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accrued actual addition agent allowed amount apply assessed association authority bank basis beneficiary bonds calendar capital carried Chapter charged citizen claim collected Commissioner compensation computed contract cost court deduction depreciation derived determining discussed distributed dividends domestic earnings entitled exempt expenses fact fiduciary fiscal foreign corporations gains Government gross income held imposed included income tax individual interest inventory invested issued less Letter from Treasury liability limited loss March market value meaning net income non-resident alien normal tax notes obligations operating organized owner paid partnership payment period principal prior profits provisions purchase rates reason receipt received resident respect Revenue Act rule securities shares sources statute stockholders surtax taxable taxpayer term thereof tion trade transaction Treasury Department dated treated trust United withholding
Page 1031 - ... the amount or source of income, profits, losses, expenditures, or any particular thereof, set forth or disclosed in any income return, or to permit any income return or copy thereof or any book containing any abstract or particulars thereof to be seen or examined by any person except as provided by law...
Page 497 - The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect the income...
Page 188 - In the case of assessment insurance companies the actual deposit of sums with State or Territorial officers, pursuant to law, as additions to guaranty or reserve funds shall be treated as being payments required by law to reserve funds.
Page 976 - taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the net income is computed under section 212 or 232. The term "fiscal year" means an accounting period of twelve months ending on the last day of any month other than December. The term "taxable year...
Page 76 - Columbia, or any corporation or association organized and operated exclusively for religious, charitable, scientific or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private stockholder or individual...
Page 1004 - ... upon notice and demand by the collector, or the amount of tax overpaid, if any, shall be credited or refunded to the taxpayer in accordance with the provisions of section 322.
Page 1001 - That in the case of mines, oil and gas wells, discovered by the taxpayer, on or after. March 1, 1913, and not acquired as the result of purchase of a proven tract or lease...
Page 997 - Sec. 234. (a) That in computing the net income of a corporation subject to the tax imposed by section 230 there shall be allowed as deductions: (1) All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services actually rendered...
Page 1008 - ... tax laws, including classifications of taxpayers and of income, the amounts allowed as deductions, exemptions, and credits, and any other facts deemed pertinent and valuable.
Page 978 - Whenever in the opinion of the Commissioner the use of inventories is necessary In order clearly to determine the Income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice In the trade or business and as most clearly reflecting the income.