Oil Valuation and Taxation: The Federal Income Tax and Its Appraisal Methods Applied to the Oil IndustryGulf publishing Company, 1923 - 332 էջ |
Common terms and phrases
allowable deductions amount apply appraisal average basic date basis beneficiaries capital assets Capital Gain capital sum Chapter claim Commissioner computing corporation cost curve death decedent December 31 deduction from gross depletion allowances discovery discussion distribution dividends drilling earnings erty estate tax estimate excess profits tax Executor exemption expenses fact factors fair market value Federal Income Tax fiduciary filed future production gain or loss gross income included individual Inheritance Tax interest invested capital lease Liberty Bonds March 1st ment method net income normal tax oil and gas oil business oil industry oil or gas oil properties oil sand operating paid partnership payment period prop proven question realized reason received recoverable refund return of capital royalty substantial surtax sustained tax matters tax purposes Tax Statute taxable income taxation taxpayer thereof tion tract Treasury trust valuation war profits
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Էջ 76 - 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 67 - That in the case of a bona fide sale of mines, oil or gas wells, or any interest therein, where the principal value of the property has been demonstrated by prospecting or exploration and discovery work done by the taxpayer...
Էջ 102 - Where the surrounding circumstances indicate that a debt is worthless and uncollectible and that legal action to enforce payment would in all probability not result in the satisfaction of execution on a judgment, a showing of these facts will be sufficient evidence of the worthlessness of the debt for the purpose of deduction.
Էջ 85 - capital assets' means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close .of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Էջ 173 - For convenience such an allowance will usually be referred to as depreciation, excluding from the term any idea of a mere reduction in market value not resulting from exhaustion, wear and tear, or obsolescence.
Էջ 140 - Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate; 3.
Էջ 50 - DEPENDENTS. — $400 for each person (other than husband or wife) dependent upon and receiving his chief support from the taxpayer if such dependent person is under eighteen years of age or is incapable of self-support because mentally or physically defective.
Էջ 101 - In determining whether a debt is worthless in whole or in part the Commissioner will consider all pertinent evidence, including the value of the collateral, if any, securing the debt and the financial condition of the debtor.
Էջ 138 - That the proceeds of life insurance policies paid upon the death of the person insured...
Էջ 136 - Corporations organized for the exclusive purpose of holding title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to an organization which itself is exempt from the tax imposed by this title...