Losses outside taxpayer's business Contributions to benevolent organizations Basis of computing losses on sales.... "Losses in trade" decisions-1913 Law. Amount allowed under existing law Not liable to new normal tax of two per cent. Personal exemption no longer allowed Deductions allowed respecting interests in United States Losses outside taxpayer's business Taxes paid Charitable contributions not deductible Filing of returns necessary to receive deductions Agents may act for non-resident aliens Deduction at Source-Non-resident aliens. Applies to practically all American income Benefit of tax-free covenant-When received Deduction at Source-Foreign partnerships. Deduction at Source-Citizens or residents. Stockholders' lists and dividend records Certain taxes "deducted" in 1917 to be repaid.... Persons required to make return Non-resident aliens-When required 62 Under War Income Tax Law Partnerships not taxable as such Limited partnerships taxable as corporations Interest on so-called Municipal bonds Liberty Loan 4s in hands of corporations Securities issued under Federal Farm Loan Act Income from public utilities-When exempt Computing profits or losses from sales.. Deduction at Source As applied to foreign organizations "Tax-free"covenants in corporate bonds.... Accounting systems for corporations. Corporation's fiscal year its tax year. Annual return of income When filed Where filed Extension of time for filing Made by receivers, trustees and assignees Assessment and payment of tax.... General Provisions "Excess Profits Tax"-on salaries, etc., over $6,000.. 83 What domestic dividends are subject to tax. Under 1913 Law Under 1916 Law as originally passed Under present law Received by domestic corporations 83 |