Federal Income Tax Problems --1922 |
From inside the book
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Page viii
... assets . A capital asset is defined as property ac- quired and held by the taxpayer for profit or investment for more than two years . Section 206 provides that where a tax- payer has capital net gain as the result of the sale of ...
... assets . A capital asset is defined as property ac- quired and held by the taxpayer for profit or investment for more than two years . Section 206 provides that where a tax- payer has capital net gain as the result of the sale of ...
Page ix
... assets held by individuals who would otherwise be subject to excessive taxation on any profits realized by such sale . Another provision of particular interest and benefit to tax- payers , both individuals and corporations , is that ...
... assets held by individuals who would otherwise be subject to excessive taxation on any profits realized by such sale . Another provision of particular interest and benefit to tax- payers , both individuals and corporations , is that ...
Page xxi
... Assets as That Term is Used in Connection with Capital Gain or Cap- ital Loss . PROBLEM 52. Illustrating Computation of Tax of an Individual in 71 Case Capital Net Gain Included in 1922 Net Income- Application TABLE OF CONTENTS xxi.
... Assets as That Term is Used in Connection with Capital Gain or Cap- ital Loss . PROBLEM 52. Illustrating Computation of Tax of an Individual in 71 Case Capital Net Gain Included in 1922 Net Income- Application TABLE OF CONTENTS xxi.
Page xxxii
... Assets . 351 PROBLEM 288. Illustrating the Method of Computing the Amount of Inadmissible Assets Which Becomes Admissible in Case Income Derived from Such Assets Consists in Part of Gain or Profit Derived from the Sale or Other ...
... Assets . 351 PROBLEM 288. Illustrating the Method of Computing the Amount of Inadmissible Assets Which Becomes Admissible in Case Income Derived from Such Assets Consists in Part of Gain or Profit Derived from the Sale or Other ...
Page xxxiii
... Assets as of March 1 , 1913 Has no Bearing on Invested Capital PROBLEM 313. Illustrating the Computation of Invested Capital- Bonus Stock 378 379 379 PROBLEM 314. Illustrating the Determination of the Amount of Capital TABLE OF CONTENTS ...
... Assets as of March 1 , 1913 Has no Bearing on Invested Capital PROBLEM 313. Illustrating the Computation of Invested Capital- Bonus Stock 378 379 379 PROBLEM 314. Illustrating the Determination of the Amount of Capital TABLE OF CONTENTS ...
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Common terms and phrases
99 PROBLEM acquired allowed as deductions ANSWER assessed bonds Bureau calendar year 1921 capital stock cash centum collector Commissioner computing net income cost December 31 deduction from gross depreciation determined dividends domestic corporation ending in 1921 entire period excess excess-profits tax expenses FACTS fair market value February 28 filed fiscal year ending foreign corporation gross income Illustrated in Problem imposed by section included income exceeds income from sources installment insurance company intangible property interest Internal Revenue inventory invested capital January Liberty Bond loss March nonresident alien normal tax par value partnership payment personal exemption poration portion profits taxes purchased QUESTION Quoted under Problem received REFERENCE Regulations 62 Revenue Act section 230 stockholders subdivision surplus surtax tax due tax imposed taxable net income taxes paid taxpayer thereof tion Total tax trade or business United war-profits and excess-profits
Popular passages
Page 432 - gross income" includes gains, profits, and income derived from salaries, wages, or compensation for personal service of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income derived...
Page 325 - An Act to reduce tariff duties and to provide revenue for the Government, and for other purposes...
Page 475 - ... (b) Interest. — All interest paid or accrued within the taxable year on indebtedness, except on indebtedness incurred or continued to purchase or carry obligations or securities (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 taxation under this title.
Page 447 - That the tax imposed by sections 210 and 211 m shall apply to the income of estates or of any kind of property held in trust...
Page 452 - If any tax required under this section to be deducted and withheld Is paid by the recipient of the Income, It shall not be re-collected from the withholding agent; nor In cases In which the tax Is so paid shall any penalty be Imposed upon or collected from the recipient of the Income or the withholding agent for failure to return or pay the same, unless such failure was fraudulent and for the purpose of evading payment.
Page 449 - A trust created by an employer as a part of a stock bonus, pension, or profit-sharing plan for the exclusive benefit of some or all of his employees, to which contributions are made by such employer, or employees, or both, for the purpose of distributing to such employees the earnings and principal of the fund accumulated by the trust in accordance with such plan...
Page 509 - 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 477 - To the result so obtained add unearned premiums on outstanding business at the end of the preceding taxable year and deduct unearned premiums on outstanding business at the end of the taxable year; (6) LOSSES INCURRED. — "Losses incurred" means losses incurred during the taxable year...
Page 294 - States) ; (3) estate, inheritance, legacy, succession and gift taxes; and (4) taxes assessed against local benefits of a kind tending to increase the value of the property assessed...
Page 434 - Whenever any State, Territory, or the District of Columbia, or any political subdivision of a State or Territory, prior to September 8, 1916, entered in good faith into a contract with any person, the object and purpose of which is to acquire, construct, operate, or maintain a public utility...