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DEFICIENCY OF INCOME TAXES
Bankruptcy and receiverships, § 274.

Immediate assessment, § 274 (a) (1).
Unpaid claims, § 274 (b).

Claims in abatement, § 273 (j).
Definition, § 271.

Interest. See "Interest.''

Jeopardy assessments, § 273.

Amount assessable after decision of Board, § 273
(d).

Amount assessable before decision of Board, § 273
(c).

Authority to make, § 273 (a).

Bond to stay collection, § 273 (f).

Collection of unpaid amounts, § 273 (i).

Deficiency letters, § 273 (b).

Expiration of right to assess, § 273 (e).
Waiver of stay, § 273 (h).

Net operating loss carry-back, §§ 276 (d), 292 (c).
Overstatement of expected carry-back, § 294 (e).
Penalty. See "
"Penalties.'
""

Procedure in general, § 272.

Address for notice of deficiency, § 272 (k).

Collection of deficiency found by Board, § 272 (b).
Extension of time for payment, § 272 (j).
Failure to file petition, § 272 (c).
Final decision of Board, § 272 (h).

Further deficiency letters restricted, § 272 (f).
Increase of deficiency after notice mailed, § 272 (e).
Jurisdiction of Board over other taxable years, § 272
(g).

Petition to Board, § 272 (a) (1).

Prorating of deficiency to installments, § 272 (i).
Waiver of restrictions, § 272 (d).

Statute of Limitations. See "Statute of Limita-
tions.''

Unused excess-profits credit carry-back, § 276 (d).
DEFINITION

A party to a reorganization, § 112 (g) (2).
Abnormal income, § 721 (a) (1).

DEFINITION-Cont.

Accrued, § 48 (c).

Acquiring corporation, § 740 (a).
Adjusted corporation surtax net income, § 202 (a).
Adjusted gross income, § 22 (n).

Adjusted normal tax net income, § 202 (a).
Adjusted reserves, § 201 (c) (3).

Adjustment for certain reserves, § 202 (c).
Admissible assets, § 720 (a) (2).

Affiliated group, §§ 141 (d), 730 (d).

Aged, § 119 (f).

Amount of obligations of United States, § 453 (a).
Amount otherwise deductible under this subsection,
§ 812 (c) (2).

Amounts distributed in partial liquidation, § 115 (i).
Associate company, § 373 (b).

Average base period net income, § 713 (d) (1).
Average invested capital, § 716.
Average margin, § 700 (f).

Back pay, § 107 (d) (2).

Bad debt, § 22 (b) (12) (A).

Bank, § 104 (a).

Base period, §§ 713 (b) (1), 735 (a) (5).
Basic surtax credit, § 27 (b).

Blind individual, § 23 (y) (2).

Bond, § 125 (d).

Borrowed capital, § 719 (a).
Business, § 48 (d).

Calendar year, § 1030 (a).

Capital assets, § 117 (a) (1).

Capital gains and losses, § 117 (a).
Collector, §§ 930 (d), 3797 (a) (13).
Commissioner, § 3797 (a) (12).
Common trust fund, § 169 (a).
Component corporation, § 740 (b).
Consent distribution, § 28 (a) (4).
Consent dividends day, § 28 (a) (3).
Consent stock, § 28 (a) (1).

Constructive ownership, § 24 (b) (2).

Control, §§ 112 (h), 361 (b) (3), 750 (d), 761 (e)

(3).

Controlled, § 734 (a) (4) (B).

Controlled group, § 361 (b) (3).

Co-operative apartment corporation, § 23 (z) (2) (A).
Corporation, § 3797 (a) (3).

Corporation dividends paid credit, § 27 (a).
Corporation surtax net income, § 15 (a).
Cost, § 700 (f) (2).
Created, § 119 (f).
Cured, § 119 (f).

Daily invested capital, § 717.

Date of cessation of hostilities in the present war,
§§ 475 (b), 780 (e).

Deficiency, §§ 271, 870, 1011.

Deficiency dividends, § 506 (c) (1).

Deficit in earnings and profits of another corporation,
§ 718 (a) (6).

Delinquency amount, § 22 (b) (12) (C).

Dependent, §§ 25 (b) (3), 401 (a) (2), 1621 (k).
Descendant, § 811 (f) (2) (A).

Distributions to shareholders, § 718 (c) (1).
Dividend, § 115 (a).

Dividend carry-over, § 27 (c).

Dividends to policyholders, § 207 (b) (3).

Domestic, § 3797 (a) (4).

Earned income, §§ 25 (a) (4) (A), 25 (a) (3).

DEFINITION-Cont.

Earned income deductions, § 25 (a) (4) (B).
Earned net income, § 25 (a) (4) (C).
Emergency facility, § 124 (e) (1).

Emergency period, § 124 (e) (2).

Employee, §§ 465 (d), 1621 (c).
Employer, §§ 465 (e), 1621 (d).
Equity invested capital, § 717 (a).

Estimated recoverable units, § 735 (a) (10).
Excess output, §§ 735 (a) (4), 735 (a) (3).

Excess profits net income of base period, § 711 (b)
(1).

Excess profits net income of taxable year, § 711 (a).
Exchange, §§ 119 (f), 750 (a), 760 (a) (1).

Exchanged, § 119 (f).

Executor, § 930 (a).

Exempt excess output, § 735 (a) (11).

Expenses incurred, § 204 (b) (7).

Expiration date, § 476.

Extracted, § 119 (f).

Fabricated, § 119 (f).
Family, § 24 (b) (2).
Family rule, § 24 (b) (2).
Fiduciary, § 3797 (a) (6).
Fiscal year, § 48 (b).
Foreign, § 3797 (a) (5).

Foreign personal holding company, §§ 331 (a), 332.
Foreign personal holding company income, § 332.
Foreign trust, § 1252.

Gross income, § 22 (a).

Foreign personal holding company, § 334 (a).

Insurance company other than life or mutual, § 507
(b).

Life insurance company, §§ 201 (c) (1), 204 (b)
(1).

Gross income from the property, § 114 (b). (4) (B).
Gross investment income, § 207 (b) (1).
Head of family, § 1621 (j).

Holding company system, § 373 (b).
Husband and wife, § 3797 (a) (17).

In money or money's worth, § 812 (b) (5).
Inadmissible assets, § 720 (a) (1).

Incidents of ownership, § 811 (g) (2), (4).
Includible corporation, §§ 141 (e), 730 (e).
Income tax, §§ 131 (h), 734 (a) (2).
Incurred, § 48 (c).

Indebtedness, § 783 (d).

Individual, § 24 (b) (2).

Intercorporate liquidations, § 761 (a).
Interest paid, § 201 (c) (6).

Invested capital, § 715.

Investment income, § 204 (b) (3).

Involuntary liquidation, § 22 (d) (6) (B).
Lessor, § 735 (a) (1).

Life insurance company, § 201 (b).
Life insurance reserves, § 201 (c) (2).
Long-term capital gain, § 117 (a) (4).

Long-term capital loss, § 117 (a) (5).
Loss incurred, § 204 (b) (6).

Majority owned subsidiary company, § 373 (c).
Manufactured, § 119 (f).

Margin, § 700 (f) (1).

Married person, §§ 401 (a) (1), 1621 (f).

Married person claiming all of personal exemption for
withholding, § 1621 (g).

DEFINITION-Cont.

Married person claiming half of personal exemption
for withholding, § 1621 (h).

Married person claiming none of personal exemption

for withholding, § 1621 (i).

Military or naval forces of the United States, § 3797

(a) (15).

Mineral property, § 735 (a) (6).
Mineral unit, § 735 (a) (2).
Minerals, § 735 (a) (7).

Minus adjustment, § 761 (b) (2).
Month, § 930 (c).

Mutual investment company, § 361.
Natural gas company, § 735 (a) (1).
Natural gas property, § 735 (a) (5).
Natural gas unit, § 735 (a) (2).

Net capital gain, § 117 (a) (10).

Net capital loss, § 117 (a) (11).

Net estate, §§ 812, 930 (b).

Net gifts, § 1003 (a).

Net income, § 21 (a).

Insurance company other than life or mutual, § 204
(b) (2).

Life insurance company, § 201 (c) (7).

Mutual insurance company other than life or ma-

rine, § 207 (b) (4).

Net long-term capital gain, § 117 (a) (8).
Net long-term capital loss, § 117 (a) (9).
Net operating loss, §§ 26 (c) (2), 122 (a).
Net premiums, § 207 (b) (2).

Net short-term capital gain, § 117 (a) (6).
Net short-term capital loss, § 117 (a) (7).
Non-exempt property, § 373 (e).

Normal output, §§ 735 (a) (5), 735 (a) (4).
Normal unit profit, § 735 (a) (9).
Number of exemptions, § 401.
Obligations of United States, § 453 (a) (3).
Order of S. E. C., § 373 (a).

Owned by taxpayer, § 453 (a) (3).

Paid, § 48 (c).

Paid or accrued, § 48 (c).

Paid or incurred, § 48 (c).

Pan-American Trade Corporation, § 152.

Partial distribution, § 28 (a) (5).

Partial liquidation, amounts distributed in, § 115 (i).
Partner, § 3797 (a) (2).

Partnership and partner, § 3797 (a) (2).

Partnership rule, § 24 (b) (2).

Payroll period, §§ 465 (a), 1621 (b).

Person, §§ 145 (d), 3779 (a) (1).
Personal holding company, § 501.

Personal holding company income, § 502.

Personal holding company terms, § 507 (a).
Personal service corporation, § 725 (a).

Plus adjustment, § 761 (b) (1).

Possessions of United States, § 251 (d).

Power of appointment, § 811 (f) (2).

Preceding calendar years, § 1001 (b).

Predecessor of the taxpayer, § 734 (a) (4).

Preferential distribution, § 28 (a) (6).

Preferred dividends, § 28 (a) (2).

Preferred stock, § 26 (h) (2).

Premiums earned on insurance contracts during the

taxable year, § 204 (b) (5).

Prior tax, § 22 (b) (12) (B).
Prior taxable year, § 734 (a) (3).

DEFINITION-Cont.

Processed, § 119 (f).

Produced, § 119 (f).

Producer, § 735 (a) (1).

Property subject to claims, § 812 (b) (5).

Property used in the trade or business, § 117 (j) (1).

Property within the United States, § 1030 (b).

Public utility, § 26 (h) (2).

Recovery exclusion, § 22 (b) (12) (D).

Refund or credit, § 700 (j) (3).

Registered holding company, § 373 (b).
Regulated investment company, § 361.
Reorganization, § 112 (g) (1).

Reserve and other policy liability credit, § 202 (b).
Reserve earning rate, § 201 (c) (4).

Reserve for deferred dividends, § 201 (c) (5).
Resident, § 851.

Sale, § 119 (f).

Secretary, § 3797 (a) (11).

Section 102 net income, § 102 (d) (1).

Securities as bad debts, § 23 (k) (3).

Securities involving capital loss, § 23 (g) (3).

Selling price, § 700 (f) (3).

Shareholder, § 3797 (a) (8).

Shift of burden to others

Cost, § 700 (f) (2).

Margin, § 700 (f) (1).

Selling price, § 700 (f) (3).

Short-term capital gain, § 117 (a) (2).
Short-term capital loss, § 117 (a) (3).
Single person, § 1621 (e).

Sold, § 119 (f).

Spouse, § 811 (f) (2) (A).

State, § 3797 (a) (10).

Stock, § 3797 (a) (7).

Stock or securities, § 373 (f).
Stock ownership, § 24 (b) (2).
Stock ownership rule, § 24 (b) (2).
Subchapter A net income, § 505.
Substituted basis, § 113 (b) (2).
Supplement P net income, § 336.

Supplement S net income, § 393.

Surtax exemption, § 401.

Surtax net income on individuals, § 12 (a).

System group, § 373 (d).

Tax adjustment, § 700 (j) (4).

Tax imposed under this subchapter, § 780 (a).
Taxable year, § 48 (a).

Taxpayer, §§ 700 (j) (5), 734 (a) (1), 3797 (a)
(14).

Tenant stockholder, § 23 (z) (2) (B).

Timber block, § 735 (a) (8).

Timber unit, §§ 735 (a) (3), 735 (a) (2).

Trade or business, § 48 (d).

Transferee, §§ 311 (f), 760 (a) (1), 900 (c), 1025
(f).

Transferee upon an exchange, § 750 (c).
Transferor, § 760 (a) (1).

Transferor upon an exchange, § 750 (b).
Underwriting income, § 204 (b) (4).

Undistributed Section 102 net income, § 102 (d) (2).
Undistributed Subchapter A net income, § 504.
Undistributed Supplement P net income, § 335.

Undistributed Supplement S net income, § 392.

Unit net income, § 735 (a) (12).
United States, § 3797 (a) (9).

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Decedents, deductible by, § 126 (b) (2).
Deductibility from gross income, § 23 (m).

Deductibility from victory tax gross income, § 451 (a)
(7).

Discovery value in case of mines, § 114 (b) (2).
Gross income from property, § 114 (b) (4) (B).
Percentage allowance for

Ball and sagger clay, § 114 (b) (4).
Coal mines, § 114 (b) (4).

Fluorspar, § 114 (b) (4).

Oil and gas wells, § 114 (b) (3).

Metal mines, § 114 (b) (4).

Other minerals, § 114 (b) (4).
Rock asphalt, § 114 (b) (4).
Sulphur, § 114 (b) (4).

DEPRECIATION

Basis for, § 114 (a).

Deductibility from gross income, § 23 (1).
Emergency facility, § 124 (g).

Insurance companies other than life or mutual, § 204
(c) (8).

Life insurance companies, § 201 (c) (7) (D).
Mutual insurance companies other than life or marine,
§ 207 (b) (4) (D).

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DISTRAINT-Cont.

Personal property-Cont.

Proceedings on distraint, § 3693.

Property exempt from distraint, § 3691.

Property for account of United States, § 3695.
Redemption of property, § 3696.

Real estate

Authority, § 3700.

Certificates of purchase, § 3703.

Deed of sale, § 3704.

Proceedings on distraint, § 3701.

Records of sale, § 3706.

Redemption, § 3702.

Transmission of certificates and deeds to commis-

sioner, § 3705.

Statute of Limitations upon, § 3714.

DISTRIBUTIONS

See Dividends."
DISTRICT COURTS
Jurisdiction, § 3800.

DIVIDEND CARRY-OVER

Definition, § 27 (c).

DIVIDENDS

Capital, other than in liquidation, § 115 (d).
China Trade Act Corporations, § 116 (f).
Credit against net income, § 26 (b).
Deficiency, § 506.

Definition, § 115 (a).

Earnings and profits before March 1, 1913, § 115 (m).
Effect on earnings and profits of distributions of
stock, § 115 (h).

Effect on earnings and profits of gain or loss and of
receipt of tax-free distributions, § 115 (1).
Election of shareholders as to medium of payment,
§ 115 (f) (2).

Foreign personal holding company income, § 332 (a).
From sources within United States, § 119 (a) (2).
Information as to payments, §§ 148 (a), 148 (e).
Life insurance companies to policyholders, § 207 (b)

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Distributions of stock, effect on, § 115 (h).

Gain or loss, effect on, § 115 (1).

Improper accumulation, § 102.

Increase in value accrued before March 1, 1913, § 115
(m).

Information as to accumulation, § 148 (c).
Invested capital, § 718.

Receipt of tax-free distribution, effect on, § 115 (1).

EDUCATIONAL CONTRIBUTIONS

See "Charitable, etc., Contributions."

EDUCATIONAL ORGANIZATIONS
Exempt from income tax, § 101 (6).
ELECTION

Amortization, taxable and partially taxable bonds,
§ 125 (c).

Amortization deduction, § 124 (b).

As to deficiency dividends, § 506 (j) (1).

Effect of, § 506 (j) (2).

Commodity credit loans, § 123.

Computation of net income, unjust enrichment tax,
§ 700 (c) (2).

Recognition or gain in certain corporate reorganiza-
tions, § 112 (b) (7).

Recomputation of tax in case of election re amortiza-
tion deduction, § 124 (d) (5).

Shareholders as to medium of payment of dividends,
§ 115 (f) (2).

To be taxed under Sec. 400, §§ 400, 402.

EMERGENCY FACILITY

Amortization deduction, §§ 23 (t), 124.
Definition, § 124 (e) (1).

EMERGENCY FACILITY-Cont.

Depreciation on, § 124 (g).

Payment of unamortized cost by United States, § 124
(h).

EMERGENCY PERIOD

Definition, § 124 (e) (2).

EMOLUMENTS

Information as to amount paid, § 147 (a).

EMPLOYEES

Control over, § 1621 (d).
Definitions, § 1621 (c).

Receipts to, §§ 1625, 1626.
EMPLOYEES' TRUSTS

Beneficiary, taxability, § 165 (b).
Beneficiary not exempt, § 165 (c).
Employee's annunities, § 165 (d).
Exemption from tax, § 165 (a).

EMPLOYER

Collection of tax on wages, §§ 1624, 1630, 1631.
Definition, § 1621 (d).

ENEMY COUNTRIES

War losses in, § 127.

EQUITY INVESTED CAPITAL

Deficit in earnings and profits of another corporation,
§ 718 (a) (7).

Deficit in earnings and profits transferred to trans-

feree, § 718 (c) (5).

Definition, § 718 (a).

Distributions in stock, § 718 (a) (3).

Earnings and profits at beginning of year, § 718 (a)
(4).

Increase on account of gain or tax free liquidation,

§ 718 (a) (5).

Money paid in, § 718 (a) (1).

New capital, § 718 (a) (6).

Definition, § 718 (a) (6).

Distributions out of pre-1941 earnings and profits,
§ 718 (a) (6) (F).

Increase in inadmissible assets, § 718 (a) (6) (D).
Maximum allowable, § 718 (a) (6) (E).
Property paid in, § 718 (a) (2).

Reduction in equity invested capital, § 718 (b).
Deficit in earnings and profits transferred to an-
other corporation, §§ 718 (b) (5), 718 (e) (5).
Distributions during year, § 718 (b) (2).
Distributions in previous years, § 718 (b) (1).
Distributions to shareholders, § 718 (c) (1).
Computation of earnings and profits, § 718 (c)
(3).

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