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
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Page 7
... depletion Article 201. Depletion of mines , oil and gas wells .. 65 65 66 66 67 67 67 67 68 69 69 69 70 70 202. Capital recoverable through depletion allowance in the case of owner ... 71 203. Capital recoverable through depletion ...
... depletion Article 201. Depletion of mines , oil and gas wells .. 65 65 66 66 67 67 67 67 68 69 69 69 70 70 202. Capital recoverable through depletion allowance in the case of owner ... 71 203. Capital recoverable through depletion ...
Page 8
... Depletion and depreciation of oil and gas wells in years before 1916 ... Page . 79 80 80 ཚཌཱུ 81 81 82 227. Depletion of timber .. 88888 82 83 228. Capital recoverable through depletion allowance in the case of timber .. 229 ...
... Depletion and depreciation of oil and gas wells in years before 1916 ... Page . 79 80 80 ཚཌཱུ 81 81 82 227. Depletion of timber .. 88888 82 83 228. Capital recoverable through depletion allowance in the case of timber .. 229 ...
Page 13
... depletion and depreciation . 179 840. Surplus and undivided profits : additions to surplus account .. 841. Surplus ... depletion ..... 182 845. Surplus and undivided profits : reserve for income and excess profits taxes ... 183 846 ...
... depletion and depreciation . 179 840. Surplus and undivided profits : additions to surplus account .. 841. Surplus ... depletion ..... 182 845. Surplus and undivided profits : reserve for income and excess profits taxes ... 183 846 ...
Page 16
... depletion or depreciation reserve .. 240 240 Section 202. Basis for determining gain or loss .... Article 1561. Basis for determining gain or loss from sale .. 1562. Sale of property acquired by gift or bequest .. 1563. Exchanges of ...
... depletion or depreciation reserve .. 240 240 Section 202. Basis for determining gain or loss .... Article 1561. Basis for determining gain or loss from sale .. 1562. Sale of property acquired by gift or bequest .. 1563. Exchanges of ...
Page 27
... depletion or obsolescence ny expenditure ( other than ordinary repairs ) made to restore the property or prolong its useful life should be charged against the property account or the appropriate reserve and not against current xpenses ...
... depletion or obsolescence ny expenditure ( other than ordinary repairs ) made to restore the property or prolong its useful life should be charged against the property account or the appropriate reserve and not against current xpenses ...
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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...