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Establishment of right to exemption, 37
Former procedure, 31

Marketing products, 32

Purchasing supplies, 32, 33

Non-members, relations with, 33

Former procedure, 34

Reserves, do not destroy exemption, 33
"Farm-Price" Method of Valuation of
Inventories, 1318

Federal Courts, Doctrine of constructive

receipt not approved by, 254
Federal Estate Tax (See "Estate Tax")
Federal Farm Loan Act,

(See also "Federal Intermediate Credit
Banks," "Federal Land Banks," "Na-
tional Farm Loan Associations")
Interest on obligations, issued under
exempt, 217

Federal Farm Loan Bonds, (See "Farm
Loan Bonds")

Federal Government, Gifts, deductible,

1132, 1134

Federal Intermediate Credit Banks,
Dividends exempt, 220

Deductions not allowed, interest on loans
to purchase, 803
Exempt, 36, 613

Interest on loans to purchase, not de-
ductible, 803

Interest on obligations, ownership cer-
tificates not required, 176, 183
Interest wholly exempt, 217, 608, 609
Federal Judges, Compensation exempt, 206,

288

Federal Land Banks,

Exempt, 36, 613

Dividends, 220

Interest on obligations, 217

Interest on obligations, ownership cer-
tificates not required, 176, 183
Federal Officers and Employees (See Gov-
ernment Officers and Employees")
Federal Reserve Banks,

Dividends exempt, 648

To shareholders, taxable to member
banks, 220

Federal Taxes, (See also "Refunds")
Accrual, 814

Assumed by corporation issuing tax free
bonds not deductible as interest, 804
Former procedure, 805
Deduction in rate cases, 839
Deductions allowed, interest on overdue,
801

Documentary stamp, 815

Interest on overdue, deductible, 801
Federal Territorial Judges, Compensation
taxable, 288

Fees,

Accountant's, disallowed, 796

Accounting methods, 283

Architect's, 752

As compensation for personal services,
282

Attorneys (See "Attorneys")

Advance as deferred income, 264
Deductible by farmer, 1316
Deductions, estates and trusts, 1254

In advance, as deferred income, 242
When deductible, 795

Consular, not deductible, 819
Defined, 820

Incorporation, may or may not be de-
ductible, 819
Notary,

Commissioned by state, exempt, 207
In partnership income, exempt, 208
Turned over to employing corporation
taxable to corporation, 208

Paid to secure employment deductible, 789
Paid state, deductible, 741
Passport, not deductible, 837

State inspection, in settlement of litiga-
tion, 793

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
deductible, 775

Fiduciaries, (See also "Decedents," "Es-
tates and Trusts," "Executors," "Guar
dians," "Payment of Tax at Source,"
"Receivers," "Trustees")

Additional assessments after distribution
of estate, 1282

Agent appointed by beneficiary relieves,
1201

Deductible periodic distributions, taxable
to beneficiaries, 696

Deductions, income collected by guardian,
688

Deductions permitted, 686
Defined, 1225, 1280

Estate partly taxable to, 686
Exempt income, 694

Failure to file notice of capacity, 1280
Foreign items, use of ownership cer-
tificates by, 181

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Not responsible for return filed for bene-
ficiary, 1267

Ownership certificates for payment of

registered interest, foreign items, 181
Payment of tax at source by, 188
Personal liability (See Table of Con-
tents, p. 1265)

Property transferred as security, tax on
income, 708

Receiving salary from estate, returns of
information, 170

Refunds (See Table of Contents, p. 1265)
Refunds after discharge, 1283

Returns (See Table of Contents, p. 1265)
Ancillary representatives, 1269

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
Originals furnished, 89
Required from, 72

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Amortization apportionment for, 1062

Books of account on basis of, returns, 49
Change in, establishment of, 51
Computation of net loss when taxpayer
has, 903

Computation of tax where rates or defini-
tion of income change, 130
Former procedure, 130

Corporation closing books on basis of, may
not report on calendar year basis, 75
Definition, 47

Former procedure, 48
Ending in 1925,

Computation of tax, 131

Estates and trusts, computation of, 131
Partners, computation of tax, 131
Time for filing returns of corporations,

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Fiscal Year-(Continued)

Partnerships-(Continued)

Ending in 1925, computation of tax,
131

Intending to establish, returns, 679
Partner's books on same basis, 679
Returns on basis of, 48

Books of account required, 49
New corporations, 79
When required, 49

Five Civilized Tribes of Indians, Income
from tax-exempt lands, exempt, 230
Fixed Percentage Method, Depreciation
charges, 959

Fixtures (See "Furniture and Fixtures")
Florida, Husband and wife residing in Flori-

da, returns, 63

Florists, Inventories not required from, 1319
Foreclosure (See "Mortgages, Foreclosure")
Foreign Association,

Not doing business in the U. S.,

Obligations of the U. S. exempt to, 616
War Finance Corporation bonds exempt,
615

Foreign Bonds,

British treasury bills purchased in U. S.
by aliens, profit on sale of, 1180
Sold by alien owner, does not constitute
income, 1180

Underwritten in the U. S., income from

by non-resident aliens, not taxable, 1180
Foreign Branch, Exchange, rate on income
accruing abroad, 334

Foreign Building and Loan Associations,
Taxable, 38

Foreign Commerce, Profits on sales in, as
gross income, 238

Foreign Co-operative Banks, Taxable, 38
Foreign Corporations, (See also "Non-
resident Foreign Corporations")

Advances to, excluded from inventories,
342

Agent in the U. S., 1182

Collection of interest on tax-free covenant
bonds, 1213

Consolidated accounts, 109

Consolidated returns, 1204

Former procedure, 1204

Credits allowed, 1196

Damages for breach of contract held to
be income within the U. S., 1181
Deductions, allowed, 1190

Deduction for foreign taxes paid, 1192
Defined, 1165

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On tax-free covenant bonds, 194
Payment of tax, due date, 1205
Premiums not income, 1185
Prevented from securing undue credit for
normal tax, 646

Former procedure, 646

Profits derived from sale of goods to U. S.
government, 1181

Profits derived in foreign countries on
goods bought in the U. S. not taxable,
1181

Purchasing agent in U. S., subject to
tax on bank deposits in U. S., 1168
Resident, 1164

Return of dividends from, 646
Returns, 1203

Must be filed to receive deductions and
credits, 1196

Filed by agent, 80, 1203

Of information at source, 166
Required though exempt, 1189, 1194
Specific exemption allowed, 1196
Subject to tax if income is derived in
U. S., rulings, 1181

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Foreign Exchange-(Continued)

Purchased to acquire merchandise, not
inventoriable, 336

Rate on income accruing abroad, 334
Former procedure, 334

Rate on liquidation of indebtedness, 334
Rates, 337

Foreign Governments,

Bonds owned by, certificates of owner-

ship not required; 177

Foreign items owned by, ownership cer-
tificates not required, 178
Income of, exempt, 221

Owning 51% of stock of foreign corpora-
tion with income from sources within
the U. S., 221

Foreign Investments, Worthless, when de-

termined, 847

Foreign Items,

Banks, collecting records, 186
Collection of, license for, 184
Definition, 183

Foreign exchange, 335

Foreign owner, returns of information not
required, 184

Ownership certificate, 184

Not required, when, 178

Ownership unknown, presented for col-
lection unaccompanied by, 185
Presented for collection unaccompanied
by, 185

Returns of information at source, 181-186
Limitation of, 171

Minimum required for, 183

Foreign Loans, Interest paid on, withhold-
ing, not required when not evidenced by
note, 196

Foreign Money, Not securities, 856

Foreign Organization, Exemption from in-
come tax established, exemption from
withholding at source claimed, 194
Foreign Owner,

Foreign items,

Owned by, ownership certificates not
required, 178

Paying agent, 185

Returns of information not required,
184

Foreign Partnerships,

Consolidated accounts, 109
Defined, 1165

Domestic partnerships distinguished from,

Extension of time for filing returns, 45
Filing returns, 1204

Foreign items owned by, ownership cer-
tificates not required, 178

Goods purchased in U. S. by agent, 1180
Income from sources within the U. S. in-
clusions in, 190

Interest on loans not evidenced by note
from, withholding not required, 196
Non-resident alien, 1163

Non-resident, form of ownership certi-
ficates when withholding is required,
179

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Formulas, Depreciation, 975

Foundations, Abandoned hotel, loss deduc-
tible, 860

Foundries, Depreciation, 975
Fractional Part of Cent,

Computation of tax, not to be disre-
garded, 135

Disregard in payment of tax, 135. 157
Fractional Part of Month, Computation of
tax, 135

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
Credits, specific, 134

Depreciation charges, 957

Dividends on annual basis, 134

Exemptions, obligations of the U. S., 612
Interest on annual basis, 134

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