Income Tax Procedure ...Ronald Press, 1927 - Excess profits tax Editions for 1922-25 include federal capital stock tax, federal estate tax, and supplement to Excess profits tax procedure, 1921. |
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Common terms and phrases
additional tax allowed amended amount applicable attorney authority Board of Tax bond calendar centum Circuit Court claim for refund Co.'s Appeal collector Commissioner of Internal computed corporation counsel Court of Appeals Court of Claims credit or refund decision deduction deposition distraint District of Columbia division enactment evidence excess excess-profits tax expiration facts February 26 fiduciary fraud Government gross income hearing held Income Tax interest issue jeopardy assessment June 15 jurisdiction liability mailed ment motion net income notice and demand offer in compromise paid paragraph party payment person petitioner power of attorney prescribed prior procedure proceeding in court provided in section provided in subdivision regulations res adjudicata respect Revenue Act Revised Statutes rules section 274 statement statute of limitations statutory period suit Tax Appeals tax imposed taxable taxpayer testimony thereof tion Treasury waiver war-profits witness
Popular passages
Page 458 - Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate...
Page 442 - No gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock or securities in such corporation, and immediately after the exchange such person or persons are in control of the corporation; but in the case of an exchange by two or more per77 L.
Page 363 - 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 456 - United allowed as a credit against the tax under section 131; and (3) taxes assessed against local benefits of a kind tending to increase the value of the property assessed...
Page 452 - 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 509 - ... or to permit any income return or copy thereof or any book containing any abstract or particulars thereof to be seen or examined by any person except as provided by law ; and it shall be unlawful for any person to print or publish in any manner whatever not provided by law any income return or any part thereof or source of income, profits, losses, or expenditures appearing in any income return...
Page 443 - ... to be received without the recognition of gain, but also of other property or money, then the gain, if any, to the recipient shall be recognized, but in an amount not in excess of the sum of such money and the fair market value of such other property.
Page 455 - All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services actually rendered; traveling expenses (including the entire amount expended for meals and lodging) while away from home in the pursuit of a trade or business...
Page 177 - 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 121 - If any person liable to pay any tax neglects or refuses to pay the same after demand, the amount (including any interest, penalty, additional amount, or addition to such tax, together with any costs that may accrue in addition thereto) shall be a lien in favor of the United States upon all property and rights to property, whether real or personal, belonging to such person.