Regulations 45 Relating to the Income Tax and War Profits and Excess Profits Tax Under the Revenue Act of 1918 with Addenda Containing All Treasury Decisions to December 2, 1919 |
From inside the book
Results 1-5 of 41
Page 30
... authorized by the statute must be taken by way of explicit deduction from gross income . See section 214 ( a ) ( 9 ) and articles 181-188 . See also article 52 . ART . 36. Long term contracts . - Persons engaged in contracting op ...
... authorized by the statute must be taken by way of explicit deduction from gross income . See section 214 ( a ) ( 9 ) and articles 181-188 . See also article 52 . ART . 36. Long term contracts . - Persons engaged in contracting op ...
Page 42
... authorized by section one , nor of the certificates authorized by section five , or by section six , of this act , shall bear the circulation privilege . All such bonds and certificates shall be exempt , both as to principal and ...
... authorized by section one , nor of the certificates authorized by section five , or by section six , of this act , shall bear the circulation privilege . All such bonds and certificates shall be exempt , both as to principal and ...
Page 55
... authorized allowances , whether paid in cash or set up as a lia- bility , and it follows that if he does not within any year pay or ac- crue certain of his expenses , interest , taxes or other charges , and makes no deduction therefor ...
... authorized allowances , whether paid in cash or set up as a lia- bility , and it follows that if he does not within any year pay or ac- crue certain of his expenses , interest , taxes or other charges , and makes no deduction therefor ...
Page 59
... authorized . It does not apply to inventories or to other than capital assets . The ex- ception applies to buildings only when they are permanently aban- doned or permanently devoted to a radically different use , and to machinery only ...
... authorized . It does not apply to inventories or to other than capital assets . The ex- ception applies to buildings only when they are permanently aban- doned or permanently devoted to a radically different use , and to machinery only ...
Page 61
... authorize shifting the deduction to such later year . In the case of debts existing prior to March 1 , 1913 , only their value on that date may be deducted upon subsequently as- certaining them to be worthless . See article 52. If a ...
... authorize shifting the deduction to such later year . In the case of debts existing prior to March 1 , 1913 , only their value on that date may be deducted upon subsequently as- certaining them to be worthless . See article 52. If a ...
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Common terms and phrases
20 per cent accrued affiliated corporations apply assessed basis bracket calendar year 1918 centum claim collector Commissioner computing invested capital contract cost deduct from gross depletion depreciation determined distributive share dividends earnings or profits entitled estate or trust exceed excess profits tax expenses fair market value February 28 fiduciary filed foreign corporation gross income inadmissible assets included income derived income tax installment intangible property interest inventory Liberty Bond liberty loan March ment net income nonresident alien individual owner par value partnership payable payment personal exemption personal service corporation premium prewar period profits and excess purpose rates received refunded resident return of income Revenue Act revised section 216 specific exemption statute and articles stock or shares stockholders subdivision surplus and undivided tax computed tax imposed taxable year 1918 taxpayer thereof tion trade or business undivided profits United war-profits withholding agent
Popular passages
Page 259 - If any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered.
Page 217 - States), dividends, rent, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or determinable annual or periodical gains, profits, and income...
Page 50 - That in computing net income there shall be allowed as deductions: (1) All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services actually rendered...
Page 215 - ... shall, in addition to other penalties provided by law, be guilty of a misdemeanor and, upon conviction thereof, be fined not more than $10,000, or imprisoned for not more than one year, or both, together with the costs of prosecution.
Page 151 - In cases where receivers, trustees in bankruptcy, or assignees are operating the property or business of corporations, such receivers, trustees, or assignees shall make returns for such corporations in the same manner and form as corporations are required to make returns. Any tax due on the basis of such returns made by receivers, trustees, or assignees shall be collected in the same manner as if collected from the corporations of whose business or property they have custody and control.
Page 131 - Fraternal beneficiary societies, orders, or associations, (a) operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system...
Page 205 - The amount so added to any tax shall be collected at the same time and in the same manner and as 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 28 - Includes gains, profits, and income derived from salaries, wages, or compensation for personal service * * * of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce...
Page 50 - ... rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity...
Page 98 - ... of the net income of the partnership for the taxable year, or, if his net income for such taxable year is computed upon the basis of a period different from that upon the basis of which the net income of the partnership...