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" Debts ascertained to be worthless and charged off within the taxable year (or, in the discretion of the Commissioner, a reasonable addition to a reserve for bad debts) ; and when satisfied that a debt is recoverable only in part, the Commissioner may... "
The Federal Statutes Annotated: Containing All the Laws of the United States ... - Page 138
by United States - 1922
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Cases Decided in the Court of Claims of the United States, Volume 93

United States. Court of Claims - 1941 - 858 pages
...Act of 1928 provided : In computing net income there shall be allowed as deductions : (j) Bad debts. Debts ascertained to be worthless and charged off...Commissioner may allow such debt to be charged off in part. (45 Stat. 791, 800.) We are not satisfied by plaintiff's meagre evidence relating to these debts that...
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Cases Decided in the Court of Claims of the United States, Volume 84

United States. Court of Claims - 1937 - 710 pages
...1928. section 23 (j), which provide that in computing net income there shall be allowed as deductions "Debts ascertained to be worthless and charged off...Commissioner, a reasonable addition to a reserve for bad debts) ; * * *." The use of the reserve system in connection with deductions for worthless debts...
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Cases Decided in the Court of Claims of the United States, Volume 91

United States. Court of Claims - 1940 - 772 pages
...claims a deduction for a partial bad debt under that portion of section 23 (j) which reads as follows: And when satisfied that a debt is recoverable only...Commissioner may allow such debt to be charged off in part. This section, however, has in mind a transaction to be completed in the future, and not one already...
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Statutes of the United States of America

United States - 1921 - 642 pages
...clearly reflect the income, the loss should, in the opinion of the Commissioner, ^e accounted for sis of a different period. In case of losses arising from...reserve for bad debts) ; and when satisfied that a debt jg recoverable only in part, the Commissioner may allow such debt to be charged off in part; ^ ^ reasonaDle...
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Digest of the Federal Revenue Act of 1921: For Income and Excess Profits ...

National City Company - 1921 - 104 pages
...exempt from this provision in respect to transactions in the ordinary course of their business. 97 "(5) Debts ascertained to be worthless and charged off...Commissioner may allow such debt to be charged off in part;" Provision for charge-off of a reserve or fractional loss is new. 98 "(6) The amount received as dividends...
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Barnes' Federal Code: Containing All Federal Statutes of General and Public ...

United States - 1922 - 756 pages
...deduction shall be computed upon the basis of its fair market price or value as of March 1, 1913; (5) Debts ascertained to be worthless and charged off...Commissioner may allow such debt to be charged off in part; (6) The amount received as dividends (A) from a domestic corporation other than a corporation entitled...
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Journal of Accountancy, Volume 33

1922 - 500 pages
...in computing the net income of an individual or corporation there shall be allowed as a deduction : Debts ascertained to be worthless and charged off...commissioner may allow such debt to be charged off in part. The foregoing provision changes the previous practice in two particulars — first, by recognizing...
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Federal Income Tax Problems --1922

Emerson Emanuel Rossmoore - 1922 - 592 pages
...different period. In case of losses arising from destruction of or damage to property, where the property the deduction shall be computed upon the basis of...taxable year (or, in the discretion of the Commissioner, an» reasonable addition to a reserve for bad debts) ; and when satisfied that a debt is recoverable...
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20th Century Bookkeeping and Accounting: A Treatise on the Principles of ...

James Williams Baker - 1922 - 396 pages
...amount due from customers at the close of the period. The 1921 Revenue Act provides a deduction for "debts ascertained to be worthless and charged off...Commissioner, a reasonable addition to a reserve for bad debts)." Debit the Reserve for Doubtful Accounts Account: ll. For the amount that cannot be collected...
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Practical Questions and Answers on the Federal Tax Laws Affecting Individual ...

Irving Bank. Columbia Trust Company - 1923 - 148 pages
...property not connected with the trade or business (but in the case of a nonresident alien individual only property within the United States) if arising from...the Commissioner, a reasonable addition to a reserve fa bad debts); and when satisfied that a debt is recoverable only in part, the Commissioner may allow...
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