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accrued actual additional allowed amended amount apply assessed assets basis bonds capital cash cent certificates Chapter charged claim closed collected collector Commissioner compensation computed contract corporation cost Court decision deduction depreciation determined difference distribution dividends earnings entire excess profits exchange exempt expenses fact fair market value federal filed fiscal foreign Former Procedure gain gross income held holding imposed income tax individual interest inventory invested issued January less letter Liberty limited Loan loss March means method necessary normal notes obligations original owner paid partnership payment period permitted personal service practice prior profits profits tax proper purchase question rates realized reasonable received REGULATION reported result ruling securities shares sold specific stockholders subsequent surplus taxable taxpayer term tion transaction Treasury United
Page 123 - ... 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; 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 205 - An Act to provide revenue, equalize duties, and encourage the industries of the United States, and for other purposes," the Act of October 3, 1913, entitled "An Act to reduce tariff duties and to provide revenue for the Government, and for other purposes...
Page 493 - [a] word is not a crystal, transparent and unchanged, it is the skin of a living thought and may vary greatly in color and content according to the circumstances and the time in which it is used.
Page 534 - 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...
Page 690 - The necessity for a depreciation allowance arises from the fact that certain property used in the business gradually approaches a point where its usefulness is exhausted. The allowance should be confined to property of this nature. In the case of tangible property, it applies to that which is subject to wear and tear, to decay or decline from natural causes, to exhaustion, and to obsolescence...
Page 222 - ... shall render a true and accurate return to the Commissioner, under such regulations and in such form and manner and to such extent as may be prescribed by him with the approval of the Secretary, setting forth the amount of such gains, profits, and income, and the name and address of the recipient of such payment.
Page 626 - In the case of an individual, losses sustained during the taxable year and not compensated for by insurance or otherwise — (1) if incurred in trade or business; or (2) if incurred in any transaction entered into for profit, though not connected with the trade or business...
Page 880 - Fraternal beneficiary societies, orders, or associations, (A) operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system...
Page 70 - ... 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, the computation shall be made in accordance with such method as in the opinion of the Commissioner does clearly reflect the income.
Page 41 - ... amounts received, through accident or health insurance or under workmen's compensation acts, as compensation for personal injuries or sickness, plus the amount of any damages received whether by suit or agreement on account of such injuries or sickness...