EFFECTIVE DATE OF ACT SEC. 1404. That except as otherwise provided, this Act shall take effect upon its passage. Approved, November 23, 1921, at 3.55 p. m. INDEX Abatement claim, not accepted Abnormal conditions affecting invested capital PROBLEM NUMBER 256 324 Absconded contractor, materials used left unpaid, deductibility .. 150 Additional tax Primarily inadmissible, defined Advertising expense, deductibility Advertising, income from, affecting abnormal invested capital Agricultural organizations, exemption Alien individual, nonresident 248 252 .260, 261 247 293 288 83, 84 328 203 Commissioner unable to determine invested capital in ordi- 255 252 147 277 277 96 Profits tax Mixed aggregate of tangibles and intangibles paid in for 327 Comparison with representative concerns denied Gains from Government contracts 329 523 Taxes due Failure to file return Fradulent return Assets, capital, defined As used in connection with capital gain or loss Automobile expense, deductibility Where partly used in business Bad debts, deductibility from gross income Banks, deductions PROBLEM NUMBER 254 254 51 Items written down by order of Federal or other authorities Benefits, local, deductibility of assessments Bequests (See also "Gifts.") 88 119 115 96 69 69 148 99 Employees, deductibility Lessor, lessee, depletion allowance Borrowed capital Debenture bonds For purpose of invested capital Indebtedness to stockholders cancelled Breach of promise, damages paid for, deductibility Brother-brother relationship, Class B, consolidated returns Capital assets, defined As used in connection with capital gain or loss Capital deductions, computation of Capital gain, computation of Distinguished from net income Sale of mine, 1922 Capital loss, computation of Computation of tax Where included in 1922 income, corporations 90 129 313 77 302 301 303 139 147 270 228 206 78 51 49 47 50 58 48 49 53 52 54 Where capital stock issued at a premium or at par and bought back at a lower premium or discount 296 254 Commissioner to determine tax, requested by executor of estate 253 capital .. 300 equivalent Compulsory or involuntary conversion of property into cash or its Consolidated returns 30 Allocation of taxes 231 Fiscal years ending in 1922 Class A, parent-child relationship Class B, brother-brother relationship Specific exemption for excess-profits tax Taxable years beginning Jan. 1, 1922 Consolidation of accounts requested by Commissioner 227 228 230 286 229 232 Contributions Foreign and domestic corporations Contract, intangible property, computation of invested capital Items written down by order of Federal or other authorities .. 115 |