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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... exchange of property . 96 Exchange for different kinds of property . 97 Exchange of property and stock . ... 98 Exchange of stock for other stock of no greater par value .. 99 Determination of gain or loss from subsequent sale .. 100 ...
... exchange of property . 96 Exchange for different kinds of property . 97 Exchange of property and stock . ... 98 Exchange of stock for other stock of no greater par value .. 99 Determination of gain or loss from subsequent sale .. 100 ...
Page 2
... exchange or other disposition of capital assets . It is not limited to cash alone , for the statute recognizes as income- determining factors other items , among which are inventories , accounts receivable , property exhaustion and ...
... exchange or other disposition of capital assets . It is not limited to cash alone , for the statute recognizes as income- determining factors other items , among which are inventories , accounts receivable , property exhaustion and ...
Page 5
... exchanges see Tax Law , sections 353 , 354 and 355 and article 91 . ART . 22. Income from Federal , State and Municipal contracts.- Any profit received from the United States , a State or political subdivision thereof by an independent ...
... exchanges see Tax Law , sections 353 , 354 and 355 and article 91 . ART . 22. Income from Federal , State and Municipal contracts.- Any profit received from the United States , a State or political subdivision thereof by an independent ...
Page 8
... exchange of farm products , whether produced on the farm or purchased and resold , shall be included in the return of income for the year in which the products were actually marketed and sold , unless an inventory is used . In the case ...
... exchange of farm products , whether produced on the farm or purchased and resold , shall be included in the return of income for the year in which the products were actually marketed and sold , unless an inventory is used . In the case ...
Page 26
... exchange , or other disposition of property the basis is ( a ) its fair market price or value as of January 1 , 1919 , if acquired prior thereto , or ( b ) if acquired on or after that date , its cost or its approved inventory value ...
... exchange , or other disposition of property the basis is ( a ) its fair market price or value as of January 1 , 1919 , if acquired prior thereto , or ( b ) if acquired on or after that date , its cost or its approved inventory value ...
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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...