Supplement to Income Tax Procedure

Supplement to Income Tax Procedure

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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. 1919 edition. Excerpt: ... returns of the taxpayer are otherwise made on an accrual basis; (b) that any income tax and excess profits tax returns of the taxpayer which have been previously made covering the period since March 1, 1913, shall be amended, if necessary, so that deductions for any of such years are made on the basis of reserves instead of upon actual redemptions as formerly required; and (c) that no larger amount shall be set up as a reserve for any taxable year than would be required for the redemption of such part of the entire issue of that year as it appears will eventually be presented for redemption. The reserve percentage will be determined 'by considering the experience of the taxpayer and of other users, taking into account any material differences between the taxpayer's situation and that of other users whose experience is relied on. Taxpayers who submit returns on this basis shall file therewith any amended returns called for by this article and shall also attach thereto a statement of the experience of the taxpayer and of any other user of coupons whose experience is relied on to determine the percentage of reserve, indicating the name of such other user, the denominations most largely issued, and the character of business involved in each instance. (Reg. No. 45, Article 104.) Page 445 Amount paid on judgment.--Art_ III, Reg. No. 45, is in part as follows: REGULATION. Any a1nouut paid pursuant to a judgment or otherwise on account of damages for personal injuries, patent infringement, or otherwise, is deductible from gross income when the claim is liquidated or put in judgment or actually paid, less any amount of such damages as may have been compensated for by insurance or otherwise. If subsequently thereto, however, a taxpayer has...show more

Product details

  • Paperback | 114 pages
  • 189 x 246 x 6mm | 218g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 123677356X
  • 9781236773562