A Treatise on the Law of Income Taxation Under Federal and State Laws

Front Cover
Vernon Law Book Company, 1915 - Income tax - 865 pages
 

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Contents

Same Making Return and Claim for Minor Sick Insane or Absent Persons
24
Deduction and Withholding of Normal Tax from Interest
25
License for Collection of Foreign Items
27
Liability for Tax Not Affected by Contract
28
Assessment on Personal Returns
29
Collection at Source Applicable to Normal Tax Only
30
Penalties for Neglect or Refusal to Make Return and for False and Fraudulent Returns
31
Corporations Subject to Normal Income
32
What Corporations and Organizations Exempt
33
Exemption of Income from Public Utilities Accruing to States and Municipalities
34
Deductions Allowed to Corporations Expenses
35
Same Losses and Depreciation
36
Same Proviso as to Mutual Fire Insurance Companies
37
Same Proviso as to Mutual Marine and Life Insurance Companies
38
Same Interest on Indebtedness
39
Same Taxes Paid
40
Taxable Income and Deductions Allowed to Foreign Corpo rations
41
Period for Computation of Tax on Corporations
42
Privilege of Designating Fiscal Year
43
Time and Place for Rendering Returns
44
Contents of Returns Capital Indebtedness Gross In come and Expenses
45
Same Losses Sustained
46
Same Proviso as to Insurance Companies
47
Same Foreign Corporations Losses and Depreciation
48
Same Proviso as to Foreign Insurance Companies
49
Same Interest Accrued and Paid
50
Same Taxes Paid
51
Same Amount of Net Income
52
Assessment Notice and Payment of
53
Penalty and Interest for Delinquency
54
Corporation Returns to be Public Records Privilege of Inspection
55
Penalty for Neglect or Refusal to Make Return or Making False Return
56
Construction of Words State and United States
57
Amendment and ReEnactment of Certain Sections of Re vised Statutes
58
Penalty for Divulging Particulars of Income Tax Returns
59
Canvass of Districts for Objects of Taxation
60
Annual Returns of Persons Liable to
61
Return Made Up by Collector from Information Furnished
62
Wages Salaries Rents etc 64 Withholding Agents Deduct and Pay
64
When Tax Deductible Exemptions Claimed
65
Claim for Deductions
66
Tax Not Withheld on Interest on Deposits
67
Notes Given for Interest or Rents
68
Annual List by Withholding Agents
69
History of Treasury Regulations
71
Arrangement in This Volume
72
Tax to be Deducted at Source
73
Definition of Debtor
74
When Tax Shall be Withheld by Debtor
75
When Tax Shall be Withheld by First Collecting Agency
76
Payment of Registered Interest by Debtors
77
Designation of Fiscal Agencies
78
Certificates Claiming Exemption
79
By Whom Signed
80
Organizations Whose Interest Coupons are Not Taxed
81
How Collected When Not Accompanied by Certificate of Owner
82
Final Disposition of Certificates
83
Foreign Corporations Having Branches in U 8
84
Interest Due Before March 1 1913
85
By Whom Tax is Withheld
86
List of Tax Collections on Foreign Items
87
Certificates to Secure Tax Exemption on Foreign Items
88
Accurate Record to be Kept by Licensees
89
Penalty for Omission to Obtain License
90
Penalty for False Statements
91
Partnerships
92
NonResident Foreigners Owning InterestBearing Bond Not Subject to Taxation on Income From Such Bonds if Proper Certificate Furnished
93
Temporary Provision
94
Relative to the Income Tax on Corporations etc Continued Art 94 Partnerships Not Taxable as Corporations 95 What Constitutes PaidUp Capital Stock
95
Gross Income How Determined
96
Gross Income of Insurance Companies
97
Gross Income of Mutual Fire Insurance Com panies
98
Mutual Marine Insurance Companies
99
Life Insurance Companies
100
Gross Income of Insurance Companies
101
Applied Surrender Values
102
Supplementary Statement to Accompany Reports
103
Gross Income of Manufacturing Companies
104
Gross Income of Mercantile Companies
105
Gross Income of Miscellaneous Companies
106
Definitions of Gross Income
107
10S Income From Sale of Capital Assets 109 Ascertaining Net Income from Sale of Capital Assets
109
Profit or Loss Arising from Sale of Assets
110
Changes in Book Value of Assets
111
Corporations Engaged in More Than One Busi ness
112
Net Income How Aseertained
113
General Expenses Deductible
114
Cost of Buildings on Leased Ground
115
Expenses of Foreign Steamship Companies
116
Commissions to Salesmen Paid in Stock
117
Additions and Betterments
118
Compensation Based on Stockholdings
119
Gifts Pensions and Gratuities
120
Donations Deductible
121
Reserves for Insurance
122
Materials and Supplies
123
Losses Sustained
124
Bad Debts Charged
125
Reserves Not Deductible
126
Loss Due to Removal of Buildings
127
Losses from Sale of Capital Assets
128
Deduction for Depreciation
129
How Depreciation Measured
130
Incidental Repairs
131
Depreciation Reserve
132
Diversion of Depreciation Reserve
133
Shrinkage in Book Values
134
Amortization of Bonds
135
Good Will
136
Depreciation on Patents
137
Deduction for Obsolescence of Patents
138
CHAPTER III
142
Collections at the Source Art 29 To What Applies 30 Who Are Required to Withhold Tax at Source 31 Withholding Agents 32 Income as to Which ...
143
Relative to the Income Tax on Corporations etc Continued Art 139 Depreciation of Timber Lands 140 When Deduction to Cease 141 Depreciation o...
145
Taxes to be Reported on Assessment Lists
146
What Constitutes Allowable Interest Deduction
148
Banks and Banking Associations
149
Interest Paid on Indebtedness
150
Different Rates of Interest
151
Taxes Deductible
152
Taxes Not Deductible
153
Tax on Capital Stock of Banks
154
Import Duties
155
What Deductions Allowable Under the Head of Losses
156
Foreign Corporations Subject to
157
How Deductions Evidenced
158
Tax on Net Income for 1913
160
Inventories
161
Classification of Corporations
162
Forms for Returns
163
Penalties Imposed by the
164
Designation of Fiscal Year
165
Illustration of Fiscal Year
166
Collectors Recording Designation of Fiscal Year
167
Calendar Year to Govern Unless Notice Given
168
Designation and Notice Not Retroactive
169
Where Fiscal Year Not Properly Established
170
Returns When Not Accepted
171
Returns for 1913
173
Returns Mailed in Due Time
174
Last Due Date
175
When Due Date is Sunday or Holiday
176
Assessment and Payment of Corporation Taxes
177
Returns to be Public Records
178
Information Given to State Officers When
179
Certified Copies of Returns as Evidence
180
Penalty for Disclosing Returns
181
Bookkeeping Methods of Corporations
182
Books of Account Showing Income
183
Omitted Taxes May be Assessed
184
Corporations Subject to Normal Tax Only
185
Examination of Books
186
Names Listed in Alphabetical Order
188
Assessment Against Withholding Agents When
189
Returns When to be Made
190
Corporation Returns for 1913
192
Certain Returns to be in Duplicate
193
Certificates and Returns to be Forwarded
194
Reports and Returns Examined by Collectors
195
Notice to Delinquents
196
Notice of Assessment
197
Notice of Assessment to be Sent Immediately
198
Payments Abatements and Outstanding Bal ances
199
Discrimination Between Corporations Partnerships
201
Individuals
212
CHAPTER IV
213
Property Taxes Distinguished
214
Equal Protection of the Laws
238
Increase in Value Not Realized by Sale
239
Uncollected Interest and Accounts
240
Protit to Accrue on Uncompleted Contracts
241
Profits from Sale or Lease of Patent Rights
242
Annuities
243
Interest on Government Bonds
244
Dividends on Corporate Stock
245
Same Stock Dividends
246
Accumulated Earnings or Undivided Profits of Corporations
247
Right to Subscribe for New Stock of Corporation
248
Taxation of Income from NonTaxable Property
249
Taxing Salaries of Federal and State Officers
251
Exemption of Incomes Below a Fixed
257
Exemption of Classes of Individuals or Corporations 208 Allowance of Deduction for Other Taxes Paid
263
Double Taxation
265
Taxing Aggregate Income of Family
269
Validity of Graduated or Progressive
270
Retrospective Operation of Statute
272
Objections as to Title Purpose and Mode of Enactment of Statute
273
Objections to Administrative Provisions of
275
States and Municipal Corporations
276
Apportionment of Federal Income
277
Constitutional Objections to Penalties Imposed
278
Corporations Exempted by Act of Congress
279
CHAPTER VII
280
Labor Organizations
281
Fraternal Orders and Benefit Societies
282
Statutes in Pari Materia
283
Educational and Scientific Institutions
284
Associated Words and Phrases 220 Departmental Construction
285
Savings Institutions
286
Civic Organizations and Chambers of Commerce
287
CHAPTER VIII
288
Proceeds of Life Insurance Policies
289
Exemption of Fixed Amount of Income
290
Same Treasury Regulations as to Husband and Wife
291
Statutory and Official Definitions of Gross and Net Income
293
Official Definitions of Gross Income of Corporations
294
Same Gifts Charities Pensions to Employés
295
Profits and Gains Compared and Distinguished
296
Same Cost of Insurance
297
Same Rent of Land Buildings or Equipment
298
Income Derived from Any Source Whatever
299
Change or Substitution of Capital Distinguished
300
Repairs New Buildings and Improvements
301
Rent of Land and Royalties
302
Rental Value of Residence
303
Losses Uncompensated
304
Debts Written Off as Worthless
305
Salaries and Earnings from Professions and Trades
305
Depreciation of Property
306
Pensions Gifts Prizes and vards
307
Depletion of Ores or Other Natural Deposits
308
Depreciation of Timber Lands
309
Special Rules as to Insurance Companies
312
Rules as to Foreign Corporations
313
Bookkeeping to Show Deductions
314
RETURNS OF TAXPAYERS AND WITHHOLDING AGENTS 315 Taxpayers Returns Who Required to Make
315
Returns by Guardians Trustees and Other Fiduciaries
316
Form and Contents of Returns
317
Including Income of Wife and Children
318
Returns by Husband and Wife
319
Returns of Corporations
320
Time for Filing Returns
321
Where Returns are to be Filed
322
Publicity or Inspection of Returns
323
Penalties for Divulging Information
324
Proceedings in case of Refusal or Neglect to File Return
325
Same Examination of Books Papers and Witnesses
326
Same Constitutional Validity
327
Same Jurisdiction of Courts to Enforce Obedience
328
Same Authority of Officers Scope of Examination
329
Same Examination and Inspection Under State Income Tax Laws
330
Penalties for Failure to Make Return
331
Penalties for False or Fraudulent Returns
332
Penalties Under State Income Tax Laws
333
Returns of Withholding Agents
334
Assessment of
335
Increasing Amount of Taxable Income Returned
336
Assessment on Discovery of Delinquency or of Fraud
337
Impeaching and Contesting Assessment
338
Appeal and Review of Assessment
339
Notice of Assessment
340
Time for Payment of
341
Demand for Payment of Tax
342
Payment and Receipt
343
Penalty for Delinquency
344
Lien of Income
346
Collection by Suit
347
CHAPTER IX
348
PERSONS AND CORPORATIONS SUBJECT TO
349
Residents 252 Residents Deriving Income From Abroad
350
Compromise of Litigation
351
Explanation of Terms
352
Domestic Corporations With Foreign Branches or Agencies
353
To What Classes of Income Applicable
354
Coupons from Corporate Bonds and Registered Interest
355
Certificates of Ownership
356
Domestic Corporations Operating Exclusively Abroad 255 American Citizens Residing Abroad
357
Substitute Certificates by Bank or Collecting Agency
358
Certificates Not Required to be Stamped
359
Interest on TaxFree Bonds
360
Rents Interest on Mortgages Salaries
361
Note Given for Interest
362
Foreign Interest and Dividends
363
Resident Aliens 257 NonResident Aliens 258 Carrying on of Business or Trade
364
License for Foreign Collections 365 Fiduciaries
365
Carrying on Several Lines of Business
366
Salaried Officers
367
Income of Partnerships and Corporations
368
Interest on Bank Deposits
369
Bankrupt and Insolvent Persons and Companies
370
Estates of Decedents and Dissolved Corporations
371
Partnerships
372
Personal Liability of Debtors or Withholding Agents
373
Limited Partnerships
374
Corporations
376
Foreign Corporations
377
Public Service Corporations
378
Unincorporated Associations
380
Long 268
381
Incorporated Clubs
382
Inactive Corporations and Holding Companies
384
Lessor Corporations 272 Corporations Fraudulently Formed to Evade
387
Corporations of Philippines and Porto Rico
388
Agents
392
Corker 277
395
United States 203
401
Bloomfield Sav Inst
410
APPENDIX
419
FortyTwo Broadway Bebb v Benny 361
437
Amortization of Bonds
462
Dividends from Corporations Subject to
463
turns
492
Arizona Copper Co v Smiles 233 Biddles Appeal 248
531
Corporate Bonds and Mortgages
548
CHAPTER XV
571
Murphy 383
589
United States Corporation Excise Tax Law of 1909
597
Federal Income Tax Law of 1894
606
Civil War Income Tax Acts of Congress
622
13
643
South Carolina Income Tax Law
661
North Carolina Income Tax Law
668
Income Tax Provisions in Statutes of Other States
675
Table of Forms
695
Form Page
696
Claimed
701
Certificate by Members of Partnership
707
Form for Claiming Exemption at the Source
713
Annual List Return
722
Certificate of Foreign Organizations not Subject to Taxa
728
A Substituted Collecting Agents Certificate in Case of For
732
Annual Return Banks and Other Financial Institutions
743
Annual Return Public Service Corporations
749
Annual Return Manufacturing Corporations
755
Annual Return Mercantile Corporations
761
Annual Return Miscellaneous Corporations
767
Annual Return of Individuals
773
1040 Revised Joint Return of Husband and Wife
779
Annual List Return of Tax Withheld at Source on Sala
790
Substitute Certificate Exemption Not Claimed
796
Legacies and Inheritances
Products of Agriculture or StockRaising 233 Produce of Mines and Oil and Gas Wells
by Taxpayer 63 Demand for List or Return
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Popular passages

Page 6 - ... commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in...
Page 612 - It shall be unlawful for any collector, deputy collector, agent, clerk, or other officer or employee of the United States to divulge or to make known in any manner whatever not provided by law to any person the operations, style of work, or apparatus of any manufacturer or producer visited by him in the discharge of his official duties...
Page 677 - If any person liable to pay any tax neglects or refuses to pay the same after demand, the amount (including any interest, penalty, additional amount, or addition to such tax, together with any costs that may accrue in addition thereto) shall be a lien in favor of the United States upon all property and rights to property, whether real or personal, belonging to such person.
Page 593 - Columbia, shall be subject to pay annually a special excise tax with respect to the carrying on or doing business by such corporation, joint stock company, or association, or insurance company, equivalent to one per centum upon the entire net income over and above five thousand dollars, received by it from all sources during such year...
Page 233 - ... due process of law,' but if found to be arbitrary, oppressive, and unjust, it may be declared to be not 'due process of law.
Page 521 - 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 58 - The proceeds of life insurance policies paid to individual beneficiaries upon the death of the insured; 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; the value of property acquired by gift, bequest, devise, or descent (but the "income from such property shall be included as income...
Page 236 - Amendment that no state shall deny to any person within its jurisdiction the equal protection of the laws was not intended to prevent a state from adjusting its system of taxation in all proper and reasonable ways.
Page 580 - ... until a claim for refund or credit has been duly filed with the Commissioner of Internal Revenue, according to the provisions of law in that regard, and the regulations of the Secretary of the Treasury established in pursuance thereof...
Page 9 - ... guardians, trustees, executors, administrators, agents, receivers, conservators and all persons, corporations or associations acting in any fiduciary capacity shall make and render a return of the net income of the person for whom they act, subject to this tax, coming into their custody or control and management, and be subject to all the provisions of this section which apply to individuals...

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