Prentice-Hall Tax Service for 1919 (Classic Reprint)

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Prentice-Hall, Incorporated, 1919 - Reference - 424 pages
Excerpt from Prentice-Hall Tax Service for 1919

This allowance is not based upon the difference between the actual war cost of such facilities and what they would have cost at pre-war prices. Obviously the taxpayer is not entitled to recover or extinguish through amortization more than the difference between the war cost of such property and what he can sell the property for after the war, or if he continues to need and use it in his business, what it would have cost him after the war. As the rule is expressed in Article 183 of the Regulations: The total amount to be extinguished by amortization, in general, is the excess of the unextinguished or unrecovered cost of the property over its maximum value (either for sale or for use as part of the plant or equipment of a going business) under stable post war. Conditions.'

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Page 297 - If, however, an intangible asset acquired through capital outlay is known from experience to be of value in the business for only a limited period, the length of which can be estimated from experience with reasonable certainty, such intangible asset may be the subject of a depreciation allowance, provided the facts are fully shown in the return or prior thereto to the satisfaction of the Commissioner.
Page 497 - 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 273 - To constitute receipt in such a case the income must be credited or set apart to the taxpayer without any substantial limitation or restriction as to the time or manner of payment or condition upon which payment is to be made, and must be made available to him so that it may be drawn at any time, and its receipt brought within his own control and disposition.
Page 424 - Treasury, in the performance of his official duty, and the court certifies that there was probable cause for the act done by the collector or other officer, or that he acted under the directions of the Secretary of the Treasury, or other proper officer of the Government...
Page 277 - All such bonds and certificates shall be exempt, both as to principal and interest from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority...
Page 373 - 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 497 - ... years have been employed or permitted to work more than eight hours in any day, or more than six days in any week. or after the hour of seven o'clock post -meridian, or before the hour of six o'clock ante-meridian...
Page 433 - ... any income return or copy thereof or any book containing any abstract or particulars thereof to be seen or examined by any person except as provided by law...
Page 367 - paid or incurred" and "paid or accrued" shall be construed according to the method of accounting upon the basis of which the net income is computed under section 212 or 232. The deductions and credits provided for in this title shall be taken for the taxable year in which "paid or accrued
Page 284 - ... insurance premiums against fire, storm, theft, accident, or other similar losses in the case of a business, and rental for the use of business property.

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