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
Results 1-5 of 13
Page 6
... surtaxes begins at I per cent on net income of more than $ 10,000 , and increases on successive parts of the income , as the income grows larger , to 40 per cent on incomes over $ 500,000 . Under the former Act , the surtax began to ...
... surtaxes begins at I per cent on net income of more than $ 10,000 , and increases on successive parts of the income , as the income grows larger , to 40 per cent on incomes over $ 500,000 . Under the former Act , the surtax began to ...
Page 7
... surtax , and then deducting 121⁄2 per cent of the " capital net loss . " This method is new in the 1924 Act . It is compulsory , not optional . The Law provides , however , that in no case where there is a capital net loss shall the ...
... surtax , and then deducting 121⁄2 per cent of the " capital net loss . " This method is new in the 1924 Act . It is compulsory , not optional . The Law provides , however , that in no case where there is a capital net loss shall the ...
Page 8
... surtax to the ex- tent that payments were made out of earnings or profits accumu- lated since February 28 , 1913 . Gain or Loss The provisions of the new Act covering gain or loss from sales or exchanges of property , and those sections ...
... surtax to the ex- tent that payments were made out of earnings or profits accumu- lated since February 28 , 1913 . Gain or Loss The provisions of the new Act covering gain or loss from sales or exchanges of property , and those sections ...
Page 9
... surtaxes by creating number of trusts the incomes of which , separately , would fall within lower surtax rates than the aggre- gate taxed to one person . Under the old Act , the Treasury De- partment held that a revocable trust was ...
... surtaxes by creating number of trusts the incomes of which , separately , would fall within lower surtax rates than the aggre- gate taxed to one person . Under the old Act , the Treasury De- partment held that a revocable trust was ...
Page 12
... Surtax on total net income . 15 Total tax .. $ 120 $ 80 $ 315 Earned income credit .. 30 20 30 Total tax due .... $ 90 $ 60 $ 285 In this example , by filing separate returns the normal tax is reduced by $ 100 , the surtax eliminated ...
... Surtax on total net income . 15 Total tax .. $ 120 $ 80 $ 315 Earned income credit .. 30 20 30 Total tax due .... $ 90 $ 60 $ 285 In this example , by filing separate returns the normal tax is reduced by $ 100 , the surtax eliminated ...
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...