The Federal Income Tax Explained: With the Regulations of the Treasury Department

Excerpt from The Federal Income Tax Explained: With the Regulations of the Treasury Department

The Income Tax law, incorporated in the recent Act of Congress entitled "An Act to reduce taxation, to provide revenue for the Government, and for other purposes," is new in certain of its clauses, especially in those relating to property acquired by gift and inheritance, and those relating to appeals and to corporations; but in other respects it retains the words, phrases, and clauses, which, in the income tax laws of the time of the Civil War, acquired a settled meaning under the rulings of the courts and the practice of the Bureau of Internal Revenue. The aim of the present treatise is to elucidate the new statute from the decisions and practice affecting the older laws, so far as changes of statutory phraseology have not changed or superseded them.

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