Journal of Accountancy, Volume 37American Institute of Certified Public Accountants, 1924 - Accounting |
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Common terms and phrases
allowed American Institute amount annual appear applied assets Association audit balance balance-sheet bank basis bonds building capital cash cent certified public accountant charge common computed considered contributions corporation cost court December decision deduction depreciation determining distribution dividends earnings effect employees examination expenses fact fund give given houses included income increase Institute of Accountants interest invested issue January JOURNAL less liabilities loans loss March matter means method months necessary Note operations opinion organization paid payment period person practice preferred prepared present principles problem profession professional profits question reason received records reserve respect result rule salaries securities shares statement surplus taxpayer term tion trust United York
Popular passages
Page 119 - 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 294 - Income accumulated in trust for the benefit of unborn or unascertained persons or persons with contingent interests, and income accumulated or held for future distribution under the terms of the will or trust...
Page 294 - The net income of the estate or trust shall be computed in the same manner and on the same basis as provided in section 212...
Page 223 - ... in contemplation of or intended to take effect in possession or enjoyment at or after his death, except in case of a bona fide sale for a fair consideration in money or money's worth.
Page 124 - If the person sought to be taxed comes within the letter of the law, he must be taxed, however great the hardship may appear to the judicial mind to be. On the other hand, if the crown, seeking to recover the tax, cannot bring the subject within the letter of the law, the subject is free, however apparently within the spirit of the law the case might otherwise appear to be.
Page 122 - gross income" 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, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income...
Page 462 - According to the generally understood definition of the practice of law in this country, it embraces the preparation of pleadings and other papers incident to actions and special proceedings and the management of such actions and proceedings on behalf of clients before judges and courts, and, in addition, conveyancing, the preparation of legal instruments of all kinds, and, in general, all advice to clients and all action taken for them in matters connected with the law.
Page 361 - Commissioner, for the purpose of ascertaining the correctness of any return or for the purpose of making a return where none has been made, is hereby authorized, by any officer or employee of the Bureau of Internal Revenue, including the field service, designated by him for that purpose, to examine any books, papers, records, or memoranda bearing upon the matters required to be included in the return, and may require the attendance of the person...
Page 117 - In the case of a return for a period of less than one year the net income shall be placed on an annual basis by multiplying the amount thereof by twelve and dividing by the number of months included in such period; and the tax shall be such part of a tax computed on such annual basis as the number of months in such period is of twelve months.
Page 287 - To the extent of any interest therein of which the decedent has at any time made a transfer, or with respect to which he has...