The Income Tax in Great Britain and the United StatesA comparative study of the income tax system, history and further developments of income tax legislation in the United Kingdom and the United States. |
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accordance accounts addition administration allowance Amendment amount annual appeal applied arising assessment assets average basis Britain British capital carried Chapter charged citizens claim Cloth collection Commissioners companies computed considerable considered Constitution corporation cost course Court deal deduction Demy 8vo depletion depreciation derived determining difficulties discussion distributed dividends earnings effect entirely excess exchange exempt exists expenses fact foreign gain given Government gross income important imposed income tax law increase individuals Inspectors interest investment involve less limitation London loss March matter means method necessary non-resident officers paid payment period person practice preceding present profits question reason received regard relief Report resident respect result Revenue Act Royal Commission rule Schedule securities super-tax taxable taxation taxpayer term theory tion trade United Kingdom
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131. lappuse - No gain or loss shall be recognized if property held for productive use in trade or business or for investment (not including stock in trade or other property held primarily for sale, nor stocks, bonds, notes, choses in action, certificates of trust or beneficial interest, or other securities or evidences of indebtedness or interest) is exchanged solely for property of a like kind to be held either for productive use in trade or business or for investment.
132. lappuse - If property (as a result of its destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation, or the threat or imminence thereof...
302. lappuse - If an exchange would be within the provisions of paragraph (3) of sub-division (b) if it were not for the fact that the property received in exchange consists not only of stock or securities permitted by such paragraph to be received without the recognition of gain, but also of other property or money...
299. lappuse - If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend...
61. lappuse - Gains, profits, and income from (1) transportation or other services rendered partly within and partly without the United States, or (2) from the sale of personal property produced (in whole or in part) by the taxpayer within and sold without the United States...
177. 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...
299. lappuse - Stat. 227), out of its earnings or profits which were taxable in accordance with the provisions of section 218 of the Revenue Act of 1918 or...
129. lappuse - If the property was acquired after December 31, 1920, by a transfer in trust (other than by a transfer in trust by a gift, bequest, or devise) the basis shall be the same as it would be in the hands of the grantor, increased in the amount of gain or decreased in the amount of loss recognized to the grantor upon such transfer under the law applicable to the year in which the transfer was made.
307. lappuse - Act of 1924, there shall be included the period for which he held the stock or securities in the distributing corporation prior to the receipt of the stock or securities upon such distribution.
129. lappuse - February 28, 1913. shall be the cost of such property; except that "(6) Tax-free exchanges generally. If the property was acquired upon an exchange described In section 112 (b) to (e), Inclusive, the basis shall be the same as In the case of the property exchanged, decreased In the amount of any money received by the taxpayer...