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 55
... respect to such property . ( c ) The amount realized from the sale or other disposition of property shall be the sum of any money received plus the fair market value of the property ( other than money ) received . ( d ) In the case of a ...
... respect to such property . ( c ) The amount realized from the sale or other disposition of property shall be the sum of any money received plus the fair market value of the property ( other than money ) received . ( d ) In the case of a ...
Page 58
... respect of which the distribu- tion was made shall be apportioned , under rules and regulations prescribed by the Commissioner with the approval of the Secretary , between such stock and the stock or securities distributed ; ( 10 ) If ...
... respect of which the distribu- tion was made shall be apportioned , under rules and regulations prescribed by the Commissioner with the approval of the Secretary , between such stock and the stock or securities distributed ; ( 10 ) If ...
Page 59
... respect of any property shall be the same as is provided in subdivision ( a ) or ( b ) for the purpose of determining the gain or loss upon the sale or other disposition of such property , except that in the case of mines , oil and gas ...
... respect of any property shall be the same as is provided in subdivision ( a ) or ( b ) for the purpose of determining the gain or loss upon the sale or other disposition of such property , except that in the case of mines , oil and gas ...
Page 69
... respect to sources of income within and without the United States shall be determined as provided in section 217 under rules and regulations pre- scribed by the Commissioner with the approval of the Secretary . In the case of a citizen ...
... respect to sources of income within and without the United States shall be determined as provided in section 217 under rules and regulations pre- scribed by the Commissioner with the approval of the Secretary . In the case of a citizen ...
Page 80
... respect to a transaction made in the ordinary course of its business . If such acquisition or the contract or option to acquire is to the extent of part only of substantially identical property , then only a proportionate part of the ...
... respect to a transaction made in the ordinary course of its business . If such acquisition or the contract or option to acquire is to the extent of part only of substantially identical property , then only a proportionate part of the ...
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...