Income Tax Accounting |
From inside the book
Results 1-5 of 28
Page 15
... treated with reasonable consistency . All items of gross income shall be in- cluded in the gross income for the taxable year in which they are received by the taxpayer , and deductions taken accordingly , un- less in order clearly to ...
... treated with reasonable consistency . All items of gross income shall be in- cluded in the gross income for the taxable year in which they are received by the taxpayer , and deductions taken accordingly , un- less in order clearly to ...
Page 22
... treat as income the fair discounted value of the note at the time of its receipt . Premiums paid on life insurance policies on the lives of officers or employees who are themselves the beneficiaries under the policies , represent ...
... treat as income the fair discounted value of the note at the time of its receipt . Premiums paid on life insurance policies on the lives of officers or employees who are themselves the beneficiaries under the policies , represent ...
Page 37
... treated as in full payment in exchange for the stock , and amounts dis- tributed in partial liquidation of a corporation shall be treated as in part or full payment in exchange for the stock . The gain or loss to the distributee ...
... treated as in full payment in exchange for the stock , and amounts dis- tributed in partial liquidation of a corporation shall be treated as in part or full payment in exchange for the stock . The gain or loss to the distributee ...
Page 38
... corporations are subject to the tax . Dividends from paid - up insurance policies are treated the same as other dividends from corporations . Taxes paid by a bank on its stock for the owners of the stock 38 INCOME TAX ACCOUNTING.
... corporations are subject to the tax . Dividends from paid - up insurance policies are treated the same as other dividends from corporations . Taxes paid by a bank on its stock for the owners of the stock 38 INCOME TAX ACCOUNTING.
Page 39
... treated as a taxable dividend to the extent of the earnings or profits accumulated after February 28 , 1913. The provision with reference to stock dividends in the 1924 Act is the same as in the 1921 Act . Gross Income of Farmers . The ...
... treated as a taxable dividend to the extent of the earnings or profits accumulated after February 28 , 1913. The provision with reference to stock dividends in the 1924 Act is the same as in the 1921 Act . Gross Income of Farmers . The ...
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...