Questions and Answers on Federal Tax Laws: Based on Revenue Act of 1924 and Treasury Regulations and Rulings, as of January 15, 1925 ... |
From inside the book
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Page 8
... excess of the cost of the stock to a stock- holder ( or its value on March 1 , 1913 , if acquired before that date , whichever is higher ) were subject only to surtax to the ex- tent that payments were made out of earnings or profits ...
... excess of the cost of the stock to a stock- holder ( or its value on March 1 , 1913 , if acquired before that date , whichever is higher ) were subject only to surtax to the ex- tent that payments were made out of earnings or profits ...
Page 14
... excess of the credits allowed by Section 216 ( d ) and ( e ) of the Law . ( See page 69. ) All net income above the amounts taxed at 2 per cent and 4 per cent is taxed at the rate of 6 per cent . The surtax is imposed , in addition to ...
... excess of the credits allowed by Section 216 ( d ) and ( e ) of the Law . ( See page 69. ) All net income above the amounts taxed at 2 per cent and 4 per cent is taxed at the rate of 6 per cent . The surtax is imposed , in addition to ...
Page 15
... excess of $ 5,000 , but the actual amount of your earned income ( $ 4,500 ) is less than $ 5,000 , it is assumed that at least $ 5,000 of your income is earned , as provided in Section 209 ( a ) ( 3 ) of the Law ( see page 62 ) . The ...
... excess of $ 5,000 , but the actual amount of your earned income ( $ 4,500 ) is less than $ 5,000 , it is assumed that at least $ 5,000 of your income is earned , as provided in Section 209 ( a ) ( 3 ) of the Law ( see page 62 ) . The ...
Page 17
... of $ 2,500 and dividends of $ 40,000 being in excess of his : income , leaves no net income subject to normal tax . The tax on $ 18,000 is $ 140 . ) EXEMPT INCOME Q. What income is exempt from tax ? [ 17 ] INCOME TAX PROBLEMS - INDIVIDUALS.
... of $ 2,500 and dividends of $ 40,000 being in excess of his : income , leaves no net income subject to normal tax . The tax on $ 18,000 is $ 140 . ) EXEMPT INCOME Q. What income is exempt from tax ? [ 17 ] INCOME TAX PROBLEMS - INDIVIDUALS.
Page 25
... excess of the sum of the fair market value of the Liberty Bonds and the fair market value of the stock received in exchange , over the cost of the property exchanged , but this Section also limits the taxable gain in a reorganization ...
... excess of the sum of the fair market value of the Liberty Bonds and the fair market value of the stock received in exchange , over the cost of the property exchanged , but this Section also limits the taxable gain in a reorganization ...
Common terms and phrases
50 per centum amended apply approval assessed basis beneficiary Board bonds calendar capital cent centum in addition cigars claim collected collector Commissioner of Internal computed dealer decedent deductions allowed deficiency determined distraint distributed District of Columbia dividends domestic corporation earned income enactment entitled estate or trust estate tax exchange executor expiration fair market value fiduciary filed fiscal foreign corporation gain or loss gift tax gross estate gross income imposed by section income tax incomes in excess insurance company interest Internal Revenue internal-revenue Liberty Bonds lieu manufacturer non-resident nonresident alien individual normal tax notice and demand paragraph partnership payable payment period personal exemption proceeding in court profits provided in section provided in subdivision purposes received resident Revenue Act Secretary section 216 shares sold stamp stock or securities surtax tax imposed taxpayer term tobacco trade or business Treasury United war-profits
Popular passages
Page 134 - ... and any offense against the foregoing provision shall be a misdemeanor and be punished by a fine not exceeding $1,000 or by imprisonment not exceeding one year, or both...
Page 55 - If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend...
Page 56 - 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, 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 102 - Interest upon the amount determined as a deficiency shall be assessed at the same time as the deficiency, shall be paid upon notice and demand from the collector, and shall be collected as a part of the tax, at the rate of 6 per centum per annum from the date prescribed for the payment of the tax (or, if the tax is paid in installments, from the date prescribed for the payment of the first installment) to the date the deficiency is assessed...
Page 133 - Any person who willfully fails to pay, collect, or truthfully account for and pay over, any tax imposed by Titles IV, V, VI, VII, and VIII, or willfully attempts in any manner to evade or defeat any such tax or the payment thereof...
Page 87 - All persons, in whatever capacity acting, including lessees or mortgagors of real or personal property, fiduciaries, and employers...
Page 92 - If any part of any deficiency is due to fraud with intent to evade tax, then 50 per centum of the total amount of the deficiency (in addition to such deficiency) shall be so assessed, collected, and paid, in lieu of the 50 per centum addition to the tax provided in section 3176 of the Revised Statutes, as amended.
Page 85 - States) ; (3) estate, inheritance, legacy, succession and gift taxes; and (4) taxes assessed against local benefits of a kind tending to increase the value of the property assessed...
Page 130 - The amount so added to any tax shall be collected at the same time and in the same manner and as a part of the tax unless the tax has been paid before the discovery of the neglect, falsity, or fraud, in which case the amount so added shall be collected in the same manner as the tax.
Page 56 - If an exchange would be within the provisions of paragraph (3) of subdivision (b) if it were not for the fact that the property received in exchange consists not only of stock or securities permitted by such paragraph to be received without the recognition of gain, but also of other property or money...