Prentice-Hall Tax Service for 1919 (Classic Reprint)Excerpt from Prentice-Hall Tax Service for 1919 This allowance is not based upon the difference between the actual war cost of such facilities and what they would have cost at pre-war prices. Obviously the taxpayer is not entitled to recover or extinguish through amortization more than the difference between the war cost of such property and what he can sell the property for after the war, or if he continues to need and use it in his business, what it would have cost him after the war. As the rule is expressed in Article 183 of the Regulations: The total amount to be extinguished by amortization, in general, is the excess of the unextinguished or unrecovered cost of the property over its maximum value (either for sale or for use as part of the plant or equipment of a going business) under stable post war. Conditions.' About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works. |
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... exemption of 9 % of its invested capital , plus the specific exemp- tion of $ 3,000 in computing its excess profits tax . Net income as above . Interest on bonds . . $ 500,000 70,000 . $ 430,000 Net income 15 % of invested capital ...
... exemption would be 9 % of $ 2,000,000 , which is the amount of invested capital plus the specific exemption of $ 3,000 , or $ 183,000 . 15 % of invested capital .. Less exemption Balance subject to tax at rate of 20 % . Amount of tax ...
... exemption of $ 2,000 239,600 Balance subject to tax at rate of 12 % . . $ 260,400 Amount of normal tax .. 31,248 Total tax due . $ 268,848 Net income available for distribution to stockholders .. $ 231,152 ¶ 1468. As long as there is ...
... exemption for the pur- pose of income tax of $ 2,000 ? " Your question is answered in the negative . In this con- nection your attention is invited to the printed instructions , paragraph 1 , page 1 , Return Form 1120 , as follows ...
... exemption : ( 1 ) Any record or state- ment showing the exact amount of tax paid upon such articles ; ( 2 ) a certificate or statement of the following tenor : " The un- dersigned hereby certifies that the articles on which credit for ...