The Income Tax Law of the United States of America: Analyzed and Clarified |
Other editions - View all
Income Tax Law of the United States of America: Analyzed & Clarified Albert Henry Walker No preview available - 2018 |
The Income Tax Law of the United States of America: Analyzed and Clarified ... Albert Henry Walker No preview available - 2016 |
Income Tax Law of the United States of America: Analyzed & Clarified Albert Henry Walker No preview available - 2023 |
Common terms and phrases
accurate return additional income tax alien amount paid ascer assessment association or insurance calendar cent centum per annum collected collector of internal collector or deputy Commissioner of Internal company or association deduction deputy collector District of Columbia dividends entire net income exceeding false or fraudulent foreign country gross amount income derived income exceeds income return income tax law income tax return indebtedness individual policyholder insurance companies interest paid Internal Revenue joint stock company levied list or return losses actually sustained losses and expenses normal income tax normal tax pany paragraph pay an income payment personal gross income personal taxable income Philadelphia & Reading Philippine Islands Porto Rico premium deposits Reading Company reinsurance relevant respect son River sources Speer pamphlet statute also provides statute provides statutory taxes imposed Territory of Hawaii tion total net income Treasury true and accurate Union Pacific Railroad United vicarious party word
Popular passages
Page 118 - In case of insurance companies the net addition, if any, required by law to be made within the year to reserve funds and the sums other than dividends paid within the year on policy and annuity contracts...
Page 121 - ... shall be entitled to include in the deductions from gross income amounts repaid to policyholders on account of premiums previously paid by them, and interest paid upon such amounts between the ascertainment thereof and the payment thereof, and life insurance companies shall not include as income in any year such portion of any actual premium received from any individual policyholder as shall have been paid back or credited to such individual policyholder, or treated as an abatement of premium...
Page 130 - That all administrative, special, and general provisions of law, including the laws in relation to the assessment, remission, collection, and refund of internalrevenue taxes not heretofore specifically repealed and not inconsistent with the provisions of this section, are hereby extended and made applicable to all the provisions of this section and to the tax herein imposed.
Page 117 - Such net income shall be ascertained by deducting from the gross amount of the income of such corporation, joint stock company or association, or insurance company, received within the year from all sources...
Page 115 - All the ordinary and necessary expenses paid within the year in the maintenance and operation of its business and properties, including rentals or other payments required to be made as a condition to the continued use or possession of property to which the corporation has not taken or is not taking title, or in which it has no equity.
Page 116 - In the case of mutual insurance companies (including interinsurers and reciprocal underwriters, but not including mutual life or mutual marine insurance companies) requiring their members to make premium deposits to provide for losses and expenses, there shall be allowed, in addition to the deductions allowed in paragraphs (1) to (9), inclusive, unless otherwise allowed, the amount of premium deposits returned to their policyholders and the amount of premium deposits retained for the payment of losses,...
Page 114 - That nothing in this section shall apply to mutual savings banks not having a capital stock represented by shares...
Page 103 - ... but the fact that the gains and profits are in any case permitted to accumulate and become surplus shall not be construed as evidence of a purpose to escape the said tax in such case unless the Secretary of the Treasury shall certify that in his opinion such accumulation is unreasonable for the purposes of the business.
Page 120 - March, nineteen hundred and ten, and the first day of March in each year thereafter, a true and accurate return under oath or affirmation of its president...
Page 103 - 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...