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acquired act of October act of September actually additional agent allowed amended amount annual apply ascertained assessed assets association authorized banks basis bonds calendar capital cent certificates charged claim close collected collector Commissioner of Internal computed corporation cost credited deduction deduction from gross depletion depreciation derived determined distributed dividends earnings entire exceed excess exempt expenses fact filed fiscal foreign Form gains gross income held income tax indebtedness individual insurance companies interest Internal Revenue invested issued joint-stock company less liability loss March net income nineteen hundred nonresident alien normal obligations operating organized otherwise owner paid partnership payment penalty period person premium prescribed prior production profits purchase reasonable received render resident return of income securities shares sold sources subsequent tax imposed taxable thereof tion Treasury trust United withholding
Page 51 - Fraternal beneficiary societies, orders, or associations, (a) operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system...
Page 72 - The cost of incidental repairs which neither materially add to the value of the property nor appreciably prolong its life, but keep it in an ordinarily efficient operating condition, may be deducted as expense, provided the plant or property account is not increased by the amount of such expenditures.
Page 38 - ... interest, rent, salaries, wages, premiums, annuities, compensation, remuneration, emoluments, or other fixed or determinable gains, profits, and income...
Page 159 - ... life insurance companies shall not include as income in any year such portion of any actual premium received from any individual policyholder as shall have been paid back or credited to such individual policyholder, or treated as an abatement of premium of such individual policyholder, within such year.
Page 164 - June in any year, and for ten days after notice and demand thereof by the collector, there shall be added the sum of five per centum on the amount of tax unpaid and interest at the rate of one per centum per month upon said tax from the time the same becomes due.
Page 160 - First. All the ordinary and necessary expenses actually paid within the year out of earnings in the maintenance and operation of its business and property within the United States, including rentals or other payments required to be made as a condition to the continued use or possession of property to which the corporation has not taken or is not taking title, or in which it has no equity.
Page 15 - Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate; (3) Any amount expended in restoring property or in making good the exhaustion thereof for which an allowance is or has been made...
Page 18 - If a leasehold is acquired for business purposes for a specified sum, the purchaser may take as a deduction in his return an aliquot part of such sum each year, based on the number of years the lease has to run. Taxes paid by a tenant to or for a landlord for business property are additional rent and constitute a deductible item to the tenant and taxable income to the landlord, the amount of the tax being deductible by the latter.
Page 157 - An Act to provide capital for agricultural development, to create standard forms of investment based upon farm mortgage, to equalize rates of interest upon farm loans, to furnish a market for United States bonds, to create Government depositaries and financial agents for the United States, and for other purposes"; (14) Personal service corporations.