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UNDERLYING
FEDERAL INCOME TAXES

-1924. .

BY

ERIC L. KOHLER, M. A., C. P. A.

SENIOR PARTNER, KOHLER, PETTENGILL AND COMPANY;
PROFESSOR OF ACCOUNTING, NORTHWESTERN UNIVERSITY

SCHOOL OF COMMERCE

CHICAGO & NEW YORK

A. W. SHAW COMPANY

LONDON, A. W. SHAW AND COMPANY, LIMITED

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PREFACE

This book has for its purpose a brief interpretation of the existing and previous Federal Revenue Acts applicable to income tax problems during 1924. The author is well aware that at present there are services and manuals adequately covering the field, several of which appear in new editions yearly. But in the hands of the layman the larger manuals are difficult to use. He must read extensively before he finds the case most nearly resembling his own, and after locating it he is confronted with technical language and involved rulings. To the layman, therefore, this book is directed. In the brief discussions of the law and rulings of the Treasury Department it is hoped he will find a suggestive course for his accounting procedure. Some knowledge of accounting will, of course, be indispensable.

The student of taxation, whether he be business man, accountant, lawyer, or college undergraduate, may also find herein a helpful outline for his studies. He should procure a full set of the Treasury Department's Cumulative Bulletins and subscribe to the Department's weekly service, which, together, contain the complete rulings thus far published. As to the unpublished rulings, which have been available to former employees of the Income Tax Unit and their present employers, it is confidently hoped that the Department will abandon them and rely only for its precedents on the cases to which the public has access. The quasi-judicial functions which the Treasury Department has of necessity been compelled to assume under the present law, coupled with low salaries, have resulted in a crop of "experts” possessing “inside” information. It is frequently asserted that these "experts,” former employees of the Department, are capable of citing cases, relied on by the In

1 See page 26.

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