Income Tax Procedure ...Ronald Press, 1925 - Excess profits tax |
From inside the book
Results 1-5 of 100
Page 37
... held by the syndicate should be reported in the taxpayer's return for the year in which the dividends were declared and collectible in the proportion which his interest bears to the total amount of stock held by the syndicate ...
... held by the syndicate should be reported in the taxpayer's return for the year in which the dividends were declared and collectible in the proportion which his interest bears to the total amount of stock held by the syndicate ...
Page 41
... held to be an association.35 MINING PARTNERSHIPS . - Mining " partnerships " in Colorado and Idaho have been held to be associations because the shares are trans- ferable and because such an organization " in all its essential elements ...
... held to be an association.35 MINING PARTNERSHIPS . - Mining " partnerships " in Colorado and Idaho have been held to be associations because the shares are trans- ferable and because such an organization " in all its essential elements ...
Page 42
... held to be an association.40 Another bank was similarly held to be an association where the stockholders had a right to sell their stock to outsiders if the other stockholders refused to purchase such stock.41 A bank , in which the ...
... held to be an association.40 Another bank was similarly held to be an association where the stockholders had a right to sell their stock to outsiders if the other stockholders refused to purchase such stock.41 A bank , in which the ...
Page 43
... held to be a partnership under the laws of Texas and of a majority of the states . The life of a corporation whose charter had expired was ex- tended for a limited period for the purpose of winding up the affairs of the corporation . In ...
... held to be a partnership under the laws of Texas and of a majority of the states . The life of a corporation whose charter had expired was ex- tended for a limited period for the purpose of winding up the affairs of the corporation . In ...
Page 50
... held not to be exempt . 6 7 For a mutual savings bank to be exempt , the Treasury holds that the income must inure to the depositors and that no interest in the funds may be held by " trustees " or " members " 8 who are not depositors ...
... held not to be exempt . 6 7 For a mutual savings bank to be exempt , the Treasury holds that the income must inure to the depositors and that no interest in the funds may be held by " trustees " or " members " 8 who are not depositors ...
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Common terms and phrases
accounting period accrued affiliated agent allowed amended returns amount apply assessment assets attorney basis bonds calendar capital gains cash cent centum Chapter claim for refund collected collector computed consolidated return corporation cost court December 31 decision deductions deficiency depreciation determined distraint dividends earnings employees excess profits tax exchange exempt extension fact fair market value federal filed fiscal foreign Former Procedure gain or loss gross income held included Income Tax Procedure individual installment interest Internal Revenue inventory issued Liberty bonds limitation March ment net income normal tax notice and demand organized ownership certificates paid partnership payment penalty person prescribed prior purchase purpose received REGULATION reorganization Revenue Act RULING section 274 securities separate returns share specific statute stockholders subdivision surtax tax imposed tax returns taxable income taxpayer thereof tion transaction Treasury trust United
Popular passages
Page 633 - If an exchange would be within the provisions of subsection (b), (1), (2), (3), or (5) of this section if it were not for the fact that the property received in exchange consists not only of property permitted by such paragraph to be received without the recognition of gain, but also of other property or money...
Page 831 - Amounts distributed in complete liquidation of a corporation shall be treated as in full payment in exchange for the stock, and amounts distributed in partial liquidation of a corporation shall be treated as in part or full payment in exchange for the stock.
Page 394 - 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 680 - February 28, 1913. shall be the cost of such property; except that — "(6) Tax-free exchanges generally. — If the property was acquired upon an exchange described In section 112 (b) to (e), Inclusive, the basis shall be the same as In the case of the property exchanged, decreased In the amount of any money received by the taxpayer and Increased In the amount of gain or decreased In the amount of loss to the taxpayer that was recognized upon such exchange under the law applicable to the year In...
Page 266 - Witnesses summoned before the Board, its member, agent, or agency, shall be paid the same fees and mileage that are paid witnesses in the courts of the United States, and witnesses whose depositions are taken and the persons taking the same shall severally be entitled to the same fees as are paid for like services in the courts of the United States.
Page 888 - Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate...
Page 611 - ... to be received without the recognition of gain, but also of other property or money, then the gain, if any, to the recipient shall be recognized, but in an amount not in excess of the sum of such money and the fair market value of such other property.
Page 157 - ... the Commissioner of Internal Revenue or the collector in pursuance of law, the Commissioner shall add to the tax 25 per centum of its amount, except that when a return is filed after such time and it is shown that the failure to file it was due to a reasonable cause and not to willful neglect, no such addition shall be made to the tax.
Page 570 - Whenever in the opinion of the Commissioner the use of inventories is necessary in order clearly to determine the income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the income.
Page 66 - Corporations organized for the exclusive purpose of holding title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to an organization which itself is exempt from the tax imposed by this title...