Accounting Principles Underlying Federal Income Taxes: 1924 |
From inside the book
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Page 8
... permitted to establish fiscal years . Persons collecting interest and dividends for foreign payment were required to secure a license . A partnership 2 1 An excise tax is one usually attaching to the production or sale of a commodity ...
... permitted to establish fiscal years . Persons collecting interest and dividends for foreign payment were required to secure a license . A partnership 2 1 An excise tax is one usually attaching to the production or sale of a commodity ...
Page 15
... permit of a premium paid on life insurance on an employee being deducted as an expense even if the corporation was not the beneficiary . REVENUE ACTS OF 1918 AND 1921 It is the purpose of this book to interpret primarily the Revenue ...
... permit of a premium paid on life insurance on an employee being deducted as an expense even if the corporation was not the beneficiary . REVENUE ACTS OF 1918 AND 1921 It is the purpose of this book to interpret primarily the Revenue ...
Page 24
... permitted to deal only with cases under audit and their decisions are subject to review after transmittal to Washington . RULINGS ISSUED BY THE DEPARTMENT As soon as possible after the passage of an income tax act , the Treasury ...
... permitted to deal only with cases under audit and their decisions are subject to review after transmittal to Washington . RULINGS ISSUED BY THE DEPARTMENT As soon as possible after the passage of an income tax act , the Treasury ...
Page 36
... permitted and even re- quired ; thus , national and state banks which had charged off additions to furniture and fixtures as an expense were required to build up and keep supplemental records apart from the regu- lar books of account so ...
... permitted and even re- quired ; thus , national and state banks which had charged off additions to furniture and fixtures as an expense were required to build up and keep supplemental records apart from the regu- lar books of account so ...
Page 51
... permit accounting by the in- stalment sales method although the Department has per- mitted it since January 1 , 1918 ; the 1921 act definitely allows it ( Sec . 202 ( f ) ) . An instalment sale is defined in Article 42 as a sale where ...
... permit accounting by the in- stalment sales method although the Department has per- mitted it since January 1 , 1918 ; the 1921 act definitely allows it ( Sec . 202 ( f ) ) . An instalment sale is defined in Article 42 as a sale where ...
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Common terms and phrases
accrued acquired additional allowed amortization amount applied assessed assets bad debts balance bank basis beneficiary calendar capital stock centum claim collector Commissioner computed cost December 31 depletion distributed earnings employees excess profits tax exchange exempt expenses fair market fair value Federal filed fiscal foreign corporation fund gross income held included income exceeds income tax individual instalment intangibles interest paid inventory invested capital January lease liability Liberty Bonds Loan market value ment Municipal Bonds net income exceeds normal tax Number organization par value partnership payable payment period personal service corporation poration portion preferred stock premiums purchased received refund regulations reorganization Reserve for Depreciation Revenue Act rule salary securities shares sold stock dividend stockholders subdivision surplus surtax tax imposed tax return tax-free taxable income taxable profit taxes paid taxpayer thereof tion trust United
Popular passages
Page 58 - If the property was acquired by gift after December 31, 1920, the basis shall be the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift...
Page 414 - 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 443 - That corporations which are affiliated within the meaning of this section may, for any taxable year beginning on or after January 1, 1922, make separate returns or, under regulations prescribed by the Commissioner with the approval of the Secretary, make a consolidated return of net income for the purpose of this title, in which case the taxes thereunder shall be computed and determined upon the basis of such return.
Page 422 - That the tax imposed by sections 2 10 and 211 shall apply to the income of estates or of any kind of property held in trust...
Page 446 - ... (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 392 - fiscal year" means an accounting period of twelve months ending on the last day of any month other than December. The term "taxable year...
Page 461 - ... possession of the United States; and ***** (3) If, in the case of such citizen, 50 per centum or more of his gross income (computed without the benefit of this section) for such period or such part thereof was derived from the active conduct of a trade or business within a possession of the United States either on his own account or as an employee or agent of another.
Page 427 - States, the amount of any such taxes paid or accrued during the taxable year to any possession of the United States; and (3) ALIEN RESIDENT OF UNITED STATES. — In the case of an alien resident of the United States, the amount of any such taxes paid or accrued during the taxable year...
Page 474 - 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 412 - All Interest paid or accrued within the taxable year on Indebtedness, except on Indebtedness Incurred or continued to purchase or carry obligations (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 the taxes Imposed by this chapter.