Practical Questions and Answers on the Federal Tax Laws Affecting Individual Partnerships and Corporations, January, 1923 |
From inside the book
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Page 23
... Commissioner , when satisfied that a debt is recoverable only in part , also may permit the debt to be charged off in part . Q. On what basis is depreciation of property figured ? A. The basis of deduction for depreciation is the cost ...
... Commissioner , when satisfied that a debt is recoverable only in part , also may permit the debt to be charged off in part . Q. On what basis is depreciation of property figured ? A. The basis of deduction for depreciation is the cost ...
Page 26
... Commissioner provide two tests to which inventories must conform : ( 1 ) They must comply as nearly as may be to the best accounting practice in the trade or business , and ( 2 ) they must clearly reflect the income . The basis of ...
... Commissioner provide two tests to which inventories must conform : ( 1 ) They must comply as nearly as may be to the best accounting practice in the trade or business , and ( 2 ) they must clearly reflect the income . The basis of ...
Page 29
... Commissioner . Gains , profits and income from export and import trade are deemed income attributable to the country where the goods are sold . Q. What credits are allowed non - resident alien individuals and foreign corporations ? A ...
... Commissioner . Gains , profits and income from export and import trade are deemed income attributable to the country where the goods are sold . Q. What credits are allowed non - resident alien individuals and foreign corporations ? A ...
Page 35
... corporate obligations , withholding agents also must make monthly reports under regulations prescribed by the Commissioner . INFORMATION AT SOURCE Q. When are information reports required ? 35 COLLECTION OF TAX AT THE SOURCE.
... corporate obligations , withholding agents also must make monthly reports under regulations prescribed by the Commissioner . INFORMATION AT SOURCE Q. When are information reports required ? 35 COLLECTION OF TAX AT THE SOURCE.
Page 40
... Commissioner of Internal Revenue may prescribe . Exempt Corporations . The following are not subject to this tax : ( 1 ) Corporations not engaged in business ( or , in the case of a foreign corporation , not engaged in business in the ...
... Commissioner of Internal Revenue may prescribe . Exempt Corporations . The following are not subject to this tax : ( 1 ) Corporations not engaged in business ( or , in the case of a foreign corporation , not engaged in business in the ...
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Common terms and phrases
50 per centum alien individual amended amount of tax approval assessed basis calendar year 1921 cents centum certificate cigars collected Commissioner contract cost dealer decedent December 31 deductions allowed determined distribution District of Columbia dividends domestic corporation entitled estate or trust excess excess-profits taxes executor fiduciary filed fiscal foreign corporation gain gross estate gross income imposed by section income exceeds income tax insurance company interest Internal Revenue internal-revenue levied Liberty Bonds lieu loss manufacturer net income exceeds non-resident nonresident alien normal tax par value paragraph partnership payable payment penalty period personal exemption personal service corporation place of business provided in section purposes refund regulations prescribed resident Revenue Act Secretary section 262 selling sold special tax stamp stock or shares surtax tax imposed tax paid taxpayer tion trade or business United War Finance Corporation war-profits and excess-profits
Popular passages
Page 67 - 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; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect the income...
Page 69 - 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; traveling expenses (including the entire amount expended for meals and lodging) while away from home in the pursuit of a trade or business...
Page 71 - Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate...
Page 76 - States and not having an office or place of business therein) , dividends, rent, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or 'determinable annual or periodical gains, profits, and income...
Page 75 - ... (a) There shall be allowed as a deduction (in lieu of the deduction for charitable, etc., contributions authorized by section 23 (o) ) any part of the gross income, without limitation, which pursuant to the terms of the will or deed creating the trust...
Page 135 - ... and any offense against the foregoing provision shall be a misdemeanor and be punished by a fine not exceeding $1,000 or by imprisonment not exceeding one year, or both...
Page 62 - capital assets" means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Page 70 - March 1, 1913; such reasonable allowance in all the above cases to be made under rules and regulations to be prescribed by the Commissioner, with the approval of the Secretary. In the case of leases the deductions allowed by this paragraph shall be equitably apportioned between the lessor and lessee...
Page 73 - ... (B) from a foreign corporation unless less than 50 per centum of the gross income of such foreign corporation for the threeyear period ending with the close of its taxable year preceding the declaration of such dividends (or for such part of such period as the corporation has been in existence) was derived from sources within the United States...
Page 58 - paid or incurred" and "paid or accrued" shall be construed according to the method of accounting upon the basis of which the net income is computed under section 212 or 232. The deductions and credits provided for in this title shall be taken for the taxable year in which "paid or accrued