Regulations 77 Relating to the Income Tax Under the Revenue Act of 1932 |
From inside the book
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Page 10
... production of income . ( See sections 23 and 24 and the articles there- under . ) ( d ) Net income less credits . ( See Art . 41 § 21 10 INCOME TAX REGULATIONS Taxable period embracing years with different laws__ PART II-COMPUTATION OF ...
... production of income . ( See sections 23 and 24 and the articles there- under . ) ( d ) Net income less credits . ( See Art . 41 § 21 10 INCOME TAX REGULATIONS Taxable period embracing years with different laws__ PART II-COMPUTATION OF ...
Page 14
... produce which were raised during the taxable year or prior years , ( 2 ) the profits from the sale of any live stock or other items which were purchased , and ( 3 ) gross income from all other sources . The profit from the sale of live ...
... produce which were raised during the taxable year or prior years , ( 2 ) the profits from the sale of any live stock or other items which were purchased , and ( 3 ) gross income from all other sources . The profit from the sale of live ...
Page 15
... produce is exchanged for merchandise , groceries , or the like , the market value of the article received in exchange is to be included in gross income . Rents re- ceived in crop shares shall be returned as of the year in which the crop ...
... produce is exchanged for merchandise , groceries , or the like , the market value of the article received in exchange is to be included in gross income . Rents re- ceived in crop shares shall be returned as of the year in which the crop ...
Page 29
... production , purchase , or sale of merchandise is an income - producing factor . The inventory should include all finished or partly finished goods and , in the case of raw , materials and supplies , only those which have been acquired ...
... production , purchase , or sale of merchandise is an income - producing factor . The inventory should include all finished or partly finished goods and , in the case of raw , materials and supplies , only those which have been acquired ...
Page 31
... production of the particular article , including in such indirect expenses a 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 ...
... production of the particular article , including in such indirect expenses a 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 ...
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Common terms and phrases
acquired adjustment allocated applicable assessment basis beneficiary Board bonds capital net gain cent centum in addition claim collector Commissioner compensation computing net income cost December 31 deductible from gross deficiency depletion deposit determined distraint distribution District of Columbia dividends domestic corporation employees entitled exchange expenses fair market value February 28 fiduciary filed foreign corporation gain or loss gross income included in gross income from sources income tax incomes in excess insurance companies interest Internal Revenue inventory lessor liability Liberty bond Liberty loan ment method mineral nonresident alien individual normal tax obligations officer paid or accrued paragraph partnership payment period prescribed production profits provided in section purchased purpose reasonable refund resident respect return of income Revenue Act section 23 shareholder sold stock or securities surtax tax imposed taxable taxpayer thereof tion trade or business transfer trust instrument
Popular passages
Page 11 - 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 derived...
Page 138 - ... any income return or copy thereof or any book containing any abstract or particulars thereof to be seen or examined by any person except as provided by law...
Page 166 - No gain or loss shall be recognized if property held for productive use in trade or business or for investment (not including stock in trade or other property held primarily for sale, nor stocks, bonds, notes, choses in action, certificates of trust or beneficial interest, or other securities or evidences of indebtedness or interest) is exchanged solely for property of a like kind to be held either for productive use in trade or business or for investment.
Page 164 - If property (as a result of its destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation, or the threat or imminence thereof...
Page 170 - ... 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 194 - 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 139 - ... it shall be unlawful for any person to print or publish in any manner whatever not provided by law any income return or any part thereof or source of income, profits, losses, or expenditures appearing in any income return...
Page 54 - In the case of property held by one person for life with remainder to another person, the deduction shall be computed as if the life tenant were the absolute owner of the property and shall be allowed to the life tenant.
Page 112 - 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 224 - ... paid by such foreign corporation to any foreign country or to any possession of the United States, upon or with respect to the accumulated profits of such foreign corporation from which such dividends were paid, which the amount of such dividends bears to the amount of such accumulated profits...