Comparison of the Revenue Acts of 1918 and 1921 |
From inside the book
Results 1-5 of 55
Page 13
... penalties , as other taxes under this title . ( c ) In the case of a partnership or of an estate or trust , the proper part of each share of the net income which consists , respectively , of ordinary net income and capital net gain ...
... penalties , as other taxes under this title . ( c ) In the case of a partnership or of an estate or trust , the proper part of each share of the net income which consists , respectively , of ordinary net income and capital net gain ...
Page 38
... penalties , as that tax : Pro- vided , That if all the stockholders or members of such corporation agree there- to , the Commissioner may , in lieu of all income , war - profits and excess - profits taxes imposed upon the corporation ...
... penalties , as that tax : Pro- vided , That if all the stockholders or members of such corporation agree there- to , the Commissioner may , in lieu of all income , war - profits and excess - profits taxes imposed upon the corporation ...
Page 40
... 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 . CREDIT FOR TAXES IN CASE ...
... 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 . CREDIT FOR TAXES IN CASE ...
Page 66
... penalty because of such understatement . If the understatement is due to negligence on the part of the taxpayer , but without intent to defraud , there shall be added as part of the tax 5 per centum of the total amount of the deficiency ...
... penalty because of such understatement . If the understatement is due to negligence on the part of the taxpayer , but without intent to defraud , there shall be added as part of the tax 5 per centum of the total amount of the deficiency ...
Page 67
... penalty and interest shall become due and pay- able upon notice and demand by the collector . If any part of the deficiency is due to fraud with intent to evade tax , then , in lieu of the penalty provided by section 3176 of the Revised ...
... penalty and interest shall become due and pay- able upon notice and demand by the collector . If any part of the deficiency is due to fraud with intent to evade tax , then , in lieu of the penalty provided by section 3176 of the Revised ...
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...