Capital Losses: Hearings ... on H.R. 13413 ... January 8, 19231923 - 23 pages |
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12 per cent 1921 is amended annual report basis calendar year 1922 capital assets capital deductions capital gains capital losses capital net gain capital net loss capital transaction cash claim for refund committee Congress corporation English system estate or trust estimate exchange of securities exchanges of property existing law FREAR interposing gains and losses gains or losses GREEN GREGG HAWLEY held for investment income tax indefinite appropriation limitation LONGWORTH manner provided mean memorandum ment Mills bill OLDFIELD ordinary income paragraph partial tax payment present law property exchanged property held proposed bill provided in sections read as follows realization of taxable reorganization return was filed revenue act sale of capital section 202 share Southern Pacific Railroad subdivision take effect tax was paid tax-free exchange taxable gain taxable income taxpayer term capital TILSON total tax trade or business Treasury Department withholding agent YOUNG
Popular passages
Page 6 - ... this title, a tax determined as follows: a partial tax shall first be computed upon the basis of the ordinary net income at the rates and in the manner as if this section had not been enacted and the total tax shall be this amount plus 12^ per centum of the capital net gain.
Page 3 - 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 6 - ... equal to the proportion which the part of such fiscal year falling within such calendar year bears to the full fiscal year, and (2) the rates for the calendar year during which such fiscal year ends shall apply to an amount of each partner's share of such partnership net income (determined...
Page 6 - ... part of such fiscal year falling within such calendar year bears to the full fiscal year, and (2) the rates for the calendar year during which such fiscal year ends shall apply to an amount of each partner's share of such partnership net income (determined under the law applicable to such calendar year) equal to the proportion which the part of such fiscal year falling within such calendar year bears to the full fiscal year.
Page 6 - In the case of the members of a partnership the proper part of • each share of the net income which consists of earned income shall be determined under rules and regulations to be prescribed by the Commissioner with the approval...
Page 5 - No gain or loss shall be recognized if property held for productive use in trade or business or for investment (not including stock in trade or other property held primarily for sale nor stocks, bonds, notes, choses in action, certificates of trust or beneficial interest, or other securities or evidences of indebtedness or interest) is exchanged solely for property of a like kind to be held either for productive use in trade or business or for investment.
Page 5 - January 1, 1923, to read as follows: "(e) Where property is exchanged for other pro]>erty which has no readily realizable market value, together with money or other property which has a readily realizable market value, then the money or the fair market value of the property having such readily realizable market value received in exchange shall be applied against and reduce the basis, provided in this section, of the property exchanged, and if in excess of such basis, shall be taxable to the extent...
Page 4 - The total tax thus determined shall be computed, collected and paid in the same manner, at the same time and subject to the same provisions of law, including penalties, as other taxes under this title.
Page 3 - Earned income deductions" means such deductions as are allowed by section 23 for the purpose of computing net income, and are properly allocable to or chargeable against earned income. (C) "Earned net income" means the excess of the amount of the earned income over the sum of the earned income deductions.
Page 4 - ... the first calendar year is of the entire period; and (2) the same proportion of a tax for the entire period, determined under the law applicable to the second calendar year and at the rates for such year, which the portion of such period falling within the second calendar year is of the entire period.