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FOREWORD

HIS pamphlet is confined to a consideration of Federal taxation of income, as such taxation is provided for by the Revenue Act of 1921.

The subject is considered under three general heads:

(a) Definition of terms used in the Act.

(b)

Notation of the principal modifications
of the Revenue Act of 1918.

(c) A resume of the Income Tax Law, with
comment, illustrations and tables of com-
putation of tax applicable to individual,
estate or trust and corporation income,
and tables of comparison and effect of tax.

The object sought is to assist taxpayers in reading the Law intelligently and applying it to the facts of their particular cases.

The analysis and suggestions made are of course subject to such modification as departmental regulations—when issued-may require.

The Law is always the source of authority. It is printed in a separate pamphlet.

Income Tax (Continued)...

Insurance Companies—tax on income of...

Credit in Computing taxable income-Individual. . .
-Corporations

-against tax computed on return-Individuals...

-of tax collected at source

-Corporations..

Collection of tax at source-applies to what.

-Rate of

.Paragraphs

151

153-160

161-177

178-185

186-193

194

195

196

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Limitation of examinations and final assessment.

-Upon suits and prosecutions..

—of Liberty Bond Exemptions.

226

227

228-233

Chart of Liberty Bond Exemptions

Pages 84-85

Consolidated Returns for 1917...

Alternative Tax on Personal Service Corporations.

Porto Rico and Philippine Islands...

Possession of the United States-Citizen of a—

234

235

236

237

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Definitions (Words and phrases used in the Law).

Comment and Digest

.Pages 9 to 24

(Paragraphs of text are numbered-References are to paragraphs)

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