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INCOME TAX LAW
ANALYSIS AND COMMENT
HARRIS, FORBES & CO.
After the enactment of each of the Federal Income Tax laws, beginning in 1913, we prepared and distributed a general analysis of each statute with comments thereon. Regarding the original statute in 1913 we published two editions. These and the two later editions, we believe, have proved of interest and assistance to our clients, especially in helping them determine their taxable status and liability. In the later editions we mentioned many provisions of the law only briefly as investors had become familiar with the general operation of income tax legislation. Especially in this, the Fifth Edition, we have not considered it necessary, nor indeed adequate, to include a mere digest of each paragraph of the Act. Rather, it is our purpose to give a general resumé of the statute and in particular to discuss the practical aspects of the more important provisions, including certain changes which Congress has made in the present law. As in previous editions, the comments are in no sense intended as a legal treatise and are made in the expecta- : tion that later rulings by the Treasury Department and decisions by the courts will affect the law's interpretation and application. We shall be pleased to assist as much as possible anyone interested in the practical interpretation of the Act.
Harris, Forbes & Co
Numbers refer to pages.
will be found at the end of this Book.
Application of rates of surtax............