Regulations 65 Relating to the Income Tax Under the Revenue Act of 1924

U.S. Government Printing Office, 1924 - 363 Seiten

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Liberty bond exemptions as amended and supplemented by the Revenue Act of 1924
Liberty bond exemption under Second Third and Fourth Liberty Bond Acts_
Liberty bond exemption under Supplement to Second Liberty Bond Act as amended and supplemented by the Revenue Act of 1924
Summary of tax exemptions of Liberty bonds Treasury bonds Treasury notes Treasury certificates of indebt edness and Treasury war savings certific...
Liberty bond exemption in the case of nonresident aliens 85 Return for fiscal year ending in 1924
Income of foreign governments ambassadors and consuls 87 Income of States 88 Compensation of State officers and employees
Additional exclusions from gross income
Income accrued prior to March 1 1913
nonresident alien individual Article 92 Gross income of nonresident alien individuals
business ex penses Article 101 Business expenses 102 Traveling expenses
Cost of materials 104 Repairs 105 Professional expenses 106 Compensation for personal services
Treatment of excessive compensation
Bonuses to employees
Federal duties and excise taxes_
Taxes for local benefits 134 Federal estate and State inheritance taxes
Tax on stock
Section 214a 4 5 and 6 Deductions allowed individuals losses Article 141 Losses
Voluntary removal of buildings 143 Loss of useful value 144 Shrinkage in value of stocks
Losses of farmers_
Losses from the sale and repurchase of securities_
bad debts Article 151 Bad debts_ 152 Examples of bad debts_ 153 Uncollectible deficiency upon sale of mortgaged or pledged property
Worthless Securities_ 155 Reserve for bad debts
depreciation Article 161 Depreciation 162 Depreciable property
Depreciation of intangible property 164 Capital sum recoverable through depreciation allow ances
Method of computing depreciation allowance_ 166 Obsolescence 167 Depreciation of patent or copyright
Depreciation of drawings and models_ 169 Charging off depreciation
depletion Article 201 Depletion of mines oil and gas wells depreciation of im
Amount returnable through depletion and depreciation deductions in the case of an operating owner 203 Amount returnable through depletion and d...
in case of lessor
Determination of cost of deposits 206 Determination of fair market value of mineral property other than oil and
Determination of fair market value of oil and gas prop erties
Revaluation of mineral deposits not allowed 209 Determination of mineral contents of mine
Determination of quantity of oil in ground 211 Computation of deduction for depletion of mineral
Section 234Continued
Credits allowed individuals

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Seite 11 - Columbia, the compensation received as such), 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 from any source whatever.
Seite 44 - SEC. 214 (a) (3) Taxes paid or accrued within the taxable year except (A) income, war-profits, and excessprofits taxes imposed by the authority of the United States, (B) so much of the income, warprofits, and excess-profits taxes, imposed by the authority of any foreign country or possession of the United allowed as a credit against the tax under section 131; and (3) taxes assessed against local benefits of a kind tending to increase the value of the property assessed...
Seite 137 - That every partnership shall make a return for each taxable year, stating specifically the items of its gross income and the deductions allowed by this title, and shall include in the return the names and addresses of the individuals who would be entitled to share in the net income if distributed and the amount of the distributive share of each individual. The return shall be sworn to by any one of the partners.
Seite 161 - ... (B) from a foreign corporation unless less than 50 per centum of the gross income of such foreign corporation for the three-year period ending with the close of its taxable year preceding the declaration of such dividends (or for such part of such period as the corporation has been in existence) was derived from sources within the United States as determined under the provisions of this section...
Seite 263 - If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend...
Seite 44 - 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...
Seite 201 - States — • (1) If 80 per centum or more of the gross income of such citizen or domestic corporation (computed without the heneflt of this section), for the three-year period immediately preceding the close of the taxable year (or for such part of such period immediately preceding the close of such taxable year as may be applicable) was derived from sources within a possession of the United States...
Seite 278 - If the property was acquired after December 31, 1920, by a transfer in trust (other than by a transfer in trust by a gift, bequest, or devise) the basis shall be the same as it would be in the hands of the grantor, increased in the amount of gain or decreased in the amount of loss recognized to the grantor upon such transfer under the law applicable to the year in which the transfer was made.
Seite 301 - 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...
Seite 95 - For gains, profits, and income from the sale of personal property, see subsection (e). "(b) NET INCOME FROM SOURCES IN UNITED STATES. — From the items of gross income specified in subsection (a) of this section there shall be deducted the expenses, losses, and other deductions properly apportioned or allocated thereto and a ratable part of any expenses, losses, or other deductions which can not definitely be allocated to some item or class of gross income.

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