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accordance accumulated acquired additional allowed amount ANSWER apply assessed assets authorized Balance basis benefit bonds building calendar year 1921 cash centum claim close Commissioner compensation computing contract corporation cost debts December 31 deduction deduction from gross depletion depreciation derived determined distribution dividend entire exceed excess excess-profits tax exchange exemption expenses FACTS farm Federal filed foreign gain gross income held Illustrating included income tax individual interest inventory invested capital issued January less loss March means method months net income normal NOTE operated organized paid partnership payment period portion prior PROBLEM profits purchased QUESTION Quoted under Problem rates reasonable received REFERENCE Regulations 62 reported reserve residence respect result Revenue Act securities shares shows sold sources stockholders subdivision surtax sustained taxable taxpayer term tion trade United
Էջ 432 - 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...
Էջ 475 - ... (b) Interest. — 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 447 - That the tax imposed by sections 210 and 211 m shall apply to the income of estates or of any kind of property held in trust...
Էջ 452 - If any tax required under this section to be deducted and withheld Is paid by the recipient of the Income, It shall not be re-collected from the withholding agent; nor In cases In which the tax Is so paid shall any penalty be Imposed upon or collected from the recipient of the Income or the withholding agent for failure to return or pay the same, unless such failure was fraudulent and for the purpose of evading payment.
Էջ 449 - A trust created by an employer as a part of a stock bonus, pension, or profit-sharing plan for the exclusive benefit of some or all of his employees, to which contributions are made by such employer, or employees, or both, for the purpose of distributing to such employees the earnings and principal of the fund accumulated by the trust in accordance with such plan...
Էջ 509 - No suit or proceeding shall be maintained in any court for the recovery of any internal- revenue tax alleged to have been erroneously or illegally assessed or collected, or of any penalty claimed to have been collected without authority, or of any sum alleged to have been excessive or in any manner wrongfully collected...
Էջ 477 - To the result so obtained add unearned premiums on outstanding business at the end of the preceding taxable year and deduct unearned premiums on outstanding business at the end of the taxable year; (6) LOSSES INCURRED. — "Losses incurred" means losses incurred during the taxable year...
Էջ 294 - 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...
Էջ 434 - Whenever any State, Territory, or the District of Columbia, or any political subdivision of a State or Territory, prior to September 8, 1916, entered in good faith into a contract with any person, the object and purpose of which is to acquire, construct, operate, or maintain a public utility...