A Treatise on the Federal Income Tax Under the Act of 1913

A Treatise on the Federal Income Tax Under the Act of 1913

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1913 edition. Excerpt: ...the old one? Ibid. Semble, that where the new bridge is more costly that the old, the increase of value is profits used in construction. Where the increase of value came from a fund devoted to general repairs of a plant, so that it is merely "withholding proper expenditure from one portion of the line and devoting it to another," held, that such expenditure is not part of the "profits used in construction." Ibid. The declaration of a dividend was conclusive, and the corporation was not allowed to set up a loss, e. g. by embezzlement, which it failed to take into account in declaring the dividend as a defense to an action for taxes on the dividend under a former statute. Central National Bank v. U. S., 137 U. S. 355, 34 L. ed. 703, 11 Sup. Ct. Rep. 126 (1890), Harlan, J., affirming U. S. v. Central National Bank, 24 Fed. 577 (1885), U. S. Cir. Ct, S. Dist. N. Y., Wallace, J., which reversed s. o., 15 Fed. 222 (1883), U. S. Dist. Ct, S. Dist N. Y., Brown, J., and see s. c, 10 Fed. 612 (1882), U. S. Dist. Ct, S. Dist. N. Y., Brown, J. When a tax is on capital stock measured by dividends, the corporation cannot deduct from a declared dividend the amount contributed by stockholders to meet losses. Columbia Conduit Co. v. Commonwealth, 90 Pa. 307, 14 Mot. Min. Eep. 197 (1879). "To constitute a cause of action under this section ( 120 of the Act of June 30, 1864), the complaint is sufficient, if it aver either a dividend declared or the earning of profits, which, instead of being divided, have gone to increase the surplus fund of the corporation." Benedict, J., in U. S. v. Brooklyn, etc., R. R., 14 Fed. 284 (1884), U. S. Dist. Ct., E. Dist. N. Y. When a debt is canceled by the consolidation of the debtor and creditor companies, it is paid, but...show more

Product details

  • Paperback | 414 pages
  • 189 x 246 x 22mm | 735g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236678818
  • 9781236678812