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 |
From inside the book
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Page 9
... to translate such regulations into bookkeeping terms and to stimulate , if possible , a more scientific , but still no less equitable tax thinking on the part of the tax - payers . In the preparation of this volume , due thanks must 9.
... to translate such regulations into bookkeeping terms and to stimulate , if possible , a more scientific , but still no less equitable tax thinking on the part of the tax - payers . In the preparation of this volume , due thanks must 9.
Page 15
... taxpayer to allocate between cost and gross income the cash received , as and when re- ceived . Under these regulations income in many cases need not be reported in the year of the title closing but when received . The regulations ...
... taxpayer to allocate between cost and gross income the cash received , as and when re- ceived . Under these regulations income in many cases need not be reported in the year of the title closing but when received . The regulations ...
Page 15
... tax - payers ' annual in comes , there would be no practical difference between the position of the Department and the policy herei set forth . A similar application of the exchange theory is evidenced in transactions where property is ...
... tax - payers ' annual in comes , there would be no practical difference between the position of the Department and the policy herei set forth . A similar application of the exchange theory is evidenced in transactions where property is ...
Page 15
... Tax - payers who report on a cash basis account for the actual cash rental received : those reporting on accrual basis report rent due whether received or not . Other operating income results from services ... taxpayer is bound to 19.
... Tax - payers who report on a cash basis account for the actual cash rental received : those reporting on accrual basis report rent due whether received or not . Other operating income results from services ... taxpayer is bound to 19.
Page 15
... taxpayer is bound to charge up on his books only that amount of rent al- lowed by the courts and not optimistically hold that there will be a final reversal of the lower court . In other words , it seems advisable to report on the basis ...
... taxpayer is bound to charge up on his books only that amount of rent al- lowed by the courts and not optimistically hold that there will be a final reversal of the lower court . In other words , it seems advisable to report on the basis ...
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.