Page images
PDF
EPUB

[The section numbers refer to the statute and the article numbers to the regulations.)

Page.

Section 210. Normal tax---

19

Article 1. Income tax on individuals.

19

2. Normal tax_-----

19

3. Persons liable to tax-

20

4. Who is a citizen.

Section 211. Surtax.--.

Article 11. Surtax_-

23

12. Computation of surtax..

23

13. Surtax on sale of mineral deposits---

24

Section 212. Net income defined ----

25

Article 21. Meaning of net income

25

22. Computation of net income..

26

23. Bases of computation.----

26

24. Methods of accounting---

28

25. Accounting period ---

28

26. Change in accounting period.-

29

Section 213(a). Gross income defined: inclusions.

29

Article 31. What included in gross income ---

30

32. Compensation for personal services.

33. Compensation paid other than in cash_

34. Compensation paid in notes-----

31

35. Gross income from business---

31

36. Long-term contracts

32

37. State contracts----

32

38. Gross income of farmers.

32

39. Sale of stock and rights--

34

40. Sale of patents and copyrights---

34

41. Sale of good will.------

34

42. Sale of personal property on installment plan..

35

43. Sale of real estate in lots-----

36

44. Sale of real estate involving deferred payments.

36

45. Sale of real estate on installment plan.-----

37

46. Deferred payment sales of real estate not on installment

plan.-----

47. Annuities and insurance policies--

38

48. Improvements by lessees

38

49. Compensation for loss.---

38

50. Replacement fund for loss--

39

51. Forgiveness of indebtedness.

40

52. When included in gross income-

40

53. Income not reduced to possession--

54. Examples of constructive receipt---

41

4

[merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

personal-service corporations

83. Income of foreign governments_

84. Income of States ----

85. Compensation of State officers--

86. Compensation of soldiers and sailors...

87. Income accruing prior to March 1, 1913.

88. Subtraction for redemption of trading stamps.

Section 213(c). Gross income defined: nonresident alien individual..

Article 91. Gross income of nonresident alien individuals -----

92. Income of nonresident alien individuals not subject to tax-

92(a). When the wages of a nonresident alien seaman are

derived from sources within the United States ----

93. Income of nonresident aliens from United States bonds..

Section 214(a) 1. Deductions allowed: business expenses---

Article 101. Business expenses..

102. Cost of materials_-

103. Repairs ---

104. Professional expenses.

105. Compensation for personal services_

106. Treatment of excessive compensation -

107. Bonuses to employees ---

108. Pensions

109. Rentals

110. Expenses of farmers_

111. When charges deductible---

Section 214(a) 2. Deductions allowed: interest.

Article 121. Interest

122. Interest on capital --

Section 214(a) 3. Deductions allowed: taxes..

Article 131. Taxes ----

132. Federal duties and excise taxes..

133. Taxes for local benefits.--

134. Inheritance taxes..

51

51

52

52

52

53

53

54

54

54

54

55

55

55

56

56

56

57

58

58

58

59

59

60

61

61

61

61

62

62

63

Section 214(a) 4, 5, and 6. Deductions allowed: losses

Article 141, Losses -

142. Voluntary removal of buildings.--

143. Loss of useful value------

144. Shrinkage in securities and stocks_

145. Losses of farmers...

Section 214(a) 7. Deductions allowed: bad debts..

Article 151. Bad debts----

152. Examples of bad debts_-

153. Worthless mortgage debt.

154. Worthless securities

Section 214(a) 8. Deductions allowed: depreciation...

Article 161. Depreciation

162. Depreciable property-

163. Depreciation of intangible property-----

164. Capital sum recoverable through depreciation allowances-

165. Method of computing depreciation allowance --

166. Modification of method of computing depreciation..

167. Depreciation of patent or copyright----

168. Depreciation of drawings and models ---

169. Charging off depreciation ----

170. Closing depreciation account..

171. Depreciation in the case of farmers.

Section 214(a) 9. Deductions allowed: amortization

Article 181. Scope of provision for amortization.-

182. Depreciation of amortized property-

183. Property cost of which may be amortized.

184. Cost which may be amortized ---

185. Amortization period -----

186. Additional requirements for amortization.--

187. Redetermination of amortization allowance-

188. Sale of amortized property-----

189. Information to be furnished by the taxpayer.

Section 214(a) 10. Deductions allowed: depletion.----

Article 201. Depletion of mines, oil and gas wells; depreciation of im-

provements.

202. Capital recoverable through depletion deduction in the

case of an operating owner-----

203. Capital recoverable through depletion deductions in the

case of lessee

204. Capital recoverable through depletion in case of lessor.-

205. Determination of cost of deposits----

206. Determination of fair market value of mineral property-

207. Revaluation of mineral deposits not allowed----

208. Determination of mineral contents of mine.--

209. Determination of quantity of oil in ground.

210. Computation of deduction for depletion of mineral de

posits ---

211. Computation of allowance for depletion of gas wells----

212. Gas-well pressure records to be kept------

213. Computation of allowance where quantity of oil or gas

uncertain

Section 214(a) 10. Deductions allowed: depletion-Continued.

Article 214. Computation of depletion allowance for combined hold- Page.

ings of oil and gas wells.-----

215. Depletion-Adjustments of accounts based on bonus or

advanced royalty

84

216. Depletion and depreciation accounts on books_----

85

217. Statement to be attached to return when depletion or de-

preciation of mineral property is claimed ----

86

218. Statement to be attached to return where depletion of

oil or gas claimed ----

86

219. Discovery of mines

88

220. Oil and gas wells ----

89

220(a). Discovery-Proven tract or lease Property dispro-

portionate value ---

221. Proof of discovery of oil and gas wells.---

90

222. Allowable capital additions in case of mines_-

91

223. Charges to capital and to expense in the case of oil and

gas wells ----

91

224. Depreciation in the case of mines---

92

225. Deprecation of improvements in the case of oil and

gas wells

93

226. Depletion and depreciation of oil and gas wells in years

before 1916_----

93

227. Depletion of timber---

94

228. Capital recoverable through depletion allowance in the

case of timber------

94

229. Computation of allowance for depletion of timber for

given year

94

230. Revaluation of timber not allowed. -----

95

231. Charges to capital and to expenses in the case of timber--

95

232. Depreciation of improvements in the case of timber------ 96

233. Information to be furnished by taxpayer claiming deple-

tion of timber------

96

234. Determination of fair market value of timber---

97

235. Determination of quantity of timber -

98

236. Aggregating timber and land for purposes of valuation

and accounting------

98

237. Timber depletion and depreciation accounts on books--- 99

Section 214(a) 11. Deductions allowed: charitable contributions - 100

Article 251. Charitable contributions.----

100

Section 214(a) 12. Deductions allowed: loss in inventory-

101

Article 261. Losses in inventory and from rebates-

102

262. Loss from rebates

102

263. Loss in inventory-

102

264. Loss where goods have been sold.---

102

265. Loss where goods have not been sold.

102

266. Claims ---

103

267. Disposition of claims --

103

268. Effect of claim in abatement---

103

Section 214(b). Deductions allowed: nonresident alien individual.. 105

Article 271. Deductions allowed nonresident alien individuals.--

105

Section 215. Items not deductible-----

106

Article 291. Personal and family expenses.

106

292. Traveling expenses

106

« PreviousContinue »