Practical Questions and Answers on the Federal Tax Laws Affecting Individual Partnerships and Corporations, January, 1923 |
From inside the book
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Page 17
... sold in 1922 for $ 150,000 . How do I compute my profit for tax purposes ? A. Since you acquired the property before March 1 , 1913 , it is necessary , before applying the rule given in the answer to the preceding question , to compare ...
... sold in 1922 for $ 150,000 . How do I compute my profit for tax purposes ? A. Since you acquired the property before March 1 , 1913 , it is necessary , before applying the rule given in the answer to the preceding question , to compare ...
Page 19
... sold ? A. If the gift is received after December 31 , 1920 , the basis for computation is the cost of the property to the donor , or to the last preceding person who did not receive it by gift . For example : B bought a house in 1915 ...
... sold ? A. If the gift is received after December 31 , 1920 , the basis for computation is the cost of the property to the donor , or to the last preceding person who did not receive it by gift . For example : B bought a house in 1915 ...
Page 20
... sold from lots purchased at different times and at different prices and the identity of the lots cannot be determined ? A. In such cases the Department has consistently held that the first stock sold must be charged against the earliest ...
... sold from lots purchased at different times and at different prices and the identity of the lots cannot be determined ? A. In such cases the Department has consistently held that the first stock sold must be charged against the earliest ...
Page 25
... sold a bond for $ 950 which cost me $ 1,000 in 1920. On November 15 , 1922 , I repurchased and still hold a bond of the same issue . Is my loss deductible ? A. The law provides that a loss resulting from the sale of securities outside ...
... sold a bond for $ 950 which cost me $ 1,000 in 1920. On November 15 , 1922 , I repurchased and still hold a bond of the same issue . Is my loss deductible ? A. The law provides that a loss resulting from the sale of securities outside ...
Page 26
... sold October 2 , 1922 , and hence are considered to have cost him $ 110 a share . Any difference between this cost and what he receives will be his gain or loss for tax purposes Q. A , who is employed in a city , has his home in a ...
... sold October 2 , 1922 , and hence are considered to have cost him $ 110 a share . Any difference between this cost and what he receives will be his gain or loss for tax purposes Q. A , who is employed in a city , has his home in a ...
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Common terms and phrases
50 per centum alien individual amended amount of tax approval assessed basis calendar year 1921 cents centum certificate cigars collected Commissioner contract cost dealer decedent December 31 deductions allowed determined distribution District of Columbia dividends domestic corporation entitled estate or trust excess excess-profits taxes executor fiduciary filed fiscal foreign corporation gain gross estate gross income imposed by section income exceeds income tax insurance company interest Internal Revenue internal-revenue levied Liberty Bonds lieu loss manufacturer net income exceeds non-resident nonresident alien normal tax par value paragraph partnership payable payment penalty period personal exemption personal service corporation place of business provided in section purposes refund regulations prescribed resident Revenue Act Secretary section 262 selling sold special tax stamp stock or shares surtax tax imposed tax paid taxpayer tion trade or business United War Finance Corporation war-profits and excess-profits
Popular passages
Page 67 - 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 69 - All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services actually rendered; traveling expenses (including the entire amount expended for meals and lodging) while away from home in the pursuit of a trade or business...
Page 71 - Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate...
Page 76 - States and not having an office or place of business therein) , dividends, rent, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or 'determinable annual or periodical gains, profits, and income...
Page 75 - ... (a) There shall be allowed as a deduction (in lieu of the deduction for charitable, etc., contributions authorized by section 23 (o) ) any part of the gross income, without limitation, which pursuant to the terms of the will or deed creating the trust...
Page 135 - ... and any offense against the foregoing provision shall be a misdemeanor and be punished by a fine not exceeding $1,000 or by imprisonment not exceeding one year, or both...
Page 62 - capital assets" means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Page 70 - March 1, 1913; such reasonable allowance in all the above cases to be made under rules and regulations to be prescribed by the Commissioner, with the approval of the Secretary. In the case of leases the deductions allowed by this paragraph shall be equitably apportioned between the lessor and lessee...
Page 73 - ... (B) from a foreign corporation unless less than 50 per centum of the gross income of such foreign corporation for the threeyear period ending with the close of its taxable year preceding the declaration of such dividends (or for such part of such period as the corporation has been in existence) was derived from sources within the United States...
Page 58 - paid or incurred" and "paid or accrued" shall be construed according to the method of accounting upon the basis of which the net income is computed under section 212 or 232. The deductions and credits provided for in this title shall be taken for the taxable year in which "paid or accrued