Regulations 45 (1920 Ed.) Relating to the Income Tax and War Profits and Excess Profits Tax Under the Revenue Act of 1918: Promulgated January 28, 1921 |
From inside the book
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Page 20
... difference that he may own no assets within the United States and may receive no income from sources within the United States . Every resident alien individual is liable to the tax , even though his income is wholly from sources outside ...
... difference that he may own no assets within the United States and may receive no income from sources within the United States . Every resident alien individual is liable to the tax , even though his income is wholly from sources outside ...
Page 23
... difference between the first figure and the second figure in the net income column . The final column gives the total surtax on a net income equal to the second figure in the net income column . Net income . Per cent . Surtax . Total ...
... difference between the first figure and the second figure in the net income column . The final column gives the total surtax on a net income equal to the second figure in the net income column . Net income . Per cent . Surtax . Total ...
Page 33
... difference between the cost and the depreciation theretofore sustained . 3 . In the case of a farmer reporting on the accrual basis , ( in which an inventory to determine profits is used ) his gross profits are ascer- tained by adding ...
... difference between the cost and the depreciation theretofore sustained . 3 . In the case of a farmer reporting on the accrual basis , ( in which an inventory to determine profits is used ) his gross profits are ascer- tained by adding ...
Page 34
... difference between the selling price and the value as of March 1 , 1913 , if acquired prior to that date , or between the selling price and the cost , if acquired on or after that date . The profit or loss thus ascertained should be ...
... difference between the selling price and the value as of March 1 , 1913 , if acquired prior to that date , or between the selling price and the cost , if acquired on or after that date . The profit or loss thus ascertained should be ...
Page 38
... difference between the value of the land free from the lease without such im- provements and the value of the land subject to the lease with such improvements . If , for any other reason than a bona fide purchase from the lessee by the ...
... difference between the value of the land free from the lease without such im- provements and the value of the land subject to the lease with such improvements . If , for any other reason than a bona fide purchase from the lessee by the ...
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Other editions - View all
Common terms and phrases
accrued aggregate amortization amount apply assessed basis beneficiary bracket calendar year 1918 cent bonds centum claim collector Commissioner contract cost deduct from gross depletion deposits depreciation determined distributive share dividends entitled estate or trust exceed excess profits taxes expenses fair market value February 28 fiduciary filed fiscal foreign corporation gross income included income derived income tax installment intangible property interest inventory Liberty Bond Liberty loan loss March ment mineral nonresident alien individual owner partnership payable payment personal exemption personal service corporation poration premium prewar period prior profits and excess purchase purpose rates received resident return of income Revenue Act revised specific exemption statute and articles stock or shares stockholders subdivision Surplus and undivided surtax tax computed tax imposed tax-free covenant taxable year 1918 taxpayer thereof timber tion trade or business undivided profits United War Finance Corporation war-profits withholding agent
Popular passages
Page 106 - Premiums paid on any life insurance policy covering the life of any officer or employee, or of any person financially interested in any trade or business carried on by the taxpayer, when the taxpayer is directly or indirectly a beneficiary under such policy.
Page 55 - 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 238 - ... or more in any taxable year, or, in the case of such payments made by the United States, the officers or employees of the United States having information as to such payments and required to make returns in regard thereto by the regulations hereinafter provided for...
Page 164 - ... upon notice and demand by the collector, or the amount of tax overpaid, if any, shall be credited or refunded to the taxpayer in accordance with the provisions of section 322.
Page 163 - All interest paid or accrued within the taxable year on indebtedness, except on indebtedness incurred or continued to purchase or carry obligations or securities (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 taxation under this title...
Page 29 - 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 76 - That in the case of mines, oil and gas wells, discovered by the taxpayer, on or after March 1, 1913, and not acquired as the result of purchase of a proven tract or lease...
Page 45 - All such bonds and certificates shall be exempt, both as to principal and interest from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority...
Page 168 - In the case of insurance companies (other than life insurance companies), in addition to the above (unless otherwise allowed) : (A) The net addition required by law to be made within the taxable year to reserve funds (including in the case of assessment insurance companies the actual deposit of sums with State or Territorial officers pursuant to law as additions to guarantee or reserve funds); and (B) the sums other than dividends paid within the taxable year on policy and annuity contracts.
Page 173 - 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.