Journal of Accountancy, Volume 30American Institute of Certified Public Accountants, 1920 |
Contents
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Common terms and phrases
Accounts payable accounts receivable allowance American Institute amortization amount applied assets audit balance balance-sheet bank banker basis bond discount bonus capital stock Carrying value cash cent certificate Certified Public Accountants charged client committee community property computed contract control account corporation cost sheet court Debited December 31 deduction depletion depreciation distributed divided dividends earnings effective principal entry excess profits taxes expense fact fund goodwill gross income gross profit income tax income-tax Institute of Accountants interest inventory invested capital issued JOURNAL OF ACCOUNTANCY ledger liability manufacturing material ment merchandise method net income operating overhead paid partnership payment period plaintiff plant policyholder preferred stock premium production profit and loss public accountant purchase question received record reserve salaries securities selling sold statement stockholders surplus taxable taxpayer thereof timber tion treasury stock United York
Popular passages
Page 202 - 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...
Page 371 - 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...
Page 214 - In any case in which a tax is assessed upon the basis of a consolidated return, the total tax shall be computed in the first instance as a unit and shall then be assessed upon the respective affiliated corporations in such proportions as may be agreed upon among them, or, in the absence of any such agreement, then on the basis of the net income properly assignable to each.
Page 293 - ... rest in their essence upon the principle that death is the generating source from which the particular taxing power takes its being, and that it is the power to transmit, or the transmission from the dead to the living, on which such taxes are more immediately rested.
Page 455 - ... such reasonable allowance in all the above cases to be made under rules and regulations to be prescribed by the Commissioner with the approval of the Secretary. In the case of leases the deductions allowed by this paragraph shall be equitably apportioned between the lessor and lessee...
Page 317 - to be the advantage or benefit which is acquired by an establishment beyond the mere value of the capital, stock, funds, or property employed therein, in consequence of the general public patronage and encouragement which it receives from constant or habitual customers, on account of its local position, or common celebrity, or reputation for skill or affluence, or punctuality, or from other accidental circumstances, or necessities, or even from ancient partialities or prejudices.
Page 202 - In the case of buildings, machinery, equipment, or other facilities, constructed, erected, installed, or acquired, on or after April 6, 1917, for the production of articles contributing to the prosecution of the present war...
Page 367 - All property acquired by either the husband or wife during marriage, except that which is the separate property of either, shall be deemed the common property of the husband and wife, and during coverture may be disposed of by the husband only.
Page 367 - All property, both real and personal, of the wife, owned or claimed by her before marriage, and that acquired afterward by gift, devise, or descent, shall be her separate property...
Page 454 - That in the case of mines, oil and gas wells, discovered by the taxpayer, on or after March 1, 1913, and not acquired as the result of purchase of a proven tract or lease...