Federal Income Tax Problems --1922

99 PROBLEM acquired allowed as deductions ANSWER assessed assets bad debts bonds Bureau calendar year 1921 capital net gain capital stock centum collector Commissioner computing net income cost December 31 deduction from gross depletion depreciation derived dividends domestic corporation ending in 1922 excess excess-profits tax expenses FACTS February 28 fiscal year ending foreign corporation gross income Illustrating Deductions Allowed imposed by section included income from sources installment insurance company interest Internal Revenue inventory invested capital June 30 Liberty Bonds March nonresident alien normal tax partnership payment personal exemption portion profits taxes purchased QUESTION Quoted under Problem received REFERENCE Regulations 62 reserve resident Revenue Act section 230 shares stockholders subdivision surtax tax due tax imposed tax liability taxable net income taxes paid taxpayer thereof tion Total tax trade or business United War Finance Corporation war-profits and excess-profits worthless