Comparison of the Revenue Acts of 1918 and 1921 |
From inside the book
Results 1-5 of 62
Page 6
... less than such basis but not less than such fair market price or value , no gain shall be included in and no loss deducted from the gross income . ( c ) For the purposes of this title , on an exchange of property , real , personal or ...
... less than such basis but not less than such fair market price or value , no gain shall be included in and no loss deducted from the gross income . ( c ) For the purposes of this title , on an exchange of property , real , personal or ...
Page 13
... less than 12 per centum of the total net income . The total tax thus determined shall be computed , collected and paid in the same manner , at the same time and subject to the same pro- visions of law , including penalties , as other ...
... less than 12 per centum of the total net income . The total tax thus determined shall be computed , collected and paid in the same manner , at the same time and subject to the same pro- visions of law , including penalties , as other ...
Page 20
... less the deductions allowed by section 214 . ( b ) The net income shall be computed upon the basis of the taxpayer's annual accounting period ( fiscal year or calendar year , as the case may be ) in accordance with the method of ...
... less the deductions allowed by section 214 . ( b ) The net income shall be computed upon the basis of the taxpayer's annual accounting period ( fiscal year or calendar year , as the case may be ) in accordance with the method of ...
Page 25
... less , in order to clearly reflect the income , the loss should , in the opinion of the Com- missioner , be accounted for as of a dif- ferent period . In case of losses arising from destruction of or damage to property , where the ...
... less , in order to clearly reflect the income , the loss should , in the opinion of the Com- missioner , be accounted for as of a dif- ferent period . In case of losses arising from destruction of or damage to property , where the ...
Page 31
... less than 20 per centum of the gross income of such resident payor has been derived from sources within the United States , as determined under the provisions of this section , for the three - year period ending with the close of the ...
... less than 20 per centum of the gross income of such resident payor has been derived from sources within the United States , as determined under the provisions of this section , for the three - year period ending with the close of the ...
Common terms and phrases
20 per centum 50 cents accrued alcohol by volume amended amount of tax amount paid approval assessed basis benefit bonds calendar cents cigars collected Commis computed contract dealer decedent December 31 deemed distributed District of Columbia dividends estate or trust excess-profits taxes exempt fair market filed fiscal foreign corporation gross estate gross income hereby imposed by section income exceeds income tax interest Internal Revenue internal-revenue invested capital leaf tobacco levied Liberty Bond lieu manner manufacturer ment net income exceeds nonresident alien package par value paragraph partnership payable payment penalty personal service corporation place of business poration Provided further provided in section purposes regulations prescribed Revenue Act Secretary section 230 sioner sold special tax stamp stock or shares subdivision tax due tax equivalent tax imposed taxable taxpayer thereof tion trade or business United vided wines
Popular passages
Page 26 - ... rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity.
Page 23 - The amount of all such items shall be included in the gross income for the taxable year in which received by the taxpayer, unless, under methods of accounting permitted under subdivision (b) of section 212, any such amounts are to be properly accounted for as of a different period...
Page 27 - Debts ascertained to be worthless and charged off within the taxable year (or, in the discretion of the Commissioner, a reasonable addition to a reserve for bad debts) ; and when satisfied that a debt is recoverable only in part, the Commissioner may allow such debt, in an amount not in excess of the part charged off within the taxable year, as a deduction.
Page 98 - To the extent of the amount receivable by the executor as insurance under policies taken out by the decedent upon his own life; and to the extent of the excess over $40,000 of the amount receivable by all other beneficiaries as insurance under policies taken out by the decedent upon his own life.
Page 52 - ... (B) from a foreign corporation unless less than 50 per centum of the gross income of such foreign corporation for the three-year period ending with the close of its taxable year preceding the declaration of such dividends (or for such part of such period as the corporation has been in existence) was derived from sources within the United States as determined under the provisions of this section...
Page 97 - ... except such part thereof as may be shown to have originally belonged to such other person and never to have been received or acquired by the latter from the decedent for less than an adequate and full consideration in money or money's worth: Provided.
Page 9 - 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 24 - The income of foreign governments received from investments in the United States in stocks, bonds, or other domestic securities, owned by such foreign governments, or from interest on deposits in banks in the United States of moneys belonging to such foreign governments, or from any other source within the United States ; 56.
Page 178 - SEC. 3226. 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 34 - States, the net income may first be computed by deducting the expenses, losses or other deductions apportioned or allocated thereto and a ratable part of any expenses, losses or other deductions which can not definitely be allocated to some item or class of gross income...