Regulations 86 Relating to the Income Tax Under the Revenue Act of 1934 |
From inside the book
Results 1-5 of 66
Page 30
... reasonable basis , taking into consideration the usability and the condition of the goods , but in no case shall such value be less than the scrap value . Bona fide selling price means actual offering of goods during a period ending not ...
... reasonable basis , taking into consideration the usability and the condition of the goods , but in no case shall such value be less than the scrap value . Bona fide selling price means actual offering of goods during a period ending not ...
Page 31
... reasonable consistency to the entire inventory . Tax- payers were given an option to adopt the basis of either ( a ) cost or ( b ) cost or market , whichever is lower , for their 1920 inventories . The basis properly adopted for that ...
... reasonable consistency to the entire inventory . Tax- payers were given an option to adopt the basis of either ( a ) cost or ( b ) cost or market , whichever is lower , for their 1920 inventories . The basis properly adopted for that ...
Page 32
... reasonable proportion of management expenses , but not including any cost of selling or return on capital , whether by way of interest or profit . ( 4 ) In any industry in which the usual rules for computation of cost of production are ...
... reasonable proportion of management expenses , but not including any cost of selling or return on capital , whether by way of interest or profit . ( 4 ) In any industry in which the usual rules for computation of cost of production are ...
Page 33
... reasonable volume and made in good faith , or compensation paid for cancellation of contracts for purchase com- mitments . Where the taxpayer in the regular course of business has offered for sale such merchandise at prices lower than ...
... reasonable volume and made in good faith , or compensation paid for cancellation of contracts for purchase com- mitments . Where the taxpayer in the regular course of business has offered for sale such merchandise at prices lower than ...
Page 35
... reasonable relation to the respective selling values of the different kinds of product . ART . 22 ( c ) -8 . Inventories of retail merchants . - Retail merchants who employ what is known as the " retail method " of pricing inven- tories ...
... reasonable relation to the respective selling values of the different kinds of product . ART . 22 ( c ) -8 . Inventories of retail merchants . - Retail merchants who employ what is known as the " retail method " of pricing inven- tories ...
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Common terms and phrases
adjusted basis allocated allowed apply article 23 assessment beneficiary bonds cent certificates claim collector Commissioner common carrier computing net income cost decedent December 31 deductible from gross depletion deposit depreciation disposition distribution dividends domestic corporation earnings or profits employees estate or trust excess-profits taxes expenses fair market value February 28 fiduciary filed foreign corporation foreign country Form gain or loss grantor gross income included in gross income from sources income tax installment insurance companies interest inventory liability ment mineral obligations operating organized paid or accrued paragraph partnership payment period personal exemption preferred stock prescribed prior provided in section purchased purpose receipt refund regulations reorganization resident respect return of income Revenue Act section 113 shareholders shares of stock sold stock or securities surtax net incomes tax imposed tax-free taxable year beginning taxpayer thereof timber tion trade or business transfer trust instrument wash sales
Popular passages
Page 10 - gross income' includes gains, profits, and income derived from salaries, wages, or compensation for personal service * * * of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income...
Page 162 - No gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock or securities in such corporation, and immediately after the exchange such person or persons are in control of the corporation...
Page 396 - States shall be first satisfied ; and the priority hereby established shall extend as well to cases in which a debtor, not having sufficient property to pay all his debts, makes a voluntary assignment thereof, or in which the estate and effects of an absconding, concealed, or absent debtor are attached by process of law, as to cases in which an act of bankruptcy is committed.
Page 365 - ... after the allowance of such a claim, the ascertainment of the amount due, and the issuing of a warrant for the payment thereof.
Page 391 - Claims, of : (1) Any civil action against the United States for the recovery of any internal-revenue tax alleged to have been erroneously or illegally assessed or collected, or any penalty claimed to have been collected without authority or any sum alleged to have been excessive or in any manner wrongfully collected under the internal-revenue laws...
Page 399 - Commissioner shall add to the tax 25 per centum of its amount, except that when a return is filed after such time and it is shown that the failure to file it was due to a reasonable cause and not to willful neglect, no such addition shall be made to the tax.
Page 201 - 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 120 - Secretary or his delegate may distribute, apportion, or allocate gross income, deductions, credits, or allowances between or among such organizations, trades, or businesses, if he determines that such distribution, apportionment, or allocation is necessary in order to prevent evasion of taxes or clearly to reflect the income of any of such organizations, trades, or businesses.
Page 370 - partnership" includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of -which any business, financial operation, or venture is carried on, and which is not, within the meaning of this Act, a trust or estate or a corporation ; and the term " partner " includes a member in such a syndicate, group, pool, joint venture, or organization.
Page 174 - ... it has been established to the satisfaction of the Secretary or his delegate that such exchange is not in pursuance of a plan having as one of its principal purposes the avoidance of Federal income taxes.