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 44
Page 15
... collected . 1037. Suits for recovery of taxes erroneously collected .. 1038. Claims for refund of sums recovered by suit .. Section 253. Penalties ...... . 211 212 212 212 213 214 214 214 215 Article 1041. Specific penalties ...
... collected . 1037. Suits for recovery of taxes erroneously collected .. 1038. Claims for refund of sums recovered by suit .. Section 253. Penalties ...... . 211 212 212 212 213 214 214 214 215 Article 1041. Specific penalties ...
Page 19
... collected , and paid for each taxable year upon the net income of every individual a normal tax at the fol- lowing rates : ( a ) For the calendar year 1918 , 12 per centum of the amount of the net income in excess of the credits ...
... collected , and paid for each taxable year upon the net income of every individual a normal tax at the fol- lowing rates : ( a ) For the calendar year 1918 , 12 per centum of the amount of the net income in excess of the credits ...
Page 20
... but in addition to the normal tax imposed by section 210 of this Act , there shall be levied , collected , and paid for each taxable year upon the net income of every individual , a 20 § 21 INCOME AND PROFITS TAX REGULATIONS .
... but in addition to the normal tax imposed by section 210 of this Act , there shall be levied , collected , and paid for each taxable year upon the net income of every individual , a 20 § 21 INCOME AND PROFITS TAX REGULATIONS .
Page 38
... though not collected when due and payable , is nevertheless available to the taxpayer and should therefore be included in his 38 § 213 ( a ) INCOME AND PROFITS TAX REGULATIONS . (a) (7) Deductions allowed: bad debts Bad debts.
... though not collected when due and payable , is nevertheless available to the taxpayer and should therefore be included in his 38 § 213 ( a ) INCOME AND PROFITS TAX REGULATIONS . (a) (7) Deductions allowed: bad debts Bad debts.
Page 39
... collected by him . See section 201 of the statute and articles 1541-1549 . The distributive share of the profits of a partner in a partnership or of a stockholder in a personal service corporation is regarded as received . See section ...
... collected by him . See section 201 of the statute and articles 1541-1549 . The distributive share of the profits of a partner in a partnership or of a stockholder in a personal service corporation is regarded as received . See section ...
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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...