 Income which is credited to the account of or set apart for a taxpayer and which may be drawn upon by him at any time is subject to tax for the year during which so credited or set apart, although not then actually reduced to possession.  Cumulative Bulletin ... Income Tax Rulings - Page 104by United States. Bureau of Internal Revenue - 1921Full view - About this book
 | United States. Court of Claims - Claims - 1937 - 710 pages
...that amount back to surplus account. Article 51 of Regulations 65, Revenue Act of 1924, provides : Income which is credited to the account of or set...although not then actually reduced to possession. And in Article 52 of the same Regulations it is stated: "dividends on corporate stock are subject to... | |
 | United States. Court of Claims, Audrey Bernhardt - Law reports, digests, etc - 1957 - 904 pages
...promulgated under the Internal Revenue Code, provides as follows: Income Not Reduced to Possession, Income which is credited to the account of or set...apart for a taxpayer and which may be drawn upon by liim at any time is subject to tax for the year during which so credited or set apart, although not... | |
 | United States. Court of Claims - Law reports, digests, etc - 1925 - 828 pages
...question will first be determined. It is true that the law contemplates and the regulations provided that income which is credited to the account of or set apart for a taxpayer and which may be drawn upon at any time is subject to tax for the year during which it is so credited or set apart. Although not... | |
 | Prentice-Hall Inc, Prentice-Hall, inc - Reference - 1919 - 640 pages
...return for the taxable year 1918 should be filed. 1] 549. Art. 53. Income not reduced to possession. — Income which is credited to the account of or set...income must be credited to the taxpayer without any substanial limitation or restriction as to the time or manner of payment or condition upon which payment... | |
 | Henry Montefiore Powell - Corporations - 1919 - 708 pages
...charged off. (Articles 123 cmd 161.) ART. 45. lacome not reduced to possession — Income which i> credited to the account of or set apart for a taxpayer and which may be drawn upon by Mm at any time is subject to tax for the year during which so credited or set apart (unless previously... | |
 | Guaranty Trust Company of New York - Canada - 1919 - 664 pages
...31. [40l Items of income need not be actually reduced to possession to become subject to tax. Income credited to the account of or set apart for a taxpayer, and which may be drawn against by him at any time, is subject to tax for the year during which so credited or set apart. In... | |
 | Income tax - 1920 - 188 pages
...the amounts were charged off. (Articles 12S and 161.) ABT. 45. Income not reduced to possession. — Income which is credited to the account of or set...for the year during which so credited or set apart (unless previously accrued by the taxpayer and included in his return of income), although not then... | |
 | United States. Bureau of Internal Revenue - Excess profits tax - 1920 - 346 pages
...amended return for the taxable year 1918 should be filed. ART. 53. Income not reduced to possession. — Income which is credited to the account of or set...for a taxpayer and which may be drawn upon by him at anytime is subject to tax for the year during which so credited or set apart, although not then actually... | |
 | George Edwin Holmes - Excess profits tax - 1920 - 1186 pages
...accrued" is subject to the qualification that income may be constructively as well as actually received. Income which is credited to the account of or set apart for a taxpayer and which may be draAvn upon by him at any time is subject to tax for the year during which so credited or set apart,... | |
 | Irving National Bank, New York - 1921 - 140 pages
...no books of account and have never considered any item as income until actually received by me. A. Income which is credited to the account of, or set apart for a taxpayer and which may be drawn by him at any time, according to present rulings of the Commissioner, is subject to tax for the year... | |
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