Income Tax PrimerCorporation trust Company, 1917 - 28 pages |
Common terms and phrases
accrued Act of October Act of September additional income tax additional tax aggregate amount amended amount of gain amount paid amount received amounts expended ancillary administrator associations or insurance beneficiaries bonds business expense business or trade calendar cash citizen or resident claimed as deductions Collector of Internal Commissioner of Internal computing cost December 31 deducted and withheld deduction to cover deeds of trust dend depreciation dividends employe equals or exceeds estate or trust farm fiduciary filed gain or profit Gross Income held income tax purposes income tax returns insurance companies Internal Revenue joint-stock companies liable Liberty Loan loss normal income tax normal tax partnership personal exemption personal return place of business premiums profit derived profits or income provisions of Section rates prescribed render a return reported under Gross required to render return rendered returns of income Revenue Act Section 28 Section 31 tax assessed taxpayer tion
Popular passages
Page 4 - July seventeenth, nineteen hundred and sixteen; the compensation of the present President of the United States during the term for which he has been elected, and the judges of the Supreme and inferior courts of the United States now in office, and the compensation of all officers and employees of a State, or any political subdivision thereof, except when such compensation is paid by the United States Government.
Page 22 - Persons carrying on business in partnership shall be liable for income tax only in their individual capacity, and the share of the profits of the partnership to which any taxable partner would be entitled if the same were divided, whether divided or otherwise, shall be returned for taxation...
Page 25 - ... without deduction for any tax which the obligor may be required or permitted to pay thereon, or to retain therefrom under any law of the United States...
Page 19 - ... a reasonable allowance for the exhaustion, wear and tear of property arising out of its use or employment in the business...
Page 4 - ... interest upon the obligations of a State or any political subdivision thereof or upon the obligations of the United States or its possessions or securities issued under the provisions of the Federal farm loan Act of July...
Page 4 - A head of a family is an individual who actually supports and maintains in one household one or more individuals who are closely connected with him by blood relationship, relationship by marriage, or by adoption, and whose right to exercise family control and provide for these dependent individuals is based upon some moral or legal obligation. In the absence of continuous actual residence together, whether or not a person with dependent relatives is a head of a, family...
Page 3 - Provided further, That persons liable for the normal income tax only, on their own account or in behalf of another, shall not be required to make return of the income derived from dividends on the capital stock or from the net earnings of corporations, joint-stock companies or associations, and insurance companies taxable upon their net income as hereinafter provided.
Page 22 - That individuals carrying on business in partnership shall be liable for income tax only in their individual capacity. There shall be included in computing the net income of each partner his distributive share, whether distributed or not, of the net income of the partnership for the taxable year...
Page 14 - At market value, may make his return upon the basis upon which his accounts are kept...
Page 21 - If costumes purchased by actors and actresses are used exclusively in the production of a play, and are not adapted for occasional personal use, and are not so used, a deduction may be claimed on account of such depreciation in their value as occurs during the year, on account of wear and tear arising from their use in the productions of the play or their becoming obsolete at the close of the production.