Reports of the U.S. Board of Tax Appeals, Volume 2U.S. Government Printing Office, 1926 |
Contents
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Common terms and phrases
acquired actual cash value agreement alleged allowed amount appeal ARUNDELL not participating assets basis Board bonds buildings calendar year 1919 capital stock cent coal Commissioner disallowed Commissioner is approved contract corporation cost December 31 Decided June Decided September DECISION deduction from gross deficiency in income depreciation directors dividend Docket equipment evidence expenses filed FINDINGS OF FACT fiscal year ended GRAUPNER gross income included income and profits income tax income-tax return interest inventory invested capital issued January January 31 July 14 June 26 June 30 LANSDON lease liability LITTLETON loss Manufacturing March net income October 14 operated opinion organized paid par value parties partnership patents payable payer payment period preferred stock principal office prior profits taxes purchase question real estate received Revenue Act Rule 50 salaries settled on consent sold stockholders Submitted June taxable taxpayer taxpayer claims tion TRUSSELL
Popular passages
Page 74 - The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect the income...
Page 75 - If the change is from calendar year to fiscal year, a separate return shall be made for the period between the close of the last calendar year for which return was made and the date designated as the close of the fiscal year.
Page 612 - ... (but in case such tangible property was paid in prior to January first, nineteen hundred and fourteen, the actual cash value of such property as of January first, nineteen hundred and fourteen, but in no case to exceed the par value of the original stock or shares specifically issued therefor...
Page 98 - Whenever in the opinion of the Commissioner the use of inventories is necessary in order clearly to determine the income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the income.
Page 789 - In the case of buildings, machinery, equipment, or other facilities, constructed, erected, installed, or acquired, on or after April 6, 1917, for the production of articles contributing to the prosecution of the present war...
Page 206 - For the purpose of this section two or more domestic corporations shall be deemed to be affiliated (1) if one corporation owns directly or controls, through closely affiliated interests or by a nominee or nominees substantially all the stock of the other or others, or (2) if substantially all the stock of two or more corporations is owned or controlled by the same interests.
Page 90 - That for the purpose of the tax the value of the net estate shall be determined— (a) In the case of a resident, by deducting from the value of the gross estate...
Page 74 - If the taxpayer's annual accounting period is other than a fiscal year as defined in section 200 or if the taxpayer has no annual accounting period or does not keep books, the net income shall be computed on the basis of the calendar year.
Page 578 - ... (a) For the calendar year 1918, 12 per centum of the amount of the net income in excess of the credits provided in section 216: Provided, That in the case of a citizen or resident of the United States the rate upon the first $4,000 of such excess amount...
Page 295 - In the case of a foreign corporation or of a corporation entitled to the benefits of section 262; (c) Where a mixed aggregate of tangible property and intangible property has been paid in for stock or for stock and bonds and the Commissioner is unable satisfactorily to determine the -respective values of the several classes of property at the time of payment, or to distinguish the classes of property paid in for stock and for bonds, respectively...