Regulations 77 Relating to the Income Tax Under the Revenue Act of 1932 |
From inside the book
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Page 3
... provided in sec- tion 25 ; and ( b ) 8 per centum of the remainder of such excess amount . ART . 11. Income tax on individuals . - Title I of the Act , which in general is effective January 1 , 1932 ( see section 65 ) , imposes an ...
... provided in sec- tion 25 ; and ( b ) 8 per centum of the remainder of such excess amount . ART . 11. Income tax on individuals . - Title I of the Act , which in general is effective January 1 , 1932 ( see section 65 ) , imposes an ...
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... provided in section 26 . ( b ) Exempt corporations . - For corporations exempt from tax , see section 103 . ( c ) Improper accumulation of surplus . For tax on corporations which accumulate surplus to evade surtax on stockholders , see ...
... provided in section 26 . ( b ) Exempt corporations . - For corporations exempt from tax , see section 103 . ( c ) Improper accumulation of surplus . For tax on corporations which accumulate surplus to evade surtax on stockholders , see ...
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... section 204. Mutual insurance companies other than life are taxed under section 13. ( See section 208. ) As to ... provided in section 105 . PART II - COMPUTATION OF NET INCOME SEC . 21. NET INCOME . " Net income means the gross income ...
... section 204. Mutual insurance companies other than life are taxed under section 13. ( See section 208. ) As to ... provided in section 105 . PART II - COMPUTATION OF NET INCOME SEC . 21. NET INCOME . " Net income means the gross income ...
Page 11
... sections 22 ( b ) and 116. ) In general , income is 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 . Profits of ...
... sections 22 ( b ) and 116. ) In general , income is 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 . Profits of ...
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... section 131 ( relating to credit for taxes of foreign countries and ... provided by the law of the jurisdiction imposing such taxes , and shall be ... section 131 and articles 691-698 as to tax credits . Postage is not a tax . Amounts ...
... section 131 ( relating to credit for taxes of foreign countries and ... provided by the law of the jurisdiction imposing such taxes , and shall be ... section 131 and articles 691-698 as to tax credits . Postage is not a tax . Amounts ...
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Common terms and phrases
acquired adjustment allocated applicable assessment basis beneficiary Board bonds capital net gain cent centum in addition claim collector Commissioner compensation computing net income cost December 31 deductible from gross deficiency depletion deposit determined distraint distribution District of Columbia dividends domestic corporation employees entitled exchange expenses fair market value February 28 fiduciary filed foreign corporation gain or loss gross income included in gross income from sources income tax incomes in excess insurance companies interest Internal Revenue inventory lessor liability Liberty bond Liberty loan ment method mineral nonresident alien individual normal tax obligations officer paid or accrued paragraph partnership payment period prescribed production profits provided in section purchased purpose reasonable refund resident respect return of income Revenue Act section 23 shareholder sold stock or securities surtax tax imposed taxable taxpayer thereof tion trade or business transfer trust instrument
Popular passages
Page 11 - 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 138 - ... 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...
Page 166 - 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 164 - 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...
Page 170 - ... a transfer by a corporation of all or a part of its assets to another corporation if immediately after the transfer the transferor or its stockholders or both are in control of the corporation to which the assets are transferred, or (C) a recapitalization, or (D) a mere change in identity, form, or place of organization, however effected. (2) The term "a party to a reorganization...
Page 194 - If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend...
Page 139 - ... 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 54 - 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.
Page 112 - 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 224 - ... paid by such foreign corporation to any foreign country or to any possession of the United States, upon or with respect to the accumulated profits of such foreign corporation from which such dividends were paid, which the amount of such dividends bears to the amount of such accumulated profits...