deductions explained in this chapter are those allowed citizens or residents ... deduction for expense THE INCOME TAX 43 DEDUCTIONS OF INDIVIDUALS Chap VI Page.
Joseph Jay Scott. CHAPTER VI THE INCOME TAX DEDUCTIONS ALLOWED INDIVIDUALS [ The deductions explained in this chapter are those allowed citizens or residents ... deduction for expense THE INCOME TAX 43 DEDUCTIONS OF INDIVIDUALS Chap VI Page.
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Common terms and phrases
Act of October Act of September actual cash value additional tax allowable deductions amount paid apply ascertained basis bonds calendar cent centum certificates citizen or resident claim collected Collector of Internal Commissioner of Internal company or association computation corporation or partnership cost depletion depreciation District dividends domestic corporation domestic partnership duction earnings Excess Profits Tax Excise Tax expense file a return fiscal foreign corporation gross income included income exceeds Income Tax law indebtedness insurance company interest paid Internal Revenue invested capital issued joint-stock company loss manufacturer ment net estate nineteen hundred non-resident alien normal tax par value payment person premium prescribed price or value purpose return of income sold sources stamp stockholders subdivision subject to tax tax imposed taxable taxpayer thereof tion total net income trade or business Treasury Department Twin Peaks Tunnel U. S. Supreme Court United
Popular passages
Page 46 - In a case where the evidence of transfer is shown only by the books of the company the stamp shall be placed upon such books ; and where the change of ownership is by transfer of a certificate the stamp shall be placed upon the certificate; and in cases of an agreement to sell or where the transfer is by delivery of the certificate assigned in blank there shall be made and delivered by the seller to the buyer a bill or memorandum of such sale to which the stamp provided for by this article shall...
Page 66 - In a strict and legal seN.se that is properly the domicil of a person where he has his true, fixed, permanent home and principal establishment, and to which, whenever he is absent, he has the intention of returning (animus rercrtcndi) .u [Italics supplied.] Mr.
Page 47 - ... Conveyances: Deed, instrument, or writing, whereby any lands, tenements, or other realty sold shall be granted, assigned, transferred, or otherwise conveyed to, or vested in, the purchaser or purchasers, or any other person or persons, by his, her, or their direction, when the consideration or value of the interest or property conveyed, exclusive of the value of any lien or encumbrance remaining thereon at the time of sale, exceeds $100 and does not exceed $500, 50 cents; and for each additional...
Page 3 - Congress, the interest shall be exempt only if and to the extent provided in the respective Acts authorizing the issue thereof...
Page 40 - July seventeenth, nineteen hundred and sixteen; the compensation of the present President of the United States during the term for which he has been elected, and the judges of the Supreme and inferior courts of the United States now in office, and the compensation of all officers and employees of a State, or any political subdivision thereof, except when such compensation is paid by the United States Government.
Page 149 - All losses actually sustained and charged off within the year and not compensated by insurance or otherwise, including a reasonable allowance for the exhaustion, wear and tear of property arising out of its use of employment in the business or trade: (a) In the case of oil and gas wells, a reasonable allowance for actual reduction in flow and production...
Page 99 - Fraternal beneficiary societies, orders, or associations, (A) operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system...
Page 2 - Income accumulated in trust for the benefit of unborn or unascertained persons or persons with contingent interests, and income accumulated or held for future distribution under the terms of the will or trust...
Page 50 - ... (2) In the payment of any contributions, a fractional part of a cent shall be disregarded unless it amounts to one-half cent or more, in which case it shall be increased to 1 cent.
Page 4 - Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate; (3) Any amount expended in restoring property or in making good the exhaustion thereof for which an allowance is or has been made...