Digest of the Federal Revenue Act of 1921: For Income and Excess Profits Taxes for 1921, 1922 and Subsequent Years, with Tables for Calculation of Tax and for Comparison of Taxes; Act Passed November 23, 1921. Effective for Income Tax January 1, 1921 |
From inside the book
Results 1-5 of 8
Page 21
... balance sheet . The basis for determining gain or loss of property carried by inventory , is the last inventory value of such property . Military or Naval Forces of the United States The term " military or naval forces of the United ...
... balance sheet . The basis for determining gain or loss of property carried by inventory , is the last inventory value of such property . Military or Naval Forces of the United States The term " military or naval forces of the United ...
Page 65
... Balance Rate Tax First Bracket , 20 % of capital ... = Second Bracket , Balance .. $ 20,000.00 $ 11,000.00 $ 9,000.00 20 % 5,222.22 5,222.22 40 % $ 1,800.00 2,088.88 Net Income .... $ 25,222.22 $ 11,000.00 $ 14,222.22 Excess Profits Tax ...
... Balance Rate Tax First Bracket , 20 % of capital ... = Second Bracket , Balance .. $ 20,000.00 $ 11,000.00 $ 9,000.00 20 % 5,222.22 5,222.22 40 % $ 1,800.00 2,088.88 Net Income .... $ 25,222.22 $ 11,000.00 $ 14,222.22 Excess Profits Tax ...
Page 67
... Balance Rate Tax First Bracket , 20 % of Capital ..... = $ 20,000 $ 11,000 $ 9,000 20 % $ 1,800 Second Bracket , Balance . Net Income .. Credit Excess Profits Tax Balance for Income Tax less than $ 25,222.22 = Use specific credit ...
... Balance Rate Tax First Bracket , 20 % of Capital ..... = $ 20,000 $ 11,000 $ 9,000 20 % $ 1,800 Second Bracket , Balance . Net Income .. Credit Excess Profits Tax Balance for Income Tax less than $ 25,222.22 = Use specific credit ...
Page 69
... $ 10,000 $ 30,000 = % United States tax $ 3,890X % = credit , $ 1,296.67 .... Credit cannot exceed amount of foreign tax . Balance of tax to be paid on return ...... $ 1,250 $ 2,640 182 ( 5 ) Tax collected at the source on INCOME TAX 69.
... $ 10,000 $ 30,000 = % United States tax $ 3,890X % = credit , $ 1,296.67 .... Credit cannot exceed amount of foreign tax . Balance of tax to be paid on return ...... $ 1,250 $ 2,640 182 ( 5 ) Tax collected at the source on INCOME TAX 69.
Page 73
... Balance of accumulated profits subject to dividend .... 18,000.00 10 % dividend paid to United States corporation 10,000.00 5/9 , - Ratio of dividend to accumulated profits from which dividend paid the proportion of Canadian tax which ...
... Balance of accumulated profits subject to dividend .... 18,000.00 10 % dividend paid to United States corporation 10,000.00 5/9 , - Ratio of dividend to accumulated profits from which dividend paid the proportion of Canadian tax which ...
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Digest of the Federal Revenue Act of 1921: For Income and Excess Profits ... National City Company No preview available - 2016 |
Common terms and phrases
4th Loan amount of tax benefit calendar cash cent centum claim Commissioner corporation income cost December 31 deductions allowed determining gain District of Columbia domestic corporation domestic partnerships estate or trust excess profits tax February 28 filed flat tax foreign corporation gain or loss gross income included income in excess Income Tax Law insurance companies interest paid Internal Revenue inventory June 15 LIBERTY BOND EXEMPTIONS non-resident alien nonresident alien individual Normal and Surtax normal tax November 23 paragraph partnerships payment personal exemption personal service corporation prior property acquired purchase purpose Rate Tax reasonable allowance refunded resident aliens return of income Revenue Act section 262 shareholder or member specific credit stockholders subdivision subject to income substantially identical property surplus Table tax computed tax imposed tax paid Tax Total taxable income taxation of income taxpayer term thereafter thereof tion Total Tax trade or business value March war-profits and excess-profits withholding agent
Popular passages
Page 38 - Losses sustained during the taxable year and not compensated for by insurance or otherwise, if incurred in any transaction entered into for profit, though not connected with the trade or business...
Page 47 - States as is allowed as a credit against the tax under section 131 ; and (3) taxes assessed against local benefits of a kind tending to increase the value of the property assessed...
Page 51 - In the case of insurance companies (other than life insurance companies), in addition to the above (unless otherwise allowed): (A) The net addition required by law to be made within the taxable year to reserve funds (including in the case of assessment insurance companies the actual deposit of sums with State or Territorial officers pursuant to law as additions to guarantee or reserve funds); and (B) the sums other than dividends paid within the taxable year on policy and annuity contracts.
Page 34 - The value of property acquired by gift, bequest, devise, or descent (but the income from such property shall be included in gross income) ; (4) Interest upon (a) the obligations of a State, Territory, or any political subdivision thereof, or the District of Columbia; or (b) securities issued under the provisions of the Federal Farm Loan Act of July 17, 1916; or (c) the obligations of the United States...
Page 45 - In the case of a nonresident alien individual, the deductions allowed in subdivision (a), except those allowed in paragraphs (5), (6), and (10), shall be allowed only if and to the extent that they are connected with income from sources within the United States...
Page 54 - 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 41 - A reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including a reasonable allowance for obsolescence.
Page 52 - Secretary, expended in the acquisition of other property similar or related in service or use to the property so converted, or in the acquisition of control of a corporation owning such other property, or in the establishment of a replacement fund, no gain or loss shall be recognized. If any part of the money is not so expended...
Page 53 - Premiums paid on any life insurance policy covering the life of any officer or employee, or of any person financially interested in any trade or business carried on by the taxpayer, when the taxpayer is directly or indirectly a beneficiary under such policy...
Page 43 - The United States, any state, territory, or any political subdivision thereof, or the District of Columbia, for exclusively public purposes.