Federal Income Tax and Its Relation to Real Property: Prepared on Behalf of and Published for the Members of the Real Estate Board of New York |
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Page 31
... removed prior to the erection of a new one . The average business man would regard the cost of removing the old building as an unrequited expense , but the Department has held that the cost of such removal cannot be taken as a deduc ...
... removed prior to the erection of a new one . The average business man would regard the cost of removing the old building as an unrequited expense , but the Department has held that the cost of such removal cannot be taken as a deduc ...
Page 72
... removal by the lessee , the lessor receives income at the time when such buildings or improvements are completed , to the extent of the fair market price or value of such buildings or improvements subject to the lease . This amount ...
... removal by the lessee , the lessor receives income at the time when such buildings or improvements are completed , to the extent of the fair market price or value of such buildings or improvements subject to the lease . This amount ...
Page 75
... removal suffer depletion , other provision for this being made in the statute . See articles 201-233 . Property kept in repair may , nevertheless , be the subject of a depreciation allowance . See article 103. The deduction of an ...
... removal suffer depletion , other provision for this being made in the statute . See articles 201-233 . Property kept in repair may , nevertheless , be the subject of a depreciation allowance . See article 103. The deduction of an ...
Page 81
... Removal of Buildings . - Loss due to the volun- tary removal or demolition of old buildings , the scrapping of old machinery equipment , etc. , incident to renewals and re- placements may be deducted from gross income in a sum repre ...
... Removal of Buildings . - Loss due to the volun- tary removal or demolition of old buildings , the scrapping of old machinery equipment , etc. , incident to renewals and re- placements may be deducted from gross income in a sum repre ...
Page 83
... removed . In removing the building to a safer location it was further damaged . The damage caused by the direct action of the storm and by the removal to avoid further probable damage is held to have arisen from storm and deductible ...
... removed . In removing the building to a safer location it was further damaged . The damage caused by the direct action of the storm and by the removal to avoid further probable damage is held to have arisen from storm and deductible ...
Other editions - View all
Federal Income Tax and Its Relation to Real Property Real Estate Board of New York No preview available - 2023 |
Federal Income Tax and Its Relation to Real Property: Prepared on Behalf of ... Real Estate Board of New York No preview available - 2018 |
Common terms and phrases
acquired prior thereto allowable deduction amended by T. D. April 17 arises ascertained Bad Debts bond building cash cash basis account charged claimed compensation computed constitute contract deducted from gross deferred payments Department depreciation reserve depreciation sustained Determining Gain dividends earnest money eminent domain erected erty estate or trust excess fact fair market value farm foreclosure gain or loss gift gross income held improvements included income tax Installment Sales interest land Law Sec lease lessee March ment mortgage net income nonresident alien obsolescence owner paid Paragraph Numbers parcel Pars partnership personal service corporation price or value proceeds prop property acquired purpose real estate real property reasonable allowance received in exchange regulations rent rental result Revenue Act sale of property Sales of Real sell seller sold stock or securities stockholders subdivision taxable income taxpayer tenant thereof tion trade or business transaction treated
Popular passages
Page 35 - Includes gains, profits, and income derived from salaries, wages, or compensation for personal service * * * of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce...
Page 39 - personal service corporation " means a corporation whose income is to be ascribed primarily to the activities of the principal owners or stockholders who are themselves regularly engaged in the active conduct of the affairs of the corporation and in which capital (whether invested or borrowed) is not a material income-producing factor; but does not include any foreign...
Page 42 - Sec. 234. (a) That in computing the net income of a corporation subject to the tax imposed by section 230 there shall be allowed as deductions: (1) All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business...
Page 36 - 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 43 - 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...
Page 35 - If the taxpayer's annual accounting period is other than a fiscal year as defined in section 200 or if the taxpayer has no annual accounting period or does not keep books, the net income shall be computed on the basis of the calendar year.
Page 36 - All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services actually rendered...
Page 41 - Supplement, required to be Included In computing his net Income. Any remaining portion of such amounts specified In section...
Page 41 - ... in cases under paragraph (4) of subdivision (a) of this section the fiduciary shall include in the return a statement of each beneficiary's distributive share of such net income, whether or not distributed before the close of the taxable year for which the return is made.
Page 43 - That corporations which are affiliated within the meaning of this section may, for any taxable year beginning on or after January 1, 1922, make separate returns or, under regulations prescribed by the Commissioner with the approval of the Secretary, make a consolidated return of net income for the purpose of this title, in which case the taxes thereunder shall be computed and determined upon the basis of such return.