Chapter II. Proceeds from Disposal of Real Property.

(a) Ordinary Sales.

(b) Sales on Installment Plan.

(c) Sales of Lots.

(d) Exchanges.

(e) Date Sale Takes Effect.

Chapter III. Proceeds from Operation of Property.

Chapter IV. Proceeds from Operation of Leaseholds.

Chapter V. Proceeds from Miscellaneous Sources.

Part III. -Deductions from Gross Income.

Chapter VI. Deductions based on Depreciation and

Obsolescence.

Chapter VII. Deductions based on Destruction of

Property.

Chapter VIII. Deductions based on Miscellaneous Ex-
penses and Costs.

(a) Taxes and Assessments.

(b) Bad Debts.

(c) Repairs.

(d) Contributions.

(e) Salaries.

(f) Mortgage Expenses.

(g) Sundries.

Part IV. Forms of Ownership.

Chapter IX. Individual, Partnership, Corporation, etc.

Part V. -Government Documents.

Chapter X. Excerpts from Revenue Law of 1918.

Chapter XI. Regulations, Decisions, Opinions, etc.

FOREWORD

The Committee on Publication of Federal Income Tax Information, of the Real Estate Board of New York, is confident that this volume will be of great value to the members. Its publication comes at a time of great uncertainty as to a federal plan of taxation for 1921. There is every reason to believe, however, that no matter what new source of revenue will be invoked to take the place of the Excess Profits Tax, the Income Tax on individuals and corporations will of necessity have to be continued. Under such circumstances, the present problem of interpreting when and under what circumstances profit or loss accrues to a taxpayer, must continue to receive the serious attention of the members of our industry. That our industry has its own unique problems, is self-evident.

Realizing that the administrative features of the Federal Legislation, such as procedure in connection with making returns, claiming abatements and refunds, etc., are accessible to all members through private publications of financial institutions, the contents of this volume has been limited to those unique problems which relate solely to real property and which heretofore have never been separately collated and published. Lack of space, moreover, has prevented the publication in this volume of many regulations incidental to real estate but not of prime interest to members of this Board; for example, situations affecting farm lands, standing timber, orchards,

etc.

The Committee on Publication of Federal Income Tax Information was ambitious to make this study most comprehensive. It knows that what is here offered is the only study of its kind which has been made in the country. It regrets the necessity of limiting