Establishment of right to exemption, 37 Marketing products, 32 Purchasing supplies, 32, 33 Non-members, relations with, 33 Former procedure, 34 Reserves, do not destroy exemption, 33 Federal Courts, Doctrine of constructive receipt not approved by, 254 (See also "Federal Intermediate Credit Federal Farm Loan Bonds, (See "Farm Federal Government, Gifts, deductible, 1132, 1134 Federal Intermediate Credit Banks, Deductions not allowed, interest on loans Interest on loans to purchase, not de- Interest on obligations, ownership cer- 288 Federal Land Banks, Exempt, 36, 613 Dividends, 220 Interest on obligations, 217 Interest on obligations, ownership cer- Dividends exempt, 648 To shareholders, taxable to member Federal Taxes, (See also "Refunds") Assumed by corporation issuing tax free Documentary stamp, 815 Interest on overdue, deductible, 801 Fees, Accountant's, disallowed, 796 Accounting methods, 283 Architect's, 752 As compensation for personal services, Attorneys (See "Attorneys") Advance as deferred income, 264 In advance, as deferred income, 242 Consular, not deductible, 819 Incorporation, may or may not be de- Commissioned by state, exempt, 207 Paid to secure employment deductible, 789 State inspection, in settlement of litiga- Stock exchange, Deductible, 789 Listing, 745 Taxable, 296 Fertilizer, As capital charge, 754 Fertilizer Plants, Depreciation, 975 Fertility (See "Soil") Fidelity Bonds, Insurance premiums, when Fiduciaries, (See also "Decedents," "Es- Additional assessments after distribution Agent appointed by beneficiary relieves, Deductible periodic distributions, taxable Deductions, income collected by guardian, Deductions permitted, 686 Estate partly taxable to, 686 Failure to file notice of capacity, 1280 Not responsible for return filed for bene- Ownership certificates for payment of registered interest, foreign items, 181 Property transferred as security, tax on Receiving salary from estate, returns of Refunds (See Table of Contents, p. 1265) Returns (See Table of Contents, p. 1265) Former procedure, 1269 Copies furnished, 89 Former procedure, 1266 For married minor or incompetent, 1268 Forms, 55, 1041, 1270, 1271 For non-resident aliens, 1267 Amortization apportionment for, 1062 Books of account on basis of, returns, 49 Computation of tax where rates or defini- Corporation closing books on basis of, may Former procedure, 48 Computation of tax, 131 Estates and trusts, computation of, 131 Fiscal Year-(Continued) Partnerships-(Continued) Ending in 1925, computation of tax, Intending to establish, returns, 679 Books of account required, 49 Five Civilized Tribes of Indians, Income Fixtures (See "Furniture and Fixtures") da, returns, 63 Florists, Inventories not required from, 1319 Not doing business in the U. S., Obligations of the U. S. exempt to, 616 Foreign Bonds, British treasury bills purchased in U. S. Underwritten in the U. S., income from by non-resident aliens, not taxable, 1180 Foreign Building and Loan Associations, Foreign Commerce, Profits on sales in, as Foreign Co-operative Banks, Taxable, 38 Advances to, excluded from inventories, Agent in the U. S., 1182 Collection of interest on tax-free covenant Consolidated accounts, 109 Consolidated returns, 1204 Former procedure, 1204 Credits allowed, 1196 Damages for breach of contract held to Deduction for foreign taxes paid, 1192 On tax-free covenant bonds, 194 Former procedure, 646 Profits derived from sale of goods to U. S. Profits derived in foreign countries on Purchasing agent in U. S., subject to Return of dividends from, 646 Must be filed to receive deductions and Filed by agent, 80, 1203 Of information at source, 166 Foreign Exchange-(Continued) Purchased to acquire merchandise, not Rate on income accruing abroad, 334 Rate on liquidation of indebtedness, 334 Foreign Governments, Bonds owned by, certificates of owner- ship not required; 177 Foreign items owned by, ownership cer- Owning 51% of stock of foreign corpora- Foreign Investments, Worthless, when de- termined, 847 Foreign Items, Banks, collecting records, 186 Foreign exchange, 335 Foreign owner, returns of information not Ownership certificate, 184 Not required, when, 178 Ownership unknown, presented for col- Returns of information at source, 181-186 Minimum required for, 183 Foreign Loans, Interest paid on, withhold- Foreign Money, Not securities, 856 Foreign Organization, Exemption from in- Foreign items, Owned by, ownership certificates not Paying agent, 185 Returns of information not required, Foreign Partnerships, Consolidated accounts, 109 Domestic partnerships distinguished from, Extension of time for filing returns, 45 Foreign items owned by, ownership cer- Goods purchased in U. S. by agent, 1180 Interest on loans not evidenced by note Non-resident, form of ownership certi- Formulas, Depreciation, 975 Foundations, Abandoned hotel, loss deduc- Foundries, Depreciation, 975 Computation of tax, not to be disre- Disregard in payment of tax, 135. 157 Fractional Part of Year, As taxable year, 48 Computation of net loss, 903 Former procedure, 903, 904 Computation of tax, 131-134 Former procedure, 132 Corporation, income on annual basis, 134 Corporations, specific credits, 134 Depreciation charges, 957 Dividends on annual basis, 134 Exemptions, obligations of the U. S., 612 |