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Personal exemption allowed.......

Husband and wife.
“Head of a family."
Dependent persons.

In computing normal tax only.
Gross Income-includes.

...............
Salaries, wages, compensation for personal service.
Professions, vocations, trades, business, etc.
Sales or dealings in property, real or personal.

Interest, rent and dividends.
Method of calculating gain or loss.
“Accrued interest"
Inventories ..............................

“Dealer in securities.”

Special provisions 1918 law.
Dividends

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What ones are subject to tax.
Liable to surtax.
Non-resident aliens.
Under 1913 law.
Under 1916 law.
Under 1917 law.
Under present law.

Dividends received by corporations.
Stock dividends

Definition,

Constitutionality of taxation.
Dividend received during first 60 days of taxable year....
Exempt income

Proceeds of life insurance policies.
Premiums, etc., on insurance contracts.
Gifts, bequests, devises, etc.
Income of foreign governments from sources within the

United States
Amounts received through accident or health insurance or

workmen's compensation
Income derived from any public utility or the exercise of any

governmental function, etc.
wat Amounts over $3,500. received as pay in the military and

naval forces in the United States. Salaries of the President, Judges of the Supreme Court, etc. not exempt ......

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Interest on “municipal bonds” etc. exempt................
Political subdivision defined.....
Taxpayer shall make return of non-taxable bonds..

S.........

United States Government obligations...........

Issued previous to September 1917, exempt.
Subsequent issues when exempt.
Liberty Loan bonds--exemption of.
Federal Farm Loan bonds.

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Net income .....

..... Definition.

Items not deductible.
Deductions allowed

.....
Necessary business expenses.
Interest on indebtedness.
Taxes.
Losses in taxpayers' business; Loss from casualty, theft;

Losses in other transactions.
Bad Debts.
Exhaustion, wear and tear and obsolescence.
Amortization.
Depreciation and depletion.
Contributions to benevolent organizations.
Non-resident aliens.

Recent changes regarding deductions.
Full amount of realized losses allowed.......
“Net Loss” ...............
Claim in abatement, for inventory losses.
Losses after the year 1918.
Income tax paid no longer deductible.......
Foreign income taxes..............
Estates and trusts—how taxed..............

Tax paid by beneficiary.
Return made by fiduciary.

Credits allowed estates.
Partnerships—must file return.....

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Not taxed as such-Members taxed individually.
Partners allowed partnership credits.

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Personal service corporation .......

Generally not subject to tax.

Dividends.
Corporations organized to escape tax........ ........
Non-resident alien individuals........

Income subject to tax.
Liable to normal tax.
Gross income.
Deductions.
Must file returns.

Agent may act for.
Tax-free covenants and deduction at the source..........

Tax-free covenants defined.

Status under Acts of 1913 and 1916.
Deduction at the source..........

Purpose.
“Deduction” abolished in large part.
“Information at the source” developed.

Under tax-free covenant.
Deduction at the source-non-resident alien individuals... 66

Applies to practically all American income.
Does not apply to dividends.

Amount of tax deducted.
Owners of securities not known to withholding agents.... 66
Deduction at the source. .....

... 67-68
Non-resident partnerships.
Not applied to Domestic Corporations.
Where corporation declines to pay the tax.
Return of withholding agent.
Citizen or non-resident may claim personal exemption.

...

65

...... 68-69

Information at the source......

Regarding domestic and foreign securities,
Amounts which applied.
Requirements as to payment.
Treasury Department may require:

Brokers' records.
Stockholders' lists.
Dividend records.

License for collection of foreign payments.......

...........

inual return of income........
rsons required to make return.........

Husband and wife.
Every individual with certain income.
Minors.
Guardians and other fiduciaries—Returns.
Agents may make returns.
Partnerships' returns.

Farmers' schedules. ccounting period

Period covered:

Calendar or fiscal year.
How income is recorded.

Changing from fiscal to calendar year, etc.
ime and place of return.........
xtension of time for filing return........
nderstatement ..

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Corporation Tax

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ormer corporate income tax laws.....
axable organizations classified.
ates under 1918 Law.................
on-taxable organizations .
ederal Reserve Banks.........
xempt income.

..............
Income on so-called Municipal bonds.
Liberty Loan, Federal Farm loan, etc., bonds.

Public utility income.
Computing profit or loss on sales.......

....... iross income-domestic and foreign corporations........ Vet income and deductions.

...............
Expenses, rentals, etc.
Losses, depreciation.
Interest on indebtedness.
Taxes.
Amortization.

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Charitable contributions not deductible. .....
Special credits allowed........
Salary paid employee in Army .............
Miscellaneous provisions regarding interest deductions....
Insurance companies, special provisions.
Foreign organizations

Deductions allowed.

Interest on indebtedness.
Deduction at the source.............

As applied to foreign organizations.
Amount of tax to be deducted at source.

Domestic and foreign corporations.
Corporate returns ...

Organizations must file returns.
Consolidated returns.
Affiliated corporations.
Time and place of filing.
Preliminary returns.

Foreign corporations and preliminary returns.
When returns are due ..................

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Examination and readjustment.....
Penalty for understatements...........
Receipts may be obtained.........
Optional means of payment........

Uncertified checks.

Certificates of indebtedness.
1918 Law refund provisions ........
Returns may be inspected—under what conditions ........
Secrecy regarding returns.
Advisory Tax Board, powers and duties..................
Income Tax Law in Porto Rico and the Philippines......

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