Income Tax Procedure ...Ronald Press, 1925 - Excess profits tax |
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Page iv
... realized , no matter how large it may be . An inventor who sells an invention , recently patented , representing the work of a lifetime , may pay more than 40 per cent of the gross amount realized . The 122 per cent tax is always taken ...
... realized , no matter how large it may be . An inventor who sells an invention , recently patented , representing the work of a lifetime , may pay more than 40 per cent of the gross amount realized . The 122 per cent tax is always taken ...
Page 17
... realized in the two next succeeding years . In other words , such losses could be used to offset subsequent gains , but losses were " outlawed " for this purpose after the expiration of two years . This change went far toward rendering ...
... realized in the two next succeeding years . In other words , such losses could be used to offset subsequent gains , but losses were " outlawed " for this purpose after the expiration of two years . This change went far toward rendering ...
Page 61
... realized from such activities is subject to tax . ( Art . 520. ) The Treasury has ruled as exempt under this section a chapter of a college fraternity maintaining a chapter home , 85 a club providing a meeting place and dining room for ...
... realized from such activities is subject to tax . ( Art . 520. ) The Treasury has ruled as exempt under this section a chapter of a college fraternity maintaining a chapter home , 85 a club providing a meeting place and dining room for ...
Page 254
... realized that the practice before us must be necessarily hybrid . Although designated in the statute as an appeal , cases cannot be brought before the Board on a record made below . The records made in the Units of the Bureau of ...
... realized that the practice before us must be necessarily hybrid . Although designated in the statute as an appeal , cases cannot be brought before the Board on a record made below . The records made in the Units of the Bureau of ...
Page 344
... realized by a corporation from the mere distribution of its assets in kind upon dissolution , however they may have appreciated or depreciated in value since their acquisi- tion . See , further , articles 622 and 1545. ( Art . 548 ...
... realized by a corporation from the mere distribution of its assets in kind upon dissolution , however they may have appreciated or depreciated in value since their acquisi- tion . See , further , articles 622 and 1545. ( Art . 548 ...
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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...