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SOUTH CAROLINA

Duncan C. Heyward, Columbia.
SOUTH DAKOTA (See North and South Dakota)
TENNESSEE

Edward B. Craig, Nashville.
TEXAS

Alexander S. Walker, Austin.
UTAH (See Montana)
VERMONT (See New Hampshire)
VIRGINIA

Second District-Richard C. L. Moncure, Richmond.

Sixth District-John M. Hart, Roanoke. WASHINGTON (Includes Alaska)

David J. Williams, Tacoma. WEST VIRGINIA

Samuel A. Hays, Parkersburg. WISCONSIN

First District-Paul A. Hemmy, Milwaukee.

Second District-Burt Williams, Madison. WYOMING (See Colorado)

(Figures refer to Section Numbers.)

Accounting methods

“Accrued interest”..16
Accounting period

Basis of return. . 108
Changes in..111
Fiscal year..107-108
Partnership..68
Record on the form..110

Time of return.. 111
Accrued interest” accounting for..16
Administrators (see Estates and Trusts)
Advance payment of tax

May be made in installments.. 148
Optional.. 148

The penalties for failure to meet installments..148
Advisory Tax Board, power and duties.. 156
Affiliated corporations. .142
Agents

May act for non-resident alien..83

May make return. . 105
Aliens (see Non-resident alien individuals)
Amortization (see Deductions from net income)
Amount of tax paid by citizens or residents, Table No. I, Pages 18-20
Annual return (see Returns)
Assessment and payment of tax (see Returns)
"Average rate of tax"

On incomes up to $100,000, Chart A..Page 22

On incomes up to $2,000,000, Chart B..Page 23
Basic tax, explanation of..8
Beneficiaries (see Estates and trusts)
Bequests, exemption of property acquired by..32
Brokers' returns, required by Treasury Department..100
Calendar year (see Accounting period, Returns)
Casualty, losses from, deductible
Certificates of indebtedness of U. S. for payment of tax (see Returns)
Charitable contributions..46

Non-resident alien individual..80
Not allowed to corporations. . 131
Partnerships..67

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Charts

Average tax rates for all taxable incomes, see Pages 22, 23
Children, dependent, personal exemption allowed for..10
Citizens or residents—The provision applying to individuals gener.

ally, apply to citizens or residents of the U. S. Provisions or
which information is desired, should be sought in this index

under the appropriate head applying to individuals.
Claiming benefit of personal exemption..97
Collection of foreign items, license required for..102
Consolidated returns. . 142
Computing tax, method of, see Example..Page 21
Consolidations, Mergers, etc. (see Gain or loss)
Constitutionality, question of, taxation of,

Municipal, etc. bond interest..34

Stock dividends..30
Contributions (see Charitable contributions)
Corporations

Affiliated.. 142
Charitable contributions not allowed. . 131
Computing profit or loss.. 128
Consolidated returns. .142
Credits allowable..132
Dividends received by..26
Exempt income.. 124-5

Must be reported.. 126
Gross income. . 129
Inspection of returns. .163
Items not deductible.. 130
Must give information at the source. . 122
Net income..130
Non-taxable.. 120-121
Public utility, income. . 127
Preferred stock.. 134
Preliminary return. . 144
Rates of tax..119
Returns.. 141
Salary paid employees in army..133
Stock dividends..30
Tax-free covenants..135
Taxable.. 118
Time and place of returns. . 143
When taxable..19
See Dividends
See Foreign corporations
See Insurance companies

Corporations organized to escape tax

Explanation of..72
Holding companies.. 74

Members taxable..73
Corporations

Net income..130

Under previous Laws. .117
Cost, basis of determining gain or loss.. 15
Court Decisions, stock dividends..30
Credits allowable

Corporations. . 132
Non-resident alien individuals. .80-1

See Estates and trusts
"Dealer in securities,” Commissioner's ruling in regard to..17
Debts, worthless, deductions allowed for..46
“Deduction at the source"

Amount deducted..91
Foreign corporations..93, 139, 143
Non-resident alien partnerships..93
Personal exemption claim for..97
Purpose of..88
Return of withholding agent..96
Under tax-free covenant..90
When corporations decline..95
When owner is not known..92
See Information at the source

See Non-resident alien individual
Deductions from net income

Broadened views..47
Classification of..46
Corporations. .130
Foreign income taxes..55
Foreign organizations..137
Income tax, not included..54
Losses in trade. .48
Non-resident alien individuals. . 46, 78-9

See Estates and trusts
Dependents, definition of..12
Dividend records.. 101
Dividends

Accumulation of..22
Depends on whether organization is taxable. .19
Distributed from earnings and profits..25
During first 60 days of taxable year. .31
Liable to surtax..20

Not subject to income tax. . 20-21
Personal service corporations. . 24-71
Received by corporations. . 26
Received by non-resident alien individuals..21
Under previous Laws..22
Under Statute of 1918. .23-24

See Stock dividends
Domestic corporation (see Corporations)
“Dual-plan” Law, Act of 1918..4
Estates and trusts

Computing net income..62
Exemptions and credits..59-63
How treated..56
Liability of fiduciary..59
Personal exemption for beneficiary..60
Returns made by fiduciary..59
When tax is paid

By beneficiary..58

By fiduciary..56-57
Exchange of property, gain or loss, in..15
Executors (see Estates and trusts, Fiduciaries)
Exempt from tax, foreign governments. .32
Exempt income

Corporations. . 124-5
Federal Farm Loan bonds..44
Itemized. .32
Municipal, etc. bond interest. .34
Partnerships..66-7
Political subdivision..35
Public utility..127
Salary of President, etc., not exempt..33
State, municipal, etc. employees, salary, probably exempt..33

U. S. obligations..37
Exempt organizations (see Corporations)
Exemption, personal (see Personal exemption)
Extension of time to file return..114
Farmers, return by..107
Federal employees, salary of, not exempt..33
Federal Farm Loan bonds exempt..44
Federal obligations (see Exempt income)
Federal reserve banks. .123
Fiduciaries

Payment of tax by..56-8
Returns by..59

146

146

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