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acquired action actual additional agreed agreement alleged allowed amount appears applied assessment assets assignment association authorized Bank basis Board bonds building capital stock cash cent charged claimed Coal Commissioner Company computed consideration contends contract corporation cost death December deduction deficiency depreciation determined directors distribution Docket ended entered entire entitled equipment evidence excess expense fact filed follows further gross held included income interest INTERNAL REVENUE inventory invested capital issued January John land lease less letter liability loss Manufacturing March notes officers operation opinion organized paid parties partnership payment period peti petitioner petitioner's plant principal prior proceeding production profits purchase question reason received record referred representing respect respondent result Revenue Act salaries securities shares shown sold statute stockholders taxable taxpayer thereof tion transfer trust United
Page 864 - BASIS. (a) DEALERS IN PERSONAL PROPERTY. — Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price.
Page 722 - 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...
Page 403 - 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 123 - It is agreed that this lease shall remain in force for a term of years from this date, and as long thereafter as oil or gas, or either of them, is produced from said land by the lessee.
Page 865 - ... as I understand the principle of all fiscal legislation, it Is this : If the ]>erson sought to be taxed comes within the letter of the law, he must be taxed, however great the hardship may appear to the judicial mind to be. On the other hand, if the crown, seeking to recover the tax, cannot bring the subject within the letter of the law, the subject is free, however apparently within the spirit of the law the case might otherwise appear to be.
Page 77 - All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries...
Page 658 - That the normal tax hereinbefore imposed upon individuals, likewise shall be levied, assessed, and paid annually upon the entire net income arising or accruing from all sources during the preceding calendar year to every corporation, joint-stock company or association, and every insurance company, organized in the United States, no matter how created or organized...
Page 393 - Any transfer of a material part of his property in the nature of a final disposition or distribution thereof, made by the decedent within two years prior to his death without such a consideration, shall, unless shown to the contrary, be deemed to have been made in contemplation of death within the meaning of this title...
Page 853 - The executor, upon payment of the amount of which he is notified, shall be discharged from personal liability for any deficiency in tax thereafter found to be due and shall be entitled to a receipt or writing showing such discharge.
Page 84 - That any persons carrying on business in partnership shall be liable for income tax only in their individual capacity, and the share of the profits of a partnership to which any taxable partner would be entitled if the same were divided, whether divided or otherwise, shall be returned for taxation and the tax paid, under the provisions of this...