Comptroller's Regulations Relating to the Income Tax Issued Pursuant to Chapter 627 of the Laws of 1919 Imposing Taxes Upon and with Respect to Personal Incomes |
From inside the book
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Page i
... Defined 11 Meaning of net income . . . . . 12 Computation of net income . 13 Bases of computation .. 14 Methods of accounting . INCOME TAX ON RESIDENTS Gross Income Defined - Inclusions 21 What included in gross income .... 22 Income ...
... Defined 11 Meaning of net income . . . . . 12 Computation of net income . 13 Bases of computation .. 14 Methods of accounting . INCOME TAX ON RESIDENTS Gross Income Defined - Inclusions 21 What included in gross income .... 22 Income ...
Page ii
... Defined - Exclusions 71 What excluded from gross income .. 72 Proceeds of insurance .. 73 Gifts and bequests .. 74 Interest exempt from tax . 75 Dividends and interest from federal land bank and national farm loan associa- tion .. 76 ...
... Defined - Exclusions 71 What excluded from gross income .. 72 Proceeds of insurance .. 73 Gifts and bequests .. 74 Interest exempt from tax . 75 Dividends and interest from federal land bank and national farm loan associa- tion .. 76 ...
Page iii
... Definition of religious , charitable , scientific and educational corporations and associations ... Personal Exemptions 205 Personal exemption of resident individual . 206 Personal exemption of head of family . 207 Personal exemption of ...
... Definition of religious , charitable , scientific and educational corporations and associations ... Personal Exemptions 205 Personal exemption of resident individual . 206 Personal exemption of head of family . 207 Personal exemption of ...
Page v
... defined 411 Gross income .. 412 Compensation for personal services . 413 Pensions received ..... 414 Gross income from business .. 8883 83 83 83 84 84 415 Definition of " business carried on " within the state . 84 84 85 85 85 416 Sale ...
... defined 411 Gross income .. 412 Compensation for personal services . 413 Pensions received ..... 414 Gross income from business .. 8883 83 83 83 84 84 415 Definition of " business carried on " within the state . 84 84 85 85 85 416 Sale ...
Page 1
... defined in the statute , after deducting from gross income , as defined in the statute , the allowable deductions . ( Tax Law , sections 357 , 358 , 359 , 360 and 361. ) In certain cases exemptions are allowed against net income and in ...
... defined in the statute , after deducting from gross income , as defined in the statute , the allowable deductions . ( Tax Law , sections 357 , 358 , 359 , 360 and 361. ) In certain cases exemptions are allowed against net income and in ...
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Common terms and phrases
accounting period acquired prior thereto allowable deductions assessed assets basis beneficiary bonds business carried calendar capital cash centum claim compensation for personal Comptroller corporation December 31 deductible from gross DEDUCTIONS ALLOWED defined in article depreciation allowance depreciation reserve derived determining distributive share District dividends earnings employees entitled estate or trust estates and trusts excess exchange fair market value farm fiduciary filing returns fiscal Form gain or loss husband or wife included income from sources individual inheritance taxes interest inventory January liable living with husband method of accounting nonresident paid or accrued partnership payable penalties personal exemption personal services profession or occupation profit purchase purpose receipt regulations resident return of income salaries section 359 separate return statute stock or securities stockholder tax imposed Tax Law taxable income taxpayer thereof thousand dollars tion trade or business transaction vidual withholding agent York
Popular passages
Page 115 - 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 114 - Whenever In the opinion of the Commissioner the use of Inventories is necessary in order clearly to determine the Income of any taxpayer, Inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice In the trade or business and as most clearly reflecting the Income.
Page 114 - 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...
Page 117 - ... rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity...
Page 67 - Income received by estates of deceased persons during the period of administration...
Page 86 - States); (3) estate, inheritance, legacy, succession and gift taxes; and (4) taxes assessed against local benefits of a kind tending to increase the value of the property assessed...
Page 32 - The cost of incidental repairs which neither materially add to the value of the property nor appreciably prolong its life...
Page 111 - 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
Page 60 - For the purpose of this rule a dealer in securities is a merchant of securities, whether an individual, partnership, or corporation, with an established place of business, regularly engaged in the purchase of securities and their resale to customers...
Page 120 - The net income of the estate or trust shall be computed in the same manner and on the same basis as provided in section 212...