War Finance Corporation, Bonds, Exempt, foreign corporations, 1196 Foreign association owning bonds, interest Foreign corporation owning bonds, interest Foreign partnership owning bonds, inter- Non-resident alien owning bonds, interest War Finance Corporation Act, Income War-Profits Tax (See also "Credit for Not deductible, 810, 811 Subject to, 609 Taxable, 610 War Risk Insurance, Dividends on policies, exempt, 226 War Savings Certificates, Interest accrued, when exempt, 610 Wards, (See also "Beneficiaries," "Guardi- Personal exemption, 116 Warehouses, Depreciation rate, 967 Contractor's payment in, taxable, 292 Wash Sales, Deductions allowed, Washington (State), Special deputy bank 208 Water Pipes, Freezing and bursting, loss Water Supply Company, Taxable, 36 Welfare Work, Deductions, 770 Cost of drilling unproductive, not deduct- Wells, Oil and Gas (See also "Discovery Depreciation dependent on life of, 960 Discovery value (See "Discovery Value of Depletion on basis, no longer allowed, Former procedure, 1087 Discriminated against in depletion reserve Land, leased under royalty agreement, in Leases, On Indian lands, when income is tax- Segregation of ownership from right to Lessees and lessors, returns of informa- Loss not deductible till expiration of lease, Non-resident alien ownership, allocation Ownership, segregation of from right to Profit on sale, discovery value not a fac- Royalties from, 573-577 Sale, Surtax on, 128 Surtax reduced because of discovery Valuation, 520, 1087-1124 (For detailed Wharves, Depreciation rate, 967 Non-resident alien, when citizen of U. S., Soldiers, pension exempt, 226 "Tax-free" bequest is taxable, 687 1249 Wilson, (Woodrow) Foundation, Exempt, Wisconsin, Income Tax, 816 |