Questions and Answers on Federal Tax Laws: Based on Revenue Act of 1924 and Treasury Regulations and Rulings, as of January 15, 1925 ... |
From inside the book
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Page 10
... proceedings are conducted in accordance with rules of evidence and procedure as prescribed by the Board . In any court proceeding instituted by the Government to collect an alleged deficiency abated by the Board , or by a taxpayer to ...
... proceedings are conducted in accordance with rules of evidence and procedure as prescribed by the Board . In any court proceeding instituted by the Government to collect an alleged deficiency abated by the Board , or by a taxpayer to ...
Page 91
... proceeding in court may be begun , without assessment , for the collection of any part of the amount so disal- lowed . The court shall include in its judgment interest upon the amount thereof at the rate of 6 per centum per annum from ...
... proceeding in court may be begun , without assessment , for the collection of any part of the amount so disal- lowed . The court shall include in its judgment interest upon the amount thereof at the rate of 6 per centum per annum from ...
Page 93
... proceeding in court for the collection of such taxes shall be begun after the expira- tion of such period . ( 3 ) In the case of income received during the lifetime of a decedent , the tax shall be assessed , and any proceeding in court ...
... proceeding in court for the collection of such taxes shall be begun after the expira- tion of such period . ( 3 ) In the case of income received during the lifetime of a decedent , the tax shall be assessed , and any proceeding in court ...
Page 94
... proceeding in court for the collection of such tax may be begun without assessment , at any time . ( b ) Any deficiency attributable to a change in a deduction tentatively allowed under paragraph ( 9 ) of subdivision ( a ) of section ...
... proceeding in court for the collection of such tax may be begun without assessment , at any time . ( b ) Any deficiency attributable to a change in a deduction tentatively allowed under paragraph ( 9 ) of subdivision ( a ) of section ...
Page 96
... proceedings to collect the tax for the taxable year then last past or the taxable year then current unless such ... proceeding in court brought to enforce payment of taxes made due and payable by virtue of the provisions of this ...
... proceedings to collect the tax for the taxable year then last past or the taxable year then current unless such ... proceeding in court brought to enforce payment of taxes made due and payable by virtue of the provisions of this ...
Common terms and phrases
50 per centum amended apply approval assessed basis beneficiary Board bonds calendar capital cent centum in addition cigars claim collected collector Commissioner of Internal computed dealer decedent deductions allowed deficiency determined distraint distributed District of Columbia dividends domestic corporation earned income enactment entitled estate or trust estate tax exchange executor expiration fair market value fiduciary filed fiscal foreign corporation gain or loss gift tax gross estate gross income imposed by section income tax incomes in excess insurance company interest Internal Revenue internal-revenue Liberty Bonds lieu manufacturer non-resident nonresident alien individual normal tax notice and demand paragraph partnership payable payment period personal exemption proceeding in court profits provided in section provided in subdivision purposes received resident Revenue Act Secretary section 216 shares sold stamp stock or securities surtax tax imposed taxpayer term tobacco trade or business Treasury United war-profits
Popular passages
Page 134 - ... and any offense against the foregoing provision shall be a misdemeanor and be punished by a fine not exceeding $1,000 or by imprisonment not exceeding one year, or both...
Page 55 - If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend...
Page 56 - In exchange consists not only of property permitted by such paragraph to be received without the recognition of gain, but also of other property or money, then the gain, If any, to the recipient shall be recognized, but In an amount not In excess of the sum of such money and the fair market value of such other property.
Page 102 - Interest upon the amount determined as a deficiency shall be assessed at the same time as the deficiency, shall be paid upon notice and demand from the collector, and shall be collected as a part of the tax, at the rate of 6 per centum per annum from the date prescribed for the payment of the tax (or, if the tax is paid in installments, from the date prescribed for the payment of the first installment) to the date the deficiency is assessed...
Page 133 - Any person who willfully fails to pay, collect, or truthfully account for and pay over, any tax imposed by Titles IV, V, VI, VII, and VIII, or willfully attempts in any manner to evade or defeat any such tax or the payment thereof...
Page 87 - All persons, in whatever capacity acting, including lessees or mortgagors of real or personal property, fiduciaries, and employers...
Page 92 - If any part of any deficiency is due to fraud with intent to evade tax, then 50 per centum of the total amount of the deficiency (in addition to such deficiency) shall be so assessed, collected, and paid, in lieu of the 50 per centum addition to the tax provided in section 3176 of the Revised Statutes, as amended.
Page 85 - States) ; (3) estate, inheritance, legacy, succession and gift taxes; and (4) taxes assessed against local benefits of a kind tending to increase the value of the property assessed...
Page 130 - The amount so added to any tax shall be collected at the same time and in the same manner and as a part of the tax unless the tax has been paid before the discovery of the neglect, falsity, or fraud, in which case the amount so added shall be collected in the same manner as the tax.
Page 56 - If an exchange would be within the provisions of paragraph (3) of subdivision (b) if it were not for the fact that the property received in exchange consists not only of stock or securities permitted by such paragraph to be received without the recognition of gain, but also of other property or money...