Income Tax Accounting |
From inside the book
Results 1-5 of 37
Page 6
... Assets Dividends Income from Miscellaneous Sources Net Income Deductions Dividends Business Expenses Taxes Bad Debts Depreciation Depletion Items Not Deductible Questions and Problems UNIT SIX ..... The Income Tax on Corporations ...
... Assets Dividends Income from Miscellaneous Sources Net Income Deductions Dividends Business Expenses Taxes Bad Debts Depreciation Depletion Items Not Deductible Questions and Problems UNIT SIX ..... The Income Tax on Corporations ...
Page 16
... assets is being recovered through deductions for wear and tear , depletion , or obsolescence any expenditure ( other than ordinary repairs ) made to restore the property or prolong its useful life should be added to the property account ...
... assets is being recovered through deductions for wear and tear , depletion , or obsolescence any expenditure ( other than ordinary repairs ) made to restore the property or prolong its useful life should be added to the property account ...
Page 31
... assets of the corporation as of that date . ( c ) The basis upon which depletion , exhaustion , wear and tear , and obsolescence are to be allowed in respect of any property shall be the same as is provided in subdivision ( a ) or ( b ) ...
... assets of the corporation as of that date . ( c ) The basis upon which depletion , exhaustion , wear and tear , and obsolescence are to be allowed in respect of any property shall be the same as is provided in subdivision ( a ) or ( b ) ...
Page 34
... assets including the good will should be used as a basis in the determination of gain or loss unless acquired previous to March 1 , 1913 , in which case , the fair market value should be used as the basis . Good will may be acquired ...
... assets including the good will should be used as a basis in the determination of gain or loss unless acquired previous to March 1 , 1913 , in which case , the fair market value should be used as the basis . Good will may be acquired ...
Page 39
... assets are not considered as taxable . Stock Dividends . In the case of Towne vs. Eisner , it was held by the U. S. Supreme Court that stock dividends were not taxed under the Revenue Act of 1913 , which did not expressly refer to them ...
... assets are not considered as taxable . Stock Dividends . In the case of Towne vs. Eisner , it was held by the U. S. Supreme Court that stock dividends were not taxed under the Revenue Act of 1913 , which did not expressly refer to them ...
Common terms and phrases
accrued acquired allowable deductions amount received assessed assets Bad Debts Balance Sheet basis calendar capital stock cash centum in addition claim collected collector Commissioner compensation computed cost credits allowed December 31 depletion depreciation determined distraint distributed domestic corporation employees entitled estate or trust expenses fair market value February 28 file a return fiscal foreign corporation gain or loss gross income included in gross Income Tax Law Income Tax Return incomes in excess installment insurance company Internal Revenue inventory Item June 30 Liberty Bonds Liberty Loan months municipal bonds net income normal tax paragraph partnership payable payment penalty personal exemption preferred stock premiums prescribed profits provided in section provided in subdivision purchase real estate regulations reserve Revenue Act salaries Schedule section 216 separate return sold sources surtax tax imposed taxable income taxes paid taxpayer thereof tion trade or business United Western Publishing wife
Popular passages
Page 52 - 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 183 - The Commissioner of Internal Revenue, subject to regulations prescribed by the Secretary of the Treasury, is authorized to remit, refund, and pay back all taxes erroneously or illegally assessed or collected, all penalties collected without authority, and all taxes that appear to be unjustly assessed or excessive in amount, or in any manner wrongfully collected...
Page 15 - ... 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 159 - 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 155 - 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 46 - Whenever any State, Territory, or the District of Columbia, or any political subdivision of a State...
Page 169 - (b) NONRESIDENT ALIENS. — All persons, in whatever capacity acting, including lessees or mortgagors of real or personal property, fiduciaries, employers, and all officers and employees of the United States, having the control...
Page 183 - No suit or proceeding shall be maintained in any court for the recovery of any internal-revenue tax alleged to have been erroneously or illegally assessed or collected, or of any penalty claimed to have been collected without authority, or of any sum alleged to have been excessive or in any manner wrongfully collected...
Page 112 - ... (B) from a foreign corporation unless less than 50 per centum of the gross income of such foreign corporation for the three-year 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 175 - An Act to provide revenue, equalize duties, and encourage the industries of the United States, and for other purposes," approved August 5, 1909, the Act entitled "An Act to reduce tariff duties and to provide revenue for the Government, and for other purposes...