The Code of Federal Regulations of the United States of America: Having General Applicability and Legal Effect in Force June 1, 1938, Book 2U.S. Government Printing Office, 1940 - Administrative law |
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Page 1619
... Less interest on United States obligations___ 25,000.00 15,000.00 10,000.00 8,500.00 its instrumentalities , credit for which is | Less credit for dividends received allowable under section 26 ( a ) , which has not already been ...
... Less interest on United States obligations___ 25,000.00 15,000.00 10,000.00 8,500.00 its instrumentalities , credit for which is | Less credit for dividends received allowable under section 26 ( a ) , which has not already been ...
Page 1620
... Less interest on United States obli- gations_ Adjusted net income____ Tentative tax ( 19 percent of $ 17,000 ) . Less credit for dividends paid ( 22 percent of $ 15,000- $ 10,000 ) . * † Tax_ then in lieu of the credit against the ten ...
... Less interest on United States obli- gations_ Adjusted net income____ Tentative tax ( 19 percent of $ 17,000 ) . Less credit for dividends paid ( 22 percent of $ 15,000- $ 10,000 ) . * † Tax_ then in lieu of the credit against the ten ...
Page 1623
... less certain credits . Although taxable net income is a statutory conception , it fol- lows , subject to certain modifications as to exemptions and as to deductions for partial losses in some cases , the lines of § 9.22 ( a ) -1 What ...
... less certain credits . Although taxable net income is a statutory conception , it fol- lows , subject to certain modifications as to exemptions and as to deductions for partial losses in some cases , the lines of § 9.22 ( a ) -1 What ...
Page 1625
... less discount computed at the prevailing rate for such transactions . If the payments due on a note so accounted for are met as they become due , there should be included as income in respect of each such payment so much thereof as ...
... less discount computed at the prevailing rate for such transactions . If the payments due on a note so accounted for are met as they become due , there should be included as income in respect of each such payment so much thereof as ...
Page 1629
... less proper adjustment for depreciation in case option ( a ) was exercised , and less any salvage value subject to the lease to the extent that such loss is not compen- sated for by insurance or otherwise . ( See sections 23 ( e ) and ...
... less proper adjustment for depreciation in case option ( a ) was exercised , and less any salvage value subject to the lease to the extent that such loss is not compen- sated for by insurance or otherwise . ( See sections 23 ( e ) and ...
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Common terms and phrases
adjusted adjusted basis affiliated group allowed amount applicable assessment assets basis bond bottled in bond calendar capital gain capital stock centum claim collector Commissioner computed consolidated return contract or subcontract cost December 31 deductions deficiency dends depletion depreciation determined distribution dividends dividends paid earnings or profits employees erty excess profit exchange exemption expenses fair market value February 28 Federal fiduciary filed foreign corporation foreign personal holding gain or loss gross income income from sources income tax income-tax interest Internal Revenue Code inventory June 30 liability liquidation manufacturer ment paragraph partnership payment percent period personal holding company poration prescribed prior provided in section provisions of section purchased purpose received refund regulations respect Revenue Act section 112 section 23 shareholder shares spect stock or securities tax imposed taxable year beginning taxpayer term thereof tion trade or business trust United
Popular passages
Page 1666 - Depletion. — 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 2143 - person" as used in this section includes an officer or employee of a corporation or a member or employee of a partnership, who as such officer, employee, or member is under a duty to perform the act in respect of which the violation occurs.
Page 1662 - In the case of property held by one person for life with remainder to another person, the deduction shall be computed as if the life tenant were the absolute owner of the property and shall be allowed to the life tenant. In the case of property held in trust, the allowable deduction shall be apportioned between the income beneficiaries and the trustee in accordance with the pertinent provisions of the instrument creating the trust, or, in the absence of such provisions, on the basis of the trust...
Page 1744 - 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 1653 - 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.
Page 1758 - 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...
Page 1794 - In the case of oil and gas wells the allowance for depletion under section 23 (m) shall be 27 % per centum of the gross Income from the property during the taxable year, excluding from such gross income an amount equal to any rents or royalties paid or incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowance for depletion) from the property, except that In no case shall the depletion allowance...
Page 1855 - There shall be allowed as an additional deduction In computing the net Income of the estate or trust the amount of the Income of the estate or trust for Its taxable year which Is to be distributed currently...
Page 1768 - If property (as a result of its destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation, or the threat or imminence thereof) is compulsorily or involuntarily converted into property similar or related in service or use to the property...
Page 1898 - No assessment of a deficiency In respect of the tax Imposed by this title and no distraint or proceeding In court for Its collection shall be made, begun, or prosecuted until such notice has been mailed to the taxpayer, nor until the expiration of such ninety-day period nor, If a petition has been filed with the Board, until the decision of the Board has become final.