Digest of the Federal Revenue Act of 1921, for Income and Excess Profits Taxes for 1921, 1922 and Subsequent Years, with Tables for Calculation of Tax and for Comparison of Taxes; ACT Passed November 23, 1921. Effective for Income Tax January 1, 1921
Digest of the Federal Revenue Act of 1921, for Income and Excess Profits Taxes for 1921, 1922 and Subsequent Years, with Tables for Calculation of Tax and for Comparison of Taxes; ACT Passed November 23, 1921. Effective for Income Tax January 1, 1921

Author: National City Company

Publisher: Palala Press

Published: 2016-04-22

Total Pages: 92

ISBN-13: 9781354285954

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This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Digest of the Federal Revenue Act of 1921; for Income and Excess Profits Taxes for 1921, 1922 and Subsequent Years, with Tables for Calculation of Tax
Digest of the Federal Revenue Act of 1921; for Income and Excess Profits Taxes for 1921, 1922 and Subsequent Years, with Tables for Calculation of Tax

Author: National City Company

Publisher: Rarebooksclub.com

Published: 2013-09

Total Pages: 28

ISBN-13: 9781230189376

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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. 1921 edition. Excerpt: ...Corporations are allowed the following deductions: 93 "(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, and 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;" 94 "(2) All interest paid or accrued within the taxable year on its indebtedness, except on indebtedness incurred or continued to purchase or carry obligations or securities (other than obligations of the United States issued after September 24, 1917, and originally subscribed for by the taxpayer) the interest upon which is wholly exempt from taxation under this title;" Limitation of taxable interest, on indebtedness to purchase or carry Government obligations, to such indebtedness as relates only to original purchases by the taxpayer, is new. 95 "(3) Taxes paid or accrued within the taxable year ex cept--(a) Income, war-profits, and excess-profits taxes imposed by the authority of the United States. (b) So much of the income, war-profits, and excess-profits taxes imposed by the authority of any foreign country or possession of the United States as is allowed as a credit under section 238, and (c) Taxes assessed against local benefits of a kind tending to increase the value of the property assessed. In the case of obligors specified in subdivision (b) of section 221 no deduction for the payment of the tax imposed by this title, or any other tax paid pursuant to the contract or provision referred to in that subdivision, ...