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INCOME TAX LAW

ANALYSIS AND COMMENT

FIFTH EDITION

1918 LAW

HARRIS, FORBES & CO.
Pine Street, Corner William

NEW YORK

Copyright, 1919, by Harris, Forbes & Co.

After the enactment of each of the Federal Income Tax laws, beginning in 1913, we prepared and distributed a general analysis of each statute with comments thereon. Regarding the original statute in 1913 we published two editions. These and the two later editions, we believe, have proved of interest and assistance to our clients, especially in helping them determine their taxable status and liability. In the later editions we mentioned many provisions of the law only briefly as investors had become familiar with the general operation of income tax legislation. Especially in this, the Fifth Edition, we have not considered it necessary, nor indeed adequate, to include a mere digest of each paragraph of the Act. Rather, it is our purpose to give a general resumé of the statute and in particular to discuss the practical aspects of the more important provisions, including certain changes which Congress has made in the present law. As in previous editions, the comments are in no sense intended as a legal treatise and are made in the expectation that later rulings by the Treasury Department and decisions by the courts will affect the law's interpretation and application. We shall be pleased to assist as much as possible anyone interested in the practical interpretation of the Act.

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Numbers refer to pages.

An Alphabetical Index of the Analysis and Comment and Tables and Charts

will be found at the end of this Book.

Foreword

Table No. I-Rates and Amount of Tax to be paid by citizens or residents

18-20

Example of computing tax of citizens or residents.....

21

Chart A-Comparison of Income Tax rates on taxable

incomes up to $100,000...,

22

Chart B-Comparison of Income Tax rates on taxable income up to $2,000,000.

23 Table No. II-Comparative Values of Taxable and Taxfree Securities in general.

24-27

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32

Application of rates of surtax..
"Normal" or "Basic" tax rates.
Personal exemption allowed to non-resident aliens.

32

33

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