Drafts of Personal Income and Business Income Tax ActsNational Tax Association, 1921 - 28 lappuses |
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additional tax agents and employees allocated assessed attorney Attorney at Law basis beneficiaries business carried business income tax cent commission may prescribe corporation deductions allowed determine distribution entire net income estate and tangible estate or trust failed to file fair market file a return fiscal fraudulent return gain or loss gible HENRY H income derived income is computed income tax act individual intangible property interest judgment debtors mission month or fraction National Tax Association oath officer or employee otherwise paid or accrued partnership payable payment penalties personal income tax personal property situated poration portion thereof price or value purpose reasonable allowance receipts from trade report or return return of income sign or verify sixty days standard accounting practice stock or securities subdivision supplementary return tangible personal property tax commission tax imposed TAX Sec taxable taxation taxpayer's real estate thereupon trade or business understatement warrant
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20. lappuse - In computing net income no deduction shall in any case be allowed in respect of: 1. Personal, living, or family expenses; 2. Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate ; 3.
17. lappuse - Fraternal beneficiary societies, orders, or associations, (A) operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system...
18. lappuse - Gross income" includes gains, profits, and income derived from salaries, wages, or compensation for personal service, of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property...
28. lappuse - If any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered.
18. lappuse - The amount received by the insured as a return of premium or premiums paid by him under life insurance, endowment, or annuity contracts, either during the term or at the maturity of the term mentioned in the contract or upon surrender of the contract...
7. lappuse - Whenever In the opinion of the Commissioner the use of Inventories is necessary in order clearly to determine the Income of any taxpayer, Inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice In the trade or business and as most clearly reflecting the Income.
19. lappuse - ... rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity...
22. lappuse - If the taxpayer is unable to make his own return, the return shall be made by a duly authorized agent or by the guardian or other person charged with the care of the person or property of such taxpayer.
8. lappuse - In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case...
7. lappuse - When property is exchanged for other property, the property received in exchange shall for the purpose of determining gain or loss be treated as the equivalent of cash to the amount of its fair market value, if any...