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accordance acquired actually agent allowance amount apply assessed assets authority basis bonds calendar capital carried cash charged claim compensation Comptroller computing constitute contract corporation cost credited debt deductible deductible from gross defined depreciation derived determining distribution dividends earnings employees entire entitled estate or trust excess exchange excluded exemption expenses fact fair market value farm Federal fiduciary filed fiscal Form gain or loss gross income imposed included income tax individual installment interest inventory January less living loss method net income nonresident obligations operation paid partnership payment period prior profit purchase realized reasonable receipt received regarded regulations rendered rent resident respect salaries securities share sources statute subdivision subsequent taken Tax Law taxable income taxpayer term thereof tion trade transaction treated United unless withholding York
Page 115 - 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 derived...
Page 114 - Whenever In the opinion of the Commissioner the use of Inventories is necessary in order clearly to determine the Income of any taxpayer, Inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice In the trade or business and as most clearly reflecting the Income.
Page 114 - 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 117 - ... rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity...
Page 67 - Income received by estates of deceased persons during the period of administration...
Page 86 - States); (3) estate, inheritance, legacy, succession and gift taxes; and (4) taxes assessed against local benefits of a kind tending to increase the value of the property assessed...
Page 32 - The cost of incidental repairs which neither materially add to the value of the property nor appreciably prolong its life...
Page 111 - paid or incurred" and "paid or accrued" shall be construed according to the method of accounting upon the basis of which the net income is computed under section 212 or 232. The deductions and credits provided for in this title shall be taken for the taxable year in which "paid or accrued
Page 60 - For the purpose of this rule a dealer in securities is a merchant of securities, whether an individual, partnership, or corporation, with an established place of business, regularly engaged in the purchase of securities and their resale to customers...