Report of the Joint Committee on Internal Revenue Taxation, Volumes 1-3U.S. Government Printing Office, 1927 - Taxation |
From inside the book
Results 1-5 of 87
Page 10
... held for over two years . Since 1924 , tax reduction on account of capital net losses has been limited to 1212 per cent . Suggestions for the entire elimination of the tax on capital gains and the credit for losses have been numerous ...
... held for over two years . Since 1924 , tax reduction on account of capital net losses has been limited to 1212 per cent . Suggestions for the entire elimination of the tax on capital gains and the credit for losses have been numerous ...
Page 15
... held it unconstitutional . ( Owensboro Ditcher & Grader Co. v . Lucas , 18 F. ( 2d . ) — . ) The case has been appealed . Section 280 appears to be the exclusive remedy at the present time ; that is , the commissioner no longer may ...
... held it unconstitutional . ( Owensboro Ditcher & Grader Co. v . Lucas , 18 F. ( 2d . ) — . ) The case has been appealed . Section 280 appears to be the exclusive remedy at the present time ; that is , the commissioner no longer may ...
Page 40
... held for more than two years . 66 Capital assets " is the name given to property held for more than two years . It included any kind of property , whether or not connected with the trade or business of the taxpayer , except stock in ...
... held for more than two years . 66 Capital assets " is the name given to property held for more than two years . It included any kind of property , whether or not connected with the trade or business of the taxpayer , except stock in ...
Page 42
... held for a period of many years . In the latter group fall those who buy stocks , bonds , and other property in the expectation of selling on a rising market . From the viewpoint of the first group the capital - gains tax must be ...
... held for a period of many years . In the latter group fall those who buy stocks , bonds , and other property in the expectation of selling on a rising market . From the viewpoint of the first group the capital - gains tax must be ...
Page 44
... held 1917 1918 1919 1920_ 1921 1922_ 1923 1924_ 1925_ Total .. Year Actual profits on sales of assets Per cent profit to total income Estimated losses on sale of assets Approxi- mate per cent loss to total deductions $ 318 , 170 , 617 ...
... held 1917 1918 1919 1920_ 1921 1922_ 1923 1924_ 1925_ Total .. Year Actual profits on sales of assets Per cent profit to total income Estimated losses on sale of assets Approxi- mate per cent loss to total deductions $ 318 , 170 , 617 ...
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Common terms and phrases
additional tax administration affiliated allowed amortization Amount involved approval arising assets attorney audit basis beneficiary Board of Tax Bureau of Internal capital gains capital net gain cent centum claims closed collection Commissioner computed consolidated return counsel counsel's office court December 31 decision deduction depreciation determined distraint distributed dividends division dollars earned income excess-profits taxes exemption fiduciary filed fiscal gain or loss Government gross income included Income Tax Unit individual installment interest Internal Revenue internal-revenue inventories invested capital issues June 30 law and fact ment method month nonresident alien normal tax offers in compromise paid partnership payment pending period petitions prior profits provided in section provisions questions received recommended refund result Revenue Act revenue agents section 280 section are mainly statute statute of limitations surtax Tax Appeals tax imposed tax liability taxable taxation taxpayer tion Total transfer United States attorney
Popular passages
Page 25 - Fraternal beneficiary societies, orders, or associations, (a) operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system...
Page 24 - 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 - The amount so added to any tax shall be collected at the same time and in the same manner and as a part of the tax unless the tax has been paid before the discovery of the neglect, falsity, or fraud, in which case the amount so added shall be collected In the same manner as the tax.
Page 12 - In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case...
Page 17 - BASIS. (a) DEALERS IN PERSONAL PROPERTY. — Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price.
Page 49 - The net income of the estate or trust shall be computed in the same manner and on the same basis as in the case of an individual...
Page 38 - Including — (A) interest on deposits with persons carrying on the banking business paid to persons not engaged In business within the United States and not having an office or place of business therein...
Page 21 - ... (2) In the payment of any contributions, a fractional part of a cent shall be disregarded unless it amounts to one-half cent or more, in which case it shall be increased to 1 cent.
Page 72 - The amounts of the following liabilities shall, except as hereinafter in this section provided, be assessed, collected, and paid in the same manner and subject to the same provisions and limitations...
Page 32 - ... (6) TAX-FREE EXCHANGES GENERALLY. — If the property was acquired, after February 28, 1913, upon an exchange described in section 112 (b) to (e), inclusive, the basis shall be the same as in the case of the property exchanged, decreased in the amount of any money received by the taxpayer and increased in the amount of gain or decreased in the amount of loss to the taxpayer that was recognized upon such exchange under the law applicable to the year in which the exchange was made.