Tax Guide for Small BusinessInternal Revenue Service, 1959 |
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Common terms and phrases
accrual method adjusted basis allocated allowed amortized amount apply bad debts bonds business expense capital asset carryback claim compensation computing contract contributed property contribution corporation cost dealer December 31 depletion deposit determined discussed in Chapter District Director dividends election employees erty Example excess excise taxes exemptions expenditures fair market value Federal Form Form W-2 gain or loss gross income income tax income tax return installment interest Internal Revenue Service lease less liable liquidation long-term capital gain loss deduction Manufacturers ment method of accounting month ness operating loss ordinary income partner partnership payment poration premiums prior profit prop purchase refund retail sale or exchange salvage value self-employment tax seller selling price short period short-term capital loss Small Business social security social security taxes sold sole proprietorship stockholders taxable income timber tion trade or business transaction treated vehicle wages withholding
Popular passages
Page 10 - fiscal year" means an accounting period of twelve months ending on the last day of any month other than December. The term "taxable year...
Page 16 - 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 72 - ... shall be considered as though it were a gain or loss, as the case may be, on the sale of such timber.
Page 65 - No gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock or securities in such corporation, and immediately after the exchange such person or persons are in control of the corporation...
Page 33 - In the case of expenditures paid or incurred during the taxable year for the purpose of ascertaining the existence, location, extent, or quality of any deposit of ore or other mineral...
Page 43 - In the case of tangible property, it applies to that which is subject to wear and tear, to decay or decline from natural causes, to exhaustion, and to obsolescence...
Page 86 - Generally, services are considered rendered to the occupant if they are primarily for his convenience and are other than those usually or customarily rendered in connection with the rental of rooms or other space for occupancy only.
Page 66 - An individual shall be considered as owning the stock owned directly or indirectly, by or for his family...
Page 29 - Goods taken in the inventory which have been so intermingled that they cannot be identified with specific invoices will be deemed to be the goods most recently purchased or produced, and the cost thereof will be the actual cost of the goods purchased or produced during the period in which the quantity of goods in the inventory has been acquired.
Page 32 - Donations to organizations other than those described in section 170 which bear a direct relationship to the taxpayer's business and are made with a reasonable expectation of a financial return commensurate with the amount of the donation may constitute allowable deductions as business expenses.