State Taxation of Personal Incomes

Front Cover
Columbia University, 1921 - 247 pages
Expands on the author's paper titled "Fiscal Aspects of State Income Taxes," which appeared in the American Economic Review for June, 1920, along with a description of the background of these taxes.
 

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Page 221 - 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...
Page 224 - ... rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity...
Page 223 - When property is exchanged for other property, the property received in exchange shall for the purpose of determining gain or loss be treated as the equivalent of cash to the amount of its fair market value, if any...
Page 225 - ... based upon cost including cost of development not otherwise deducted : Provided, That in the case of such properties acquired prior to March 1, 1913, the fair market value of the property (or the taxpayer's interest therein) on that date shall be taken in lieu of cost up to that date...
Page 219 - ... shall be construed according to the method of accounting upon the basis of which the net income is computed under section 212 or 232. The deductions and credits provided for in this title shall be taken for the taxable year in which "paid or accrued
Page 224 - ... (e) LOSSES BY INDIVIDUALS. — In the case of an individual, losses sustained during the taxable year and not compensated for by insurance or otherwise — if incurred in trade or business ; or if incurred in any transaction entered into for profit, though not connected with the trade or business...
Page 224 - 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 219 - Taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the net income is computed under this Part. "Taxable year...
Page 225 - In computing net income no deduction shall in any case be allowed in respect of: 1. Personal, living, or family expenses; 2. Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate ; 3.
Page 236 - ... designated by him for that purpose, to examine any books, papers, records, or memoranda bearing upon the matters required to be included in the return, and may require the attendance of the person rendering the return or...

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