Report of the Joint Committee on Internal Revenue Taxation, Volumes 1-3U.S. Government Printing Office, 1927 - Taxation |
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Page 17
... decision by the Court of Claims in McKinney v . United States , and the denial of certiorari by the United States Supreme Court , the rule was changed so as to provide that gain or loss on such a sale would be measured as though the ...
... decision by the Court of Claims in McKinney v . United States , and the denial of certiorari by the United States Supreme Court , the rule was changed so as to provide that gain or loss on such a sale would be measured as though the ...
Page 25
... decisions become faulty , the dis- position of cases is delayed , appeals to the board are multiplied , and there is great loss to the Government and taxpayers alike . The im- provement of bureau personnel is indispensable to the ...
... decisions become faulty , the dis- position of cases is delayed , appeals to the board are multiplied , and there is great loss to the Government and taxpayers alike . The im- provement of bureau personnel is indispensable to the ...
Page 49
... decisions or Board of Tax Appeals decisions on this section . There is therefore a lack of authoritative information as to the validity of the statute and the possibility of its effective enforcement . Five cases involving section 220 ...
... decisions or Board of Tax Appeals decisions on this section . There is therefore a lack of authoritative information as to the validity of the statute and the possibility of its effective enforcement . Five cases involving section 220 ...
Page 51
... deciding such cases long after the event , the commissioner is called upon to substitute his business judgment as to the prospective needs of an enterprise at a given date for the current judgment of those responsible for the conduct of ...
... deciding such cases long after the event , the commissioner is called upon to substitute his business judgment as to the prospective needs of an enterprise at a given date for the current judgment of those responsible for the conduct of ...
Page 54
... decision on the question whether there is a prima facie- case under the statute is conclusive . The problem in Great Britain is somewhat different from our problem . There the rate of tax on corporations and the normal rate on ...
... decision on the question whether there is a prima facie- case under the statute is conclusive . The problem in Great Britain is somewhat different from our problem . There the rate of tax on corporations and the normal rate on ...
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Common terms and phrases
additional tax administration affiliated allowed amortization Amount involved approval arising assets attorney audit basis beneficiary Board of Tax Bureau of Internal capital gains capital net gain cent centum claims closed collection Commissioner computed consolidated return counsel counsel's office court December 31 decision deduction depreciation determined distraint distributed dividends division dollars earned income excess-profits taxes exemption fiduciary filed fiscal gain or loss Government gross income included Income Tax Unit individual installment interest Internal Revenue internal-revenue inventories invested capital issues June 30 law and fact ment method month nonresident alien normal tax offers in compromise paid partnership payment pending period petitions prior profits provided in section provisions questions received recommended refund result Revenue Act revenue agents section 280 section are mainly statute statute of limitations surtax Tax Appeals tax imposed tax liability taxable taxation taxpayer tion Total transfer United States attorney
Popular passages
Page 25 - Fraternal beneficiary societies, orders, or associations, (a) operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system...
Page 24 - capital assets" means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Page 70 - 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 12 - In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case...
Page 17 - BASIS. (a) DEALERS IN PERSONAL PROPERTY. — Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price.
Page 49 - The net income of the estate or trust shall be computed in the same manner and on the same basis as in the case of an individual...
Page 38 - Including — (A) interest on deposits with persons carrying on the banking business paid to persons not engaged In business within the United States and not having an office or place of business therein...
Page 21 - ... (2) In the payment of any contributions, a fractional part of a cent shall be disregarded unless it amounts to one-half cent or more, in which case it shall be increased to 1 cent.
Page 72 - The amounts of the following liabilities shall, except as hereinafter in this section provided, be assessed, collected, and paid in the same manner and subject to the same provisions and limitations...
Page 32 - ... (6) TAX-FREE EXCHANGES GENERALLY. — If the property was acquired, after February 28, 1913, upon an exchange described in section 112 (b) to (e), inclusive, the basis shall be the same as in the case of the property exchanged, decreased in the amount of any money received by the taxpayer and increased in the amount of gain or decreased in the amount of loss to the taxpayer that was recognized upon such exchange under the law applicable to the year in which the exchange was made.