The Income Tax and Other Federal Taxes |
From inside the book
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Page 12
... interest , bad debts , losses and certain gifts to charita- ble , religious or educational organizations . Net income is ascertained before account is taken of any other credit allowed in the subsequent computation of tax . The net ...
... interest , bad debts , losses and certain gifts to charita- ble , religious or educational organizations . Net income is ascertained before account is taken of any other credit allowed in the subsequent computation of tax . The net ...
Page 13
... interest , losses , bad debts , depreciation , depletion and gifts to certain organizations . ( 2 ) Credit for Excess Profits Tax . Credit net income , ascertained as just explained , with the amount of Excess Profits Tax assessed for ...
... interest , losses , bad debts , depreciation , depletion and gifts to certain organizations . ( 2 ) Credit for Excess Profits Tax . Credit net income , ascertained as just explained , with the amount of Excess Profits Tax assessed for ...
Page 17
... year . By " deductions " are meant only the allowances for actual and necessary business operating expenses , losses , depreciation , depletion , interest , and taxes . ( 2 ) Credit for Excess Profits Tax . Credit THE INCOME TAX 17.
... year . By " deductions " are meant only the allowances for actual and necessary business operating expenses , losses , depreciation , depletion , interest , and taxes . ( 2 ) Credit for Excess Profits Tax . Credit THE INCOME TAX 17.
Page 22
... interest in real or personal property , ( c ) also from interest , rent , dividends , securities , or the trans- action of any business carried on for gain or profit , ( d ) or gains , or profits and income derived from any source what ...
... interest in real or personal property , ( c ) also from interest , rent , dividends , securities , or the trans- action of any business carried on for gain or profit , ( d ) or gains , or profits and income derived from any source what ...
Page 27
... INTEREST . Interest on notes , ordinary mortgages , and corporate obligations , is returnable as income subject to tax for the year in which it is re- ceived , without regard to the time of accrual . In the main the re- quirement of the ...
... INTEREST . Interest on notes , ordinary mortgages , and corporate obligations , is returnable as income subject to tax for the year in which it is re- ceived , without regard to the time of accrual . In the main the re- quirement of the ...
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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...