come Tax Unit, which may decide a given point in a variety of ways, according to the savings which may accrue to the taxpayer. It is most unfortunate that these assertions are taken seriously by the public, even though they contain an element of truth. They suggest mysteries which the law and the administration of the law do not warrant. One of the obvious results of income tax laws has been the popularization of accounting knowledge. Not only the public but the Treasury Department as well has had to be educated. And in this educational process accountants themselves have not escaped. Cash income and net profits from operations, at one time almost antithetical terms, have now many points in common. Problems of invested capital, still of importance in connection with past tax returns, are now more largely questions of fact than theory. What the 1924 Revenue Act will bring forth is a matter of much speculation at the present moment. The recommendations of the Secretary of the Treasury will be adopted in part and rejected in part; they are of value at present chiefly as a basis for discussion. There will be little simplification and many new provisions to be interpreted. The writer is indebted to Mr. E. G. Leander, Mr. Frank P. Schwartz, C.P.A., Mr. Paul Morrison, C.P.A., and his partner, Mr. Paul W. Pettengill, for many helpful suggestions and emendations. To his classes in Northwestern University School of Commerce, however, he must ascribe the principal stimulus for this outline of income taxes. He is deeply grateful for their friendly criticisms. ERIC L. KOHLER Chicago, Illinois, January 12, 1924 INDEX TO CUMULATIVE BULLETINS OF TREASURY DEPARTMENT CASES 2836-2960- 3010-3104- 3179- 3261-3338-3419-3493- 2956 3032 3101 3195 3271 3365 3417 3492 3541 TAXATION-INCOME TAX LEGISLATION.. Taxation in general. Survey of Federal income tax acts prior to 1918. Some defects of earlier acts. Revenue Acts of 1918 and 1921. Significance of March 1, 1913, and other ates. Ad ministration of the law. Rulings issued by the Department. METHODS OF ACCOUNTING FOR INCOME... Definition of certain terms. Capital and revenue expenditures. Methods of accounting. Permission to change the accounting period. The cash and accrual bases. Income not determined until a later year. Contingent liabilities. Constructive receipt. ner. Income of a liquidating corporation. Profits from appro- priation by government and from casualty or theft. Property acquired by gift, devise, bequest, or inheritance. "Colorable" gifts. SALES AND EXCHANGES: STOCKS AND BONDS—RIGHTS- Sale and exchange of stocks and bonds. Effect of non-taxable dividends, including stock dividends. Non-taxable exchanges and their effect on values carried forward. Sale of rights. Mis- Cash dividends. Profits distributed from earnings accumulated or accrued prior to March 1, 1913. Liquidating dividends. Property dividends. Stock dividends. Profits of corporations Status of reorganizations under the 1921 Revenue Act. Reorgan- ization of single proprietorship. Partnership reorganization. Cor- porate organizations. Corporate reorganizations. Illustrations of COMPENSATION FOR SERVICES -CANCELLATION OF INDEBTED- Compensation for services. When compensation is included as taxable income. Receipts representing additional compensation. Distinction between compensation for services and other forms of receipt. Military exemptions. Non-taxable compensation. Forgiveness of indebtedness. Accounts payable as taxable income. |
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