Revenue Act of 1942. Hearings ... on H.R. 7378

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Page 1407 - ... gross income from the property during the taxable year, excluding from such gross income an amount equal to any rents or royalties paid or incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowance for depletion) from the property, except that in no case shall the depletion allowance for the taxable year 1932 or 1933 be less than it would be if computed without reference to this paragraph...
Page 1568 - CONVERSIONS. (a) GENERAL RULE. — If, during the taxable year, the recognized gains on sales or exchanges of property used in the trade or business, plus the recognized gains from the compulsory or involuntary conversion...
Page 1737 - All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business * * *. "(2) Non-trade or non-business expenses. In the case of an individual, all the ordinary and necessary expenses paid or incurred during the taxable year for the production or collection of income, or for the management, conservation, or maintenance of property held for the production of come.
Page 1814 - Domestic building and loan associations substantially all the business of which is confined to making loans to members; and cooperative banks without capital stock organized and operated for mutual purposes and without profit...
Page 1827 - ... (B) such employees as qualify under a classification set up by the employer and found by the Secretary or his delegate not to be discriminatory in favor of employees who are officers, shareholders, persons whose principal duties consist in supervising the work of other employees, or highly compensated employees...
Page 1518 - Mellon, in the report of the Secretary of the Treasury for the fiscal year ended June 30...
Page 2042 - To all expenses paid during the taxable year add expenses unpaid at the end of the taxable year and deduct expenses unpaid at the end of the preceding taxable year. For the purpose of computing the...
Page 1507 - Income" means the net income with the following adjustments: (a) Additional deductions. There shall be allowed as deductions — (1) Federal income, war-profits, and excess-profits taxes paid or accrued during the taxable year to the extent not allowed as a deduction under section 23; but not including the tax imposed by section 102, section 500, or a section of a prior income-tax law corresponding to either of such sections.
Page 1585 - That for the purpose of the tax the value of the net estate shall be determined — "(a) In the case of a resident, by deducting from the value of the gross estate...
Page 2041 - Investment income" means the gross amount of income earned during the taxable year from interest, dividends, and rents, computed as follows: To all interest, dividends and rents received during the taxable year, add interest, dividends and rents due and accrued at the end of the taxable year, and deduct all interest, dividends and rents due and accrued at the end of the preceding taxable year; (4) UNDERWRITING INCOME. — "Underwriting income...

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