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PROFESSOR OF ACCOUNTING, NORTHWESTERN UNIVERSITY
SCHOOL OF COMMERCE
MEMBER, KOHLER, PETTENGILL AND CO.
CHICAGO & NEW YORK
LONDON, A. W. SHAW AND COMPANY, LIMITED
LIKE its predecessors, this book has as its purpose a brief exposition of matters of present interest in the field of Federal income taxes. It is designed for the beginning student of taxation who desires a survey of the field and a guide for further study and reference. It does not attempt to compete with the larger handbooks and manuals to which the trained practitioner has reference; rather, it confines itself to a statement of rules, the principal reasons underlying them, and interpretations by the Treasury Department and the courts. Scant treatment is accorded such matters as depletion, taxation of insurance companies, non-resident aliens, foreign corporations, and withholding at the source, because of the desire of the author to present to the reader only matters of general interest and application.
Confronted with a vast array of complex decisions, the average lawyer, accountant, or business man has been compelled to relinquish an ambition to keep abreast of the more recent developments in income tax practice. To him this book is also addressed. In order that he may grasp, without extensive study, the essential principles underlying present income tax procedure, the language of the law, and of the regulations and decisions has, where possible, been studiously avoided.
Materials for a year's problem course will be found in the problems and questions on pages 365-455. Instructors should require a full reading of the references to articles in Regulations 69, and may desire to supplement certain chapters with occasional assignments of cases from the Cumulative Bulletins described on pages 18-19. The more advanced student and the practitioner should procure for their individual use a full set of the Cumulative Bulletins and subscribe for the weekly Internal Revenue Bulletin, which, together,