Revenue Revision of 1943: Hearings...revised, October 4, 5, 6, 7, 11, 12, 13, 14, 15, 16, 18, 19, and 20, 1943

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Page 566 - capital assets" means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Page 583 - The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer ; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect the income...
Page 560 - ... property, used in the trade or business, of a character which is subject to the allowance for depreciation provided in section 23 (1...
Page 557 - ... into other property or money, exceed the recognized losses from such sales. exchanges, and conversions, such gains and losses shall be considered as gains and losses from sales or exchanges of capital assets held for more than 6 months.
Page 566 - ... stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable* year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business, or property, used in the trade or business...
Page 90 - The CHAIRMAN. Without objection, it is so ordered. (There was no objection).
Page 260 - ... (b) Finality. If such agreement is approved by the Secretary or his delegate (within such time as may be stated in such agreement, or later agreed to) such agreement shall be final and conclusive, and, except upon a showing of fraud or malfeasance, or misrepresentation of a material fact...
Page 594 - The amendments made by this section shall be applicable to taxable years beginning after December 31, 1939.
Page 823 - ... such timber, and the adjusted depletion basis thereof, shall be considered as though it were a gain or loss, as the case may be, on the sale of such timber.
Page 763 - If, then, you wish to insure the interest of your pupils, there is only one way to do it; and that is to make certain that they have something in their minds to attend with, when you begin to talk.

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