Regulations 45 (1920 Ed.) Relating to the Income Tax and War Profits and Excess Profits Tax Under the Revenue Act of 1918: Promulgated January 28, 1921
U.S. Government Printing Office, 1921 - 342 էջ
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accordance acquired actual addition agent alien allowed amount apply assessed assets authorized average bank basis bonds calendar cent centum certificates charged claim collected collector Commissioner computed contract corporation cost deduction depletion deposit depreciation derived determined difference distributive dividends earnings ending entire entitled exceed excess excess profits exemption expenses facts fair market value filed fiscal gain gross income imposed included income tax individual interest inventory invested capital issued less Liberty loan loss March means mineral months net income nonresident operating original owner paid partnership payment period personal service corporation portion principal prior production profits taxes purchase rates reasonable received resident respect Revenue Act revised securities shares showing sources specific statute and articles stockholders subdivision surplus taxable taxpayer thereof tion trade trust United unless
Էջ 106 - 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.
Էջ 55 - That in computing net income there shall be allowed as deductions: (1) 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...
Էջ 238 - ... or more in any taxable year, or, in the case of such payments made by the United States, the officers or employees of the United States having information as to such payments and required to make returns in regard thereto by the regulations hereinafter provided for...
Էջ 164 - ... upon notice and demand by the collector, or the amount of tax overpaid, if any, shall be credited or refunded to the taxpayer in accordance with the provisions of section 322.
Էջ 163 - All interest paid or accrued within the taxable year on indebtedness, except on indebtedness incurred or continued to purchase or carry obligations or securities (other than obligations of the United States issued after September 24, 1917, and originally subscribed for by the taxpayer) the interest upon which is wholly exempt from taxation under this title...
Էջ 29 - 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...
Էջ 76 - That in the case of mines, oil and gas wells, discovered by the taxpayer, on or after March 1, 1913, and not acquired as the result of purchase of a proven tract or lease...
Էջ 45 - All such bonds and certificates shall be exempt, both as to principal and interest from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority...
Էջ 168 - 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.
Էջ 173 - In cases where receivers, trustees in bankruptcy, or assignees are operating the property or business of corporations, such receivers, trustees, or assignees shall make returns for such corporations in the same manner and form as corporations are required to make returns. Any tax due on the basis of such returns made by receivers, trustees, or assignees shall be collected in the same manner as if collected from the corporations of whose business or property they have custody and control.