...35 Conn. 663; (1899) 22 Op. Atty. Gen. 320. 8 986. Deductions allowable in computing net income, (a) In computing the net income of a corporation subject to the tax imposed by section 981 of this title there shall be allowed as deductions: Ordinary and necessary expenditure incurred...

...1919 or in 1920 is not quite so plain. In section 234 of the Revenue Act of 1918 it was provided : (a) That in computing the net income of a corporation subject to the tai Imposed by section 230 there shall be allowed as deductions : ******* (6) Amounts received as dividends...

...otherwise provided by the law of the jurisdiction imposing such taxes; .... Corporations.— LAW. Section 234. (a) That in computing the net income of a corporation...section 230 there shall be allowed as deductions: .... (3) Taxes paid or accrued within the taxable year except (a) income, war-profits, and excess-profits...

...against the tax), are deductible from gross income (Art. 131.) Corporations. — LAW. Section 234. (a) In computing the net income of a corporation subject...by section 230 there shall be allowed as deductions : (3) Taxes paid or accrued within the taxable year except (A) income, war-profits, and excess-profits...

...representing profits on the manufacture and disposition of goods within the United States. Deductions Allowed SEC. 234. (a) That in computing the net income of...corporation subject to the tax imposed by section 23o there shall be allowed as- deductions : (1) All the ordinary and necessary expenses paid or incurred...

...unfinished, are not to be again deducted as expenses of operation and maintenance. (Reg. 33, 1918, Art. 129.) income of a corporation subject to the tax imposed...section 230 there shall be allowed as deductions: (l) All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on...

...the deduction is allowed "in computing net income" (214-a) "in the case of an individual" (212-a). "In computing the net income of a corporation subject to the tax imposed by section 230" no such deduction is allowed (234— a). The plain meaning of section 330 forbids the allowance of...

...has not taken or is not taking title or in which he has no equity. Section 234. [Corporations] (a) In computing the net income of a corporation subject to the tax imposed by section 330 there shall be allowed as deductions: (i) All the ordinary and necessary expenses paid or incurred...

...Revenue Acts of 1918 and 1921 in regard to deductions for salaries are identical and read as follows : SEC. 234. (a) That in computing the net income of a corporation subject to the lax imposed by section 230 there shall be allowed as deductions : (1) All the ordinary and necessary...

...petitioner in 1923. Section 214 (a) of the Revenue Act of 1918 provides: That in computing net income there shall be allowed as deductions; » *.* * * * * (4) Losses sustained during the taxable year iind not compensated for by insurance or otherwise, if incurred in trade or business. In Lodi Canning...