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acquired acres additional agreed agreement allowed amount Appeal assessment assets basis Board bonds building capital capital stock cash cent charged claimed coal collection Commissioner Company computing consideration considered contends contract corporation cost court debts December deduction deficiency depreciation determined dividends effect ended entered entitled evidence executors expenses fact filed FINDINGS OF FACT fiscal follows gross held included income installment interest INTERNAL REVENUE invested capital issued January July June land lease liability loss Manufacturing March necessary notes notice operations opinion organized owners paid parties partnership payment period petitioner petitioner's preferred stock prior proceeding profits purchase question reason received record represented respect respondent result Revenue Act salary shares ship sold statute stockholders taxable taxpayer thereof tion transferred Trust United
Page 581 - That the tax imposed by sections 210 and 211 shall apply to the income of estates or of any kind of property held in trust...
Page 208 - taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the net income is computed under section 212 or 232. The term "fiscal year" means an accounting period of twelve months ending on the last day of any month other than December. The term "taxable year...
Page 157 - ... 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...
Page 157 - July seventeenth, nineteen hundred and sixteen; the compensation of the present President of the United States during the term for which he has been elected, and the judges of the Supreme and inferior courts of the United States now in office, and the compensation of all officers and employees of a State, or any political subdivision thereof, except when such compensation is paid by the United States Government.
Page 435 - ... (e) LOSSES BY INDIVIDUALS. — In the case of an individual, losses sustained during the taxable year and not compensated for by insurance or otherwise — if incurred in trade or business ; or if incurred in any transaction entered into for profit, though not connected with the trade or business...
Page 474 - ... that proportion of the installment payments actually received in that year which the total profit realized or to be realized when the payment is completed, bears to the total contract price.
Page 204 - ... factors, a reasonable allowance as compensation for the personal services actually rendered by the taxpayer, not in excess of 20 per centum of his share of the net profits of such trade or business, shall be considered as earned income.
Page 162 - Act of 1918, a tax equal to the sum of the following percentages of the value of the net estate (determined as provided in Section 403) is hereby imposed upon the transfer of the net estate of every decedent dying after the passage of this Act, whether a resident or nonresident of the United States : ******* "Sec.
Page 937 - Income may be defined as the gain derived from capital, from labor, or from both combined," provided it be understood to include profit gained through a sale or conversion of capital assets, to which it was applied in the Doyle Case (pp.
Page 581 - ... there shall be allowed as an additional deduction in computing the net income of SESSION LAWS the estate or trust the amount of the income of the estate or trust for its taxable year which is properly paid or credited during such year to any legatee, heir or beneficiary.