Lapas attēli
PDF
ePub

AN ANALYSIS AND

INTERPRETATION

OF THE

Federal Income Tax Law

BY

Hon. HENRY M. FOOTE
(Late Assistant to the Attorney General of the United States, Department of Justice)

[blocks in formation]

COPYRIGHT 1914

W. F. ROBERTS COMPANY

F7

ADDITIONAL TAX

Levied upon net income in excess of $20,000...

Income included and excluded in making return for...
Not assessed on income in trustee or debtor's hands....

COLLECTION OF NORMAL TAX ONLY AT THE SOURCE.

8

8-9

12

[blocks in formation]

Instructions to banks collecting coupons, etc...

Deductions from income taxed at source, how obtained..
Trustee or debtor to make return ....

.15-16

12

13

........

Trustee or debtor to make return for one disqualified or unable
to make it

14

Trustee or debtor not to withhold tax after claim for exemption
under par. C is filed ...

12

Trustee or debtor will withhold and pay tax from fixed, deter-
minable, annual gains and profits, in excess of $3,000......
License to be obtained to make collection of foreign payments of
interest and dividends

12

15

Normal tax withheld only after November 1st, 1913...

12

52

CORPORATIONS.

Pay normal tax only on net income

17

Foreign corporations pay on business and capital invested in the
United States

17

Return of on or before March 1st, or 60 days after time
designated

17

Gross income of

18

Income excluded in making return

18-19

Deductions to be made from gross income in return..

.19-20

Foreign corporations-deductions from gross income on business

and capital invested in the United States..

.20-21

Tax only for January and February, 1913..
Commissioner Internal Revenue will assess tax..

22

23

23

23

Tax payable on or before June 30th on return of March 1st..
Tax payable 120 days after return of day designated.....
DIVIDENDS OF CORPORATIONS.

Not subject to normal tax in hands of individual, trustee or
debtor

.....

Subject to tax as income of corporations.

18

98

Subject to additional tax in hands of individual if net income
exceeds $20,000

9

Dividends of foreign corporations subject to tax.

18

312440

[ocr errors][merged small][merged small][merged small]

Must make return and pay tax for one they represent...
One of two or more may make return..

[blocks in formation]

Only income derived from fixed, determinable, annual gains and
profits in excess of $3,000 taxable in hands of trustee or
debtor

....

[merged small][merged small][ocr errors][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small]

Income from interest obligations of corporations subject to tax
if less than $3,000

14

[blocks in formation]

Appeal from collector to Commissioner of Internal Revenue.. 10
No return unless income exceeds $3,000 for calendar year....10-25
Return should be made if individual claims the benefit of de-
ductions and exemption

TAX.

Normal tax on individuals

10

Additional tax on net income in excess of $20,000.

Trustee or debtor pays only normal tax

12

Corporations pay only normal tax

17

7822

On net income of individuals in excess of $3,000, although not
from fixed, determinable, annual income as is required
when tax is withheld at the source by trustee or debtor... 7-10

« iepriekšējāTurpināt »