Cumulative Bulletin Income Tax Rulings Volume 2

Cumulative Bulletin Income Tax Rulings Volume 2

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ...all sources by every individual, a citizen or resident of the United States, a tax of two per centum upon such income; ' " "' SEC. 2(b). Income received by estates of deceased persons during the period of administration or settlement of the estate shall be subject to the normal and additional tax and taxed to their estates, and also such income of estates or any kind of property held in trust, including such income accumulated in trust for the benefit of unborn or unascertained persons, or persons with contingent interests, and income held for future distribution under the terms oi' the will or trust shall be likewise taxed, the tax in each instance, except when the income is returned for the purpose of the tax by the beneficiary, to be assessed to the executor, administrator, or trustee, as the case may be; " "' ' Sac. 8( c), as amended by section 1204 of the Revenue Act of 1917. Guardians, trustees, executors, administrators, receivers, conservators, and all persons, corporations, or associations, acting in any fiduciary capacity, shall make and render a return of the income of the person, trust, or estate for whom or which they act, and be subject to all the provisions of this title which apply to individuals. ' It will be noted that in section 1 of the Revenue Act of 1916, unlike either the 1913 or 1918 Acts, the basis of taxation is income received. The term "receipt," however, is subject to the qualification that income may be constructively as well as actually received. In the instant case, while the unwithdrawn income in any one year is not actually received, it remains throughout that year, and throughout the settlor's life, always at his disposal, whether or not he more

Product details

  • Paperback | 172 pages
  • 189 x 246 x 9mm | 318g
  • United States
  • English
  • black & white illustrations
  • 1236950062
  • 9781236950062