Comparison of the Revenue Acts of 1934 and 1936 |
From inside the book
Results 1-5 of 61
Page 9
... term " surtax net income " means the amount of the net income in excess of the credits against net income provided in section 25 ( b ) • ( b ) RATES OF SURTAX . - There shall be levied , col- lected , and paid for each taxable year upon ...
... term " surtax net income " means the amount of the net income in excess of the credits against net income provided in section 25 ( b ) • ( b ) RATES OF SURTAX . - There shall be levied , col- lected , and paid for each taxable year upon ...
Page 15
... term “ nor- mal - tax net income " means the net income minus the sum of— ( 1 ) INTEREST ON OBLIGATIONS OF THE UNITED STATES AND ITS INSTRUMENTALITIES . - The credit provided in section 26 ( a ) . ( 2 ) DIVIDENDS RECEIVED . — The credit ...
... term “ nor- mal - tax net income " means the net income minus the sum of— ( 1 ) INTEREST ON OBLIGATIONS OF THE UNITED STATES AND ITS INSTRUMENTALITIES . - The credit provided in section 26 ( a ) . ( 2 ) DIVIDENDS RECEIVED . — The credit ...
Page 16
... term " adjusted net income " means the net income minus the sum of— ( A ) The normal tax imposed by section 13 . ( B ) The credit provided in section 26 ( a ) , relat- ing to interest on certain obligations of the United States and ...
... term " adjusted net income " means the net income minus the sum of— ( A ) The normal tax imposed by section 13 . ( B ) The credit provided in section 26 ( a ) , relat- ing to interest on certain obligations of the United States and ...
Page 38
... the Secretary , be returned on the basis and in the manner above prescribed in this section . As used in this section the term " initial payments " means the 38 Period for which deductions and credits taken Sec 44 Installment basis.
... the Secretary , be returned on the basis and in the manner above prescribed in this section . As used in this section the term " initial payments " means the 38 Period for which deductions and credits taken Sec 44 Installment basis.
Page 39
... term " initial payments " means the pay- ments received in cash or property other than evidences of indebtedness of the purchaser during the taxable period in which the sale or other disposition is made . ( c ) CHANGE FROM ACCRUAL TO ...
... term " initial payments " means the pay- ments received in cash or property other than evidences of indebtedness of the purchaser during the taxable period in which the sale or other disposition is made . ( c ) CHANGE FROM ACCRUAL TO ...
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Common terms and phrases
adjusted net income Agricultural Adjustment Act allowed amended amount apply approved August 30 basis Board centum in addition claim claimant collected collector Commissioner computed court credit or refund decedent December 31 deduction deficiency determined distraint distribution District of Columbia enactment estates in excess excess-profits taxes exempt Federal excise tax fiduciary filed foreign corporation gifts in excess gross estate gross income imposed by section income from sources incomes in excess interest June 30 ment net estates net gifts nonresident alien normal tax NOTE.-Section overpayment paragraph payment period person petition place of business prior processing tax producer provided in section provisions of law purposes read as follows received regulations prescribed respect Revenue Act Secretary section 23 section 601 shareholder stock or securities subdivision subsection surtax net incomes tax imposed taxable years beginning taxpayer thereof tion trade or business Treasury trust United
Popular passages
Page 67 - ... a transfer by a corporation of all or a part of its assets to another corporation if immediately after the transfer the transferor or its stockholders or both are in control of the corporation to which the assets are transferred, or (C) a recapitalization, or (D) a mere change in identity, form, or place of organization, however effected. (2) The term "a party to a reorganization...
Page 38 - 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 65 - If an exchange would be within the provisions of subsection (b), (1), (2), (3), or (5) of this section if it were not for the fact that the property received in exchange consists not only of property permitted by such paragraph to be received without the recognition of gain, but also of other property or money...
Page 106 - ... (b) Nonresident aliens. — All persons, in whatever capacity acting, including lessees or mortgagors of real or personal property, fiduciaries, employers, and all officers and employees of the United States, having the control, receipt, custody, disposal, or payment of interest (except interest on deposits with persons carrying on the banking business paid to persons not engaged in business in the United States and not having an office or place of business (therein...
Page 22 - Interest. — All interest paid or accrued within the taxable year on indebtedness, except on indebtedness incurred or continued to purchase or carry obligations or securities (other than obligations of the United States issued after September 24, 1917, and originally subscribed for by the taxpayer) the interest upon which is wholly exempt from taxation under this title.
Page 37 - The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect the income...
Page 289 - 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 title, 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 79 - IN LIQUIDATION. — Amounts distributed in complete liquidation of a corporation shall be treated as in full payment in exchange for the stock, and amounts distributed in partial liquidation of a corporation shall be treated as in part or full payment in exchange for the stock.
Page 92 - States, there shall be deducted (for the purpose of computing the net income therefrom) the expenses, losses, and other deductions properly apportioned or allocated thereto and a ratable part of other expenses, losses, or other deductions which cannot definitely be allocated to some item or class of gross income.
Page 24 - A reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including a reasonable allowance for obsolescence.