Accounting Principles Underlying Federal Income Taxes: 1924 |
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Page vii
... determined until a later year . Contingent liabilities . Constructive receipt . Income credited and made available . 3 30 PART II INCOME FROM SALES AND EXCHANGES III SALES AND EXCHANGES - GENERAL RULES - INTANGIBLES- SECURITIES ISSUED ...
... determined until a later year . Contingent liabilities . Constructive receipt . Income credited and made available . 3 30 PART II INCOME FROM SALES AND EXCHANGES III SALES AND EXCHANGES - GENERAL RULES - INTANGIBLES- SECURITIES ISSUED ...
Page xii
... Determination of who is a resident alien . Income of non - resident aliens and foreign cor- porations . Residents of ... determine its exemption . Agricultural and horticultural organizations , mutual savings banks , fraternal ...
... Determination of who is a resident alien . Income of non - resident aliens and foreign cor- porations . Residents of ... determine its exemption . Agricultural and horticultural organizations , mutual savings banks , fraternal ...
Page 10
... determined by taking the average credit for the trade or industry . Where the invested capital was nominal or no invested capital existed , the excess profits tax 1 See Chapters XIX - XXII . 2 Domestic as used here has reference to ...
... determined by taking the average credit for the trade or industry . Where the invested capital was nominal or no invested capital existed , the excess profits tax 1 See Chapters XIX - XXII . 2 Domestic as used here has reference to ...
Page 30
... determined until a later year . Contingent liabilities . Constructive receipt . Income credited and made available . IN the brief summary of income tax legislation appearing in Chapter I certain terms were used without much defini- tion ...
... determined until a later year . Contingent liabilities . Constructive receipt . Income credited and made available . IN the brief summary of income tax legislation appearing in Chapter I certain terms were used without much defini- tion ...
Page 36
... determined until a later year has usually been held to be income of that year ; thus , an additional allowance in 1921 on a Government contract closed in 1918 was income for 1921 ( A. R. R. 1835 ) , damages from a patent infringement ...
... determined until a later year has usually been held to be income of that year ; thus , an additional allowance in 1921 on a Government contract closed in 1918 was income for 1921 ( A. R. R. 1835 ) , damages from a patent infringement ...
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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.