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" For the purposes of this Act every distribution is made out of earnings or profits to the extent thereof, and from the most recently accumulated earnings or profits. Any earnings or profits accumulated, or increase in value of property accrued, before... "
Cases Decided in the United States Court of Claims ... with Report of ... - Page 15
by United States. Court of Claims, Audrey Bernhardt - 1957
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Regulations 65 Relating to the Income Tax Under the Revenue Act of 1924

United States. Internal Revenue Service - 1924 - 396 pages
...Any earnings or profits accumulated, or increase in value of property accrued, before March 1, 1913, may be distributed exempt from tax, after the earnings...distribution shall be applied against and reduce the basis of the stock provided in sectitm 204. (c) Amounts distributed in complete liquidation of a corporation...
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Revenue Act of 1924: Hearings Before the Committee on Finance, United States ...

United States. Congress. Senate. Committee on Finance - 1924 - 468 pages
...any, from subsequent sale of the stock) and by adding to the preceding portion thereof the following: "but any such tax-free distribution shall be applied against and reduce the basis of the stock provided in section 204." Section 201 (c) of the revenue act of 1924 proposes new...
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Income Tax Accounting

John F. Sherwood - 1925 - 206 pages
...Any earnings or profits accumulated, or increase in value of property accrued, before March 1, 1913, may be distributed exempt from tax, after the earnings...distribution shall be applied against and reduce the basis of the stock provided in section 204. (c) Amounts distributed in complete liquidation of a corporation...
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Questions and Answers on Federal Tax Laws: Based on Revenue Act of 1924 and ...

Irving Bank-Columbia Trust Company - 1925 - 152 pages
...Any earnings or profits accumulated, or increase in value of property accrued, before March 1, 1913, may be distributed exempt from tax, after the earnings...distribution shall be applied against and reduce the basis of the stock provided in section 204. (c) Amounts distributed in complete liquidation of a corporation...
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Federal Income and Estate Tax Laws: Correlated and Annotated, Being a ...

Walter Elbert Barton, United States, Carroll Wright Browning - 1925 - 580 pages
...of 1924. Act of 1921. Act of 1918. or increase in value of property accrued, before March 1, 1913, may be distributed exempt from tax, after the earnings...distribution shall be applied against and reduce the basis of the stock provided in section 204.20 SEC. 201. (c) Amounts distributed in complete liquidation...
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Cases on Federal Taxation, Volume 1

Joseph Henry Beale, Roswell Foster Magill - 1926 - 744 pages
...Any earnings or profits accumulated, or increase in value of property accrued, before March 1, 1913, may be distributed exempt from tax, after the earnings...distribution shall be applied against and reduce the basis of the stock provided in section 204. (c) Amounts distributed in complete liquidation of a corporation...
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The Income Tax in Great Britain and the United States

Harrison B. Spaulding - 1927 - 336 pages
...Any earnings or profits accumulated, or increase in value of property accrued, before March 1, 1913, may be distributed exempt from tax, after the earnings...distribution shall be applied against and reduce the basis of the stock provided in section 204. (c) Amounts distributed in complete liquidation of a corporation...
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Report of the Joint Committee on Internal Revenue Taxation, Volumes 1-3

United States. Congress. Joint Committee on Internal Revenue Taxation - 1927 - 414 pages
...Any earnings or profits accumulated, or increase in value of property accrued, before March 1, 1913, may be distributed exempt from tax, after the earnings...distribution shall be applied against and reduce the basis of the stock provided in section 113. (c) Distributions in liquidation. — Amounts distributed...
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Federal Income Taxes, 1927

Eric Louis Kohler - 1927 - 618 pages
...Any earnings or profits accumulated, or increase in value of property accrued, before March 1, 1913, may be distributed exempt from tax, after the earnings...distribution shall be applied against and reduce the basis of the stock provided in section 204. (c) Amounts distributed in complete liquidation of a corporation...
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The Laws of Wisconsin

Wisconsin - 1927 - 1052 pages
...earnings or profits accumulated, or increase in value of property accrued', before January 1, 1911, may be distributed exempt from tax, after the earnings and profits accumulated after January 1, 1911, have been distributed, but any such tax-free distribution shall be applied against...
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