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 70
Page 13
... rule above quoted from article 46 and author- izing its application wherever the obligations received by the vendor had no fair market value determinable with reasonable certainty by the application of standards customarily accepted in ...
... rule above quoted from article 46 and author- izing its application wherever the obligations received by the vendor had no fair market value determinable with reasonable certainty by the application of standards customarily accepted in ...
Page 17
... rule was changed so as to provide that gain or loss on such a sale would be measured as though the decedent had sold the property during his life . The rule of the McKinney case is inconvenient , for it is often im- possible to ...
... rule was changed so as to provide that gain or loss on such a sale would be measured as though the decedent had sold the property during his life . The rule of the McKinney case is inconvenient , for it is often im- possible to ...
Page 22
... rule appear in the larger cases , but this can only be accomplished by inquiry and study of these matters over a period of time . The making of such inquiry and study is recommended . Purely formal simplification of the act need not ...
... rule appear in the larger cases , but this can only be accomplished by inquiry and study of these matters over a period of time . The making of such inquiry and study is recommended . Purely formal simplification of the act need not ...
Page 23
... rule they become important only where counsel have been employed to carry a case beyond the bureau to the board or the courts . There is much to commend the compilation of a code of Federal tax administration , apart from the revenue ...
... rule they become important only where counsel have been employed to carry a case beyond the bureau to the board or the courts . There is much to commend the compilation of a code of Federal tax administration , apart from the revenue ...
Page 24
... rule if the property was purchased after March 1 , 1913 ; a second if purchased before that time ; a third if it is subject to inventory ; a fourth if it was acquired by gift or transfer in trust after December 31 , 1920 ; a fifth if it ...
... rule if the property was purchased after March 1 , 1913 ; a second if purchased before that time ; a third if it is subject to inventory ; a fourth if it was acquired by gift or transfer in trust after December 31 , 1920 ; a fifth if it ...
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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.