Definition, 57 Federal land bank, 67 Federal reserve bank, 67 Forgiveness of indebtedness, 63 Gross income, 40 Invested capital, 133, 134 Life Insurance Policies, 58 Liquidating, 58 National farm loan association, 67 Nonresident aliens, 16, 17 Payment in property, 60 Stock, 57, 60, 61, 134 Bonuses to, 44, 75, 76 Promissory notes, 42 Workmen's compensation, 69 ESTATES AND TRUSTS Bad debts, 153 Classification, 25 Credits, 152, 156 Deductions, 28, 29, 153 Returns, 26, 27, 102 Stock dividends, 60 EXCESS PROFITS TAX Allocation of net income, 114 Consolidations, 137 Credits, 119, 176 Computation, fiscal year, 137 Definitions, 173 Exemptions, 111, 175 Fiscal year, 137, 181 Foreign corporations, 137 Fractional part of year, 111, 112 Gas wells, sale of, 115 Gold mining, 111, 115 Government contracts, 111. 116 Imposition, 111, 173 Invested capital, 120-137 Limitation of tax, 116 Mineral deposits, sale of, 115 Mines, sale of, 115 Net income, 176 Oil wells, sale of, 115 Corporate stock, sales, 48 Corporations in liquidation, 102 Deferred payment sales, 51, 52-54 Foreign corporations, 16-19 Installment plan sales, 51, 52, 54 Insurance policies, proceeds, 40, 41, Long term contracts, 47 Loss or damage recovered, 42 Nonresident alien, 16-19, 148 Rent and royalties, 55-57 Time to be accounted for, 40 Marriage settlement, 66 Personal exemption, 5, 97 IMPAIRMENT OF CAPITAL, 124 INADMISSIBLE ASSETS, 124, 129, 130, INTANGIBLE PROPERTY Depreciation, 86, 127 Invested capital, 120-124, 127, 128, INTEREST Accrual prior to March 1, 1913, 54, 70 Capital, 78 Constructive receipt, 41 Corporation obligations, 54, 171 Food Administration Grain Corpo- Liberty bonds, 5, 17, 55, 67, 68, National Farm Loan Association, Nonresident aliens, 17, 77, 78 Railroad Administration Certifi- Savings-bank deposits, 41 State and municipal obligations, 66 United States obligations (See Lib- War Finance Corporation bonds, 5, 7, 8, 55, 62 Cost, 33, 142 Dealers in securities, 34 Deduction determined by, 32, 92 Farmers, 14, 16 Losses, 92, 151, 163 Market, 33, 34 Necessity, 32 Valuation, 33 INVESTED CAPITAL Purchase of stock, 124 Reorganizations, 137 Reserves, 126 Securities, 128 Special cases, 117-119, 178, 179 Subsidiary, stock of, 136 Surplus paid in, 120, 123, 125-127 Tangible property paid in, 120, 121, ITEMS NOT DEDUCTIBLE, 72, 151, 164 JUDGMENTS, ALLOCATION OF INCOME, 40 JURISDICTION OF DISTRICT COURTS, 183 LABOR, EXPENDITURES FOR, 46, 73, 74 Action to collect tax, 168 Bad debts, 83 Basis for determining, 81, 141 Compensation for, 63 Crops, 15 Deductions, 149, 161 Depreciation, 16, 84 Destruction of property, 15, 81 Exchange of property, 35-39, 141 Fire, 80, 81 Flood, 80, 81 Good will, sale, 50 Indemnity, 15 Insurance reducing, 80, 81 Inventories and Rebates, 92-95, 151, 163 Live stock, 15 Net losses, 95, 142 Nonresident aliens, 18 Returns, 19, 102 Imposition, 1, 144 NOTES AS COMPENSATION, 42 OBSOLESCENCE, DEDUCTIONS, 81, 84 Losses from, 125 Mining property, 90 OIL WELLS, DEPLETION, 90 Sale of, 115, 146, 182 PAID-IN SURPLUS, 123 Association distinguished, 24 Credits of partners, 7, 23, 106, 152 Distributive shares of partners, Liberty bond exemptions, 7 Readjustment of interests, 39 Assessment, 167 At source, 97, 155, 164 Certificates of indebtedness, 106 Installments, 101, 104, 105, 118, 119, 167 Interest, 104, 167 Medium, 105, 106, 183 Notice and demand, 104, 105 Special cases, 119 Corporations, 5, 111, 113, 116, 117 Fiscal year, 23, 24, 137, 143 Normal tax, 144 Surtax, 1, 3, 57, 60 REAL ESTATE |