The Federal Income Tax Law Act of September 8, 1916, as Amended: Act of October 3, 1917, with a Summary of Law and Regulations Relating to Individuals, Fiduciaries and Partnerships |
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accrued Act of September allowable deductions amount of tax annual ascertained assessed beneficiary business or trade capital stock centum per annum certificates citizen or resident claimed collected collector of internal collector or deputy Commissioner of Internal company or association compensation computing dends depreciation deputy collector distraint district dividends duction excess profits taxes expenses fair market price farm fiduciary file return fiscal foreign corporations gross income hundred and seventeen hundred and sixteen hundred and thirteen income derived income exceeds income received income return income tax law indebtedness insurance company interest on bonds Internal Revenue joint-stock company liable ments net income exceeds nineteen hundred non-resident alien individuals normal tax obligations partnership payable payment Philippine Islands place of business political subdivision Porto Rico premium prescribed price or value purpose reasonable allowance return of income Secretary tax imposed Taxes paid thereof tion total net income Treasury United
Popular passages
Page 116 - ... in any manner whatever not provided by law any income return, or any part thereof or source of income, profits, losses, or expenditures appearing in any income return; and any offense against the foregoing provision shall be a misdemeanor and be punished by a fine not exceeding $1,000 or by imprisonment not exceeding one year, or both...
Page 83 - Income received by estates of deceased persons during the period of administration or settlement of the estate; and (4) Income which, in the discretion of the fiduciary, may be either distributed to the beneficiaries or accumulated.
Page 93 - Guardians, trustees, executors, administrators, recevsers, conservators, and all persons, corporations, or associations, acting in any fiduciary capacity, shall make and render a return of the income of the person, trust, or estate for whom or which they act, and be subject to all the provisions of this title which apply to individuals.
Page 102 - Income derived from any public utility or the exercise of any essential governmental function and accruing to any State, Territory, or the District of Columbia, or any political subdivision of a State or Territory, or income accruing to the Government of any possession of the United States, or any political subdivision thereof.
Page 104 - 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 107 - ... the sums other than dividends, paid within the year on policy and annuity contracts and the net addition, if any, required by law to be made within the year to reserve...
Page 85 - The amount received by the insured as a return of premium or premiums paid by him under life insurance, endowment, or annuity contracts, either during the term or at the maturity of the term mentioned in the contract or upon surrender of the contract...
Page 120 - Every collector to whom any .payment of any income tax is made shall upon request give to the person making such payment a full written or printed receipt, stating the amount paid and the particular account for which such payment was made...
Page 86 - That for the purposes of this title (except as otherwise provided in section 233) the term "gross income" — (a) Includes gains, profits, and income derived from salaries, wages, or compensation for personal service (including in the case of the President of the United States, the Judges of the Supreme and inferior courts of the United States, and all other officers and employees, whether elected or appointed, of the United States, Alaska, Hawaii, or any political subdivision thereof, or the District...
Page 83 - gross income" includes gains, profits, and income derived from salaries, wages, or compensation for personal service ... of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income...