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acquired addition allowed amount ANSWER apply assessed assets authorized bank basis benefit bonds building calendar year 1921 capital stock cash centum claim close collected collector Commissioner computed contract corporation cost debts December 31 deduction depletion depreciation derived determined distributed dividends domestic corporation earnings ending entire entitled equal exceed excess excess-profits tax exemption expenses FACTS Federal fiscal foreign corporation gain gross income Illustrating included income tax individual installment interest invested capital issued January less loss manner March means method months net income NOTE operated organized paid partnership payment period portion prior PROBLEM profits purchased QUESTION reasonable received REFERENCE reported reserve resident respect result Revenue Act shares sources stockholders subdivision surtax tax imposed taxable taxation taxpayer term thereof tion United
Page 432 - 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 derived...
Page 475 - ... (b) Interest. — All interest paid or accrued within the taxable year on indebtedness, except on indebtedness incurred or continued to purchase or carry obligations or securities (other than obligations of the United States issued after September 24, 1917, and originally subscribed for by the taxpayer) the interest upon which is wholly exempt from taxation under this title.
Page 447 - That the tax imposed by sections 210 and 211 m shall apply to the income of estates or of any kind of property held in trust...
Page 452 - If any tax required under this section to be deducted and withheld Is paid by the recipient of the Income, It shall not be re-collected from the withholding agent; nor In cases In which the tax Is so paid shall any penalty be Imposed upon or collected from the recipient of the Income or the withholding agent for failure to return or pay the same, unless such failure was fraudulent and for the purpose of evading payment.
Page 449 - A trust created by an employer as a part of a stock bonus, pension, or profit-sharing plan for the exclusive benefit of some or all of his employees, to which contributions are made by such employer, or employees, or both, for the purpose of distributing to such employees the earnings and principal of the fund accumulated by the trust in accordance with such plan...
Page 509 - No suit or proceeding shall be maintained in any court for the recovery of any internal- revenue tax alleged to have been erroneously or illegally assessed or collected, or of any penalty claimed to have been collected without authority, or of any sum alleged to have been excessive or in any manner wrongfully collected...
Page 477 - To the result so obtained add unearned premiums on outstanding business at the end of the preceding taxable year and deduct unearned premiums on outstanding business at the end of the taxable year; (6) LOSSES INCURRED. — "Losses incurred" means losses incurred during the taxable year...
Page 294 - States) ; (3) estate, inheritance, legacy, succession and gift taxes; and (4) taxes assessed against local benefits of a kind tending to increase the value of the property assessed...
Page 434 - Whenever any State, Territory, or the District of Columbia, or any political subdivision of a State or Territory, prior to September 8, 1916, entered in good faith into a contract with any person, the object and purpose of which is to acquire, construct, operate, or maintain a public utility...