United States Revenue Act, 1918: Annotated and Indexed. Passed, 1919 ...

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National City Company, 1919 - Internal revenue law - 95 pages

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Page 15 - All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services actually rendered...
Page 13 - The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer...
Page 15 - Including those assessed against local benefits of a kind tending to Increase the value of the property assessed...
Page 14 - Interest upon (a) the obligations of a State, Territory, or any political subdivision thereof, or the District of Columbia...
Page 14 - ... function and accruing to any State, Territory, or the District of Columbia, or any political subdivision of a State or Territory, or income accruing to the Government of any possession of the United States, or any political subdivision thereof.
Page 56 - Every person liable to any tax imposed by this Act, or for the collection thereof, shall keep such records, render under oath such statements, make such returns, and comply with such rules and regulations, as the Commissioner, with the approval of the Secretary, may from time to time prescribe.
Page 8 - fiscal year" means an accounting period of twelve months ending on the last day of any month other than December. The term "taxable year...
Page 11 - That in lieu of the tax imposed by section 210 of the Revenue Act of 1918, there shall be levied, collected, and paid for each taxable year upon the net income of every individual...
Page 45 - Columbia, for exclusively public purposes, or to or for the use of any domestic corporation organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, including the encouragement of art and the prevention of cruelty to children or animals...
Page 46 - If any part of the gross estate consists of proceeds of policies of insurance upon the life of the decedent receivable by a beneficiary other than the executor, the executor shall be entitled to recover from such beneficiary such portion of the total tax paid as the proceeds, in excess of ! $40,000, of such policies bear to the net estate.

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