The Federal Revenue System: Facts and ProblemsU.S. Government Printing Office, 1956 - 201 pages |
Contents
| 1 | |
| 4 | |
| 5 | |
| 6 | |
| 7 | |
| 10 | |
| 12 | |
| 15 | |
| 16 | |
| 18 | |
| 18 | |
| 18 | |
| 19 | |
| 22 | |
| 24 | |
| 25 | |
| 26 | |
| 27 | |
| 29 | |
| 31 | |
| 32 | |
| 33 | |
| 34 | |
| 146 | |
| 157 | |
| 171 | |
| 173 | |
| 177 | |
| 193 | |
| 194 | |
| 195 | |
| 196 | |
| 197 | |
| 198 | |
| 199 | |
| 200 | |
| 201 | |
Other editions - View all
Common terms and phrases
50 percent Accordingly addition adjusted gross income amortization amount applied argued basis benefits billion capital assets capital losses cents companies contended corporate income cost deductions depletion allowances depreciation allowances distribution dividends economic effective rate elimination employee estate tax excess expenses Federal revenue system financing funds gain or loss gains and losses gift tax Government held incentives income taxation income-tax increase individual income tax Internal Revenue Code Internal Revenue Service limited long-term capital gains ment mineral properties Moreover net income offset option ordinary income payments percentage depletion permit personal exemption personal income present law profits proposal provisions realized relatively result retirement Revenue Act royalties sale or exchange sales tax section 117 sources specific standard deduction statutory substantial surtax tax base tax credit tax law tax liability tax policy tax rates tax treatment taxable income taxpayer timber tion trade or business transfer United
Popular passages
Page 12 - Such term also includes livestock, regardless of age, held by the taxpayer for draft, breeding, or dairy purposes, and held by him for 12 months or more from the date of acquisition. Such term does not include poultry. (4) Unharvested crop. In the case of an unharvested crop on land used in the trade or business...
Page vii - The principal examples of ordinary and necessary expenses in carrying on a trade or business are salaries, wages, and other payments made as compensation for personal services, depreciation and depletion, taxes, interests, and losses. Business expenses, plus (1) expenses for production of income, (2) losses realized on the sale or exchange of property, and (3) 50 percent of the excess of net long-term capital gains over net short-term capital losses, are deducted from...
Page 3 - In recent years, there has been increasing recognition of the importance of the individual income tax in fiscal policy aimed at economic stabilization.
Page x - Personal income is denned by the Department of Commerce as the current income received by persons from all sources, including transfers from government and business but excluding transfers among persons.
Page 118 - The maximum credit allowable for State death taxes is expressed as a percentage of the decedent's taxable estate in excess of $40,000; the law provides a graduated rate table for the purpose of computing the credit.
Page 40 - Switch to straight-line for years 7 through 10 authorized so that total depreciation will equal the cost of the asset. Cumulative charges do not add to $10,000 because of rounding. As the table indicates, use of the declining-balance method at twice the straight-line rate results in the writeoff of about two-thirds of the cost of the asset over the first half of its life. The sum of the yearsdigits method permits recovery of almost three-fourths of the asset's cost over the same period. Under all...
Page 99 - If you receive vested stock when you exercise the option, you will realize wage income equal to the excess of the value of the stock over the option price. In addition to the cash to buy the stock, you will need cash to pay the tax on the wage income. The tax is due even if you plan to hold onto the stock before selling.
Page 63 - lay and collect taxes on income from whatever source derived * * *." The corporation income tax has been an important part of the Federal revenue system since the enactment of the 1913 law. Over the five decades of its existence, the tax has contributed annually between one-sixth and one-half of total Federal tax revenues.
Page 176 - The Federal Government allows taxpayers to deduct State income taxes in computing net taxable income for Federal purposes.
Page 117 - Their elimination, therefore, would require an increase in income tax burdens or a postponement of income tax reductions otherwise possible. CHAPTER 10 FEDERAL ESTATE AND GIFT TAXATION I. PRESENT LAW A. ESTATE TAX The Federal estate tax is an excise tax imposed on the transfer of property by a decedent. It differs, therefore, from an inheritance tax in which tax is imposed, generally, on the heir who receives the property. The base of the estate tax is the gross estate transferred, adjusted for certain...