Income Tax Procedure ...Ronald Press, 1925 - Excess profits tax |
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Page 417
... market value of the stock , in his individual return , or whether the corporation should use in its form 1099 the figure representing the market value of the stock to the employee . The latter seems to the author the better procedure ...
... market value of the stock , in his individual return , or whether the corporation should use in its form 1099 the figure representing the market value of the stock to the employee . The latter seems to the author the better procedure ...
Page 516
... market value of such warrants should be returned as income . If for any reason the contractor upon conversion of the warrants into cash does not receive and can not recover the full value of the warrants so returned , he may deduct from ...
... market value of such warrants should be returned as income . If for any reason the contractor upon conversion of the warrants into cash does not receive and can not recover the full value of the warrants so returned , he may deduct from ...
Page 523
... value to the company , he received from the corporation certain property , the fair market value of which should be included in his gross income . ( C. B. I - 1 , page 71 ; I. T. 1262. ) It is doubtful whether the corporation was ...
... value to the company , he received from the corporation certain property , the fair market value of which should be included in his gross income . ( C. B. I - 1 , page 71 ; I. T. 1262. ) It is doubtful whether the corporation was ...
Page 524
... market value because the stock is not bought and sold on an ex- change , or when the directors have placed an " optimistic " value upon the shares . In case the recipient of the stock is one of the directors and as such has been a party ...
... market value because the stock is not bought and sold on an ex- change , or when the directors have placed an " optimistic " value upon the shares . In case the recipient of the stock is one of the directors and as such has been a party ...
Page 525
... value of the invention , measured by the price which the manufacturer has paid for it . Where the inventor himself ... market within a very short time after the date of its issue and receipt by the taxpayer is strong evidence that it had ...
... value of the invention , measured by the price which the manufacturer has paid for it . Where the inventor himself ... market within a very short time after the date of its issue and receipt by the taxpayer is strong evidence that it had ...
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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...