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" Such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowance for depletion) from the property, except that in no case shall the depletion allowance under section 23 (m) be less than it would be if computed... "
Laws of the State of New York - Page 693
by New York (State) - 1927
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United States Reports: Cases Adjudged in the Supreme Court, Volume 308

United States. Supreme Court - Courts - 1940 - 894 pages
...royalties paid or incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowance for deple-' tion) from the property, except that in no case shall the depletion allowance be less than...
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United States Reports: Cases Adjudged in the Supreme Court at ..., Volume 451

United States. Supreme Court, John Chandler Bancroft Davis, Henry Putzel, Henry C. Lind, Frank D. Wagner - Courts - 1982 - 1050 pages
...without allowance for depletion).... In no case shall the allowance for depletion under section 611 be less than it would be if computed without reference to this section. "(b) Percentage depletion rates "The mines, wells, and other natural deposits, and the percentages,...
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Regulations 65 Relating to the Income Tax Under the Revenue Act of 1924

United States. Internal Revenue Service - Income tax - 1924 - 396 pages
...income (computed without allowance for depletion) from the property ujion which tlte discovery was made, except that in no ca.se shall the depletion allowance be less than it wtuW be if computed without reference to discovery value. ART. 1591. Basis for determining gain or...
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Questions and Answers on Federal Tax Laws: Based on Revenue Act of 1924 and ...

Irving Bank-Columbia Trust Company - Income tax - 1925 - 152 pages
...income (computed without allowance for depletion) from the property upon which the discovery was made, except that in no case shall the depletion allowance...than it would be if computed without reference to discovery value. INVENTORIES SEC. 205. Whenever in the opinion of the Commissioner the use of inventories...
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Income Tax Accounting

John F. Sherwood - Income tax - 1925 - 206 pages
...income (computed without allowance for depletion) from the property upon which the discovery was made, except that in no case shall the depletion allowance...than it would be if computed without reference to discovery value. (Section 204 — 1924 Act) To illustrate the application of the provisions of the...
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Federal Income and Estate Tax Laws: Correlated and Annotated, Being a ...

Walter Elbert Barton, United States, Carroll Wright Browning - Income tax - 1925 - 580 pages
...income (computed without allowance for depletion) from the property upon which the discovery was made, except that in; no case shall the depletion allowance...than it would be if computed without reference to discovery value. INVENTORIES. SEC. 205. Whenever in the be included in the gross income shall be the...
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Journal of the Assembly of the State of New York, Volume 2

New York (State). Legislature. Assembly - New York (State) - 1926 - 802 pages
...Redwood Weinfeld Lambert Reidy Wheatley Landau Reilly Whitcomb Lattin Ricca Winters Lewis Rice Witter the property during the taxable year. Such allowance...if computed without reference to this paragraph." \ Page 2, line 18, insert the word "such" and place the word "such" in brackets. Page 3, line 6, after...
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Cases on Federal Taxation, Volume 1

Joseph Henry Beale, Roswell Foster Magill - Taxation - 1926 - 744 pages
...income (computed without allowance for depletion) from the property upon which the discovery was made, except that in no case shall the depletion allowance...than it would be if computed without reference to discovery value. Regulations 65. ART. 220. Discovery of mines. — (a) The discovery must add a new...
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Revenue Revision: Hearings Before the Committee on Ways and Means, House of ...

United States. Congress. House. Committee on Ways and Means - Taxation - 1927 - 1032 pages
...cost. The depletion allowance based on discovery value provided in this paragraph shall not exceed 50 per centum of the net income of the taxpayer (computed...without allowance for depletion) from the property upon which the discovery was made, except that in no case shall the depletion allowance be less than...
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The Income Tax in Great Britain and the United States

Harrison B. Spaulding - Income tax - 1927 - 336 pages
...gross income from the property during the taxable year. The allowance, however, may not exceed 50 % of the net income of the taxpayer (computed without...allowance for depletion) from the property, except that the taxpayer may claim depletion in the ordinary way, ie on the basis of cost, or value as of March...
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