Accounting Principles Underlying Federal Income Taxes: 1924 |
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Page ix
... DEBTS AND LOSSES . 139 Bad debts . Deduction of bad debts : the reserve and non - reserve methods . Losses from trade or business , from transactions entered into for profit , and from casualty or theft . XV NET LOSSES AND CONTRIBUTIONS ...
... DEBTS AND LOSSES . 139 Bad debts . Deduction of bad debts : the reserve and non - reserve methods . Losses from trade or business , from transactions entered into for profit , and from casualty or theft . XV NET LOSSES AND CONTRIBUTIONS ...
Page 6
... debts . The re- sult was the imposition in several states of an income tax . In 1844 Pennsylvania passed an income tax law with a $ 200 exemption . Evasion of the law , and no very serious attempt to enforce it , resulted in an ...
... debts . The re- sult was the imposition in several states of an income tax . In 1844 Pennsylvania passed an income tax law with a $ 200 exemption . Evasion of the law , and no very serious attempt to enforce it , resulted in an ...
Page 18
... debts were deductible ; or , the old rule relating to the deduction of bad debts in the year discovered could be continued . 20. A single proprietorship or partnership incorporated within four months after the passage of the act ...
... debts were deductible ; or , the old rule relating to the deduction of bad debts in the year discovered could be continued . 20. A single proprietorship or partnership incorporated within four months after the passage of the act ...
Page 49
... a corporation which is indebted to him gratuitously forgives the debt , the transaction amounts to a contribution of capital to the corporation ( Art . 50 ) . A different rule applies to a corporation's SALES AND EXCHANGES : SECURITIES 49.
... a corporation which is indebted to him gratuitously forgives the debt , the transaction amounts to a contribution of capital to the corporation ( Art . 50 ) . A different rule applies to a corporation's SALES AND EXCHANGES : SECURITIES 49.
Page 66
... debt due from a corporation was regarded as a capital transaction ( I. T. 1288 ) , and payments by stockholders to make good the losses of a corporation ( A. R. R. 1757 ) or in acquiring worthless paper from a corporation ( I. T. 1751 ) ...
... debt due from a corporation was regarded as a capital transaction ( I. T. 1288 ) , and payments by stockholders to make good the losses of a corporation ( A. R. R. 1757 ) or in acquiring worthless paper from a corporation ( I. T. 1751 ) ...
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Common terms and phrases
accrued acquired additional allowed amortization amount applied assessed assets bad debts balance bank basis beneficiary calendar capital stock centum claim collector Commissioner computed cost December 31 depletion distributed earnings employees excess profits tax exchange exempt expenses fair market fair value Federal filed fiscal foreign corporation fund gross income held included income exceeds income tax individual instalment intangibles interest paid inventory invested capital January lease liability Liberty Bonds Loan market value ment Municipal Bonds net income exceeds normal tax Number organization par value partnership payable payment period personal service corporation poration portion preferred stock premiums purchased received refund regulations reorganization Reserve for Depreciation Revenue Act rule salary securities shares sold stock dividend stockholders subdivision surplus surtax tax imposed tax return tax-free taxable income taxable profit taxes paid taxpayer thereof tion trust United
Popular passages
Page 58 - If the property was acquired by gift after December 31, 1920, the basis shall be the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift...
Page 414 - March 1, 1913; such reasonable allowance in all the above cases to be made under rules and regulations to be prescribed by the Commissioner, with the approval of the Secretary. In the case of leases the deductions allowed by this paragraph shall be equitably apportioned between the lessor and lessee...
Page 443 - That corporations which are affiliated within the meaning of this section may, for any taxable year beginning on or after January 1, 1922, make separate returns or, under regulations prescribed by the Commissioner with the approval of the Secretary, make a consolidated return of net income for the purpose of this title, in which case the taxes thereunder shall be computed and determined upon the basis of such return.
Page 422 - That the tax imposed by sections 2 10 and 211 shall apply to the income of estates or of any kind of property held in trust...
Page 446 - ... (B) from a foreign corporation unless less than 50 per centum of the gross income of such foreign corporation for the three-year period ending with the close of its taxable year preceding the declaration of such dividends (or for such part of such period as the corporation has been in existence) was derived from sources within the United States...
Page 392 - 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 461 - ... possession of the United States; and ***** (3) If, in the case of such citizen, 50 per centum or more of his gross income (computed without the benefit of this section) for such period or such part thereof was derived from the active conduct of a trade or business within a possession of the United States either on his own account or as an employee or agent of another.
Page 427 - States, the amount of any such taxes paid or accrued during the taxable year to any possession of the United States; and (3) ALIEN RESIDENT OF UNITED STATES. — In the case of an alien resident of the United States, the amount of any such taxes paid or accrued during the taxable year...
Page 474 - 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 412 - All Interest paid or accrued within the taxable year on Indebtedness, except on Indebtedness Incurred or continued to purchase or carry obligations (other than obligations of the United States Issued after September 24. 1917, and originally subscribed for by the taxpayer) the Interest upon which Is wholly exempt from the taxes Imposed by this chapter.