Individual, every, subject to tax..3, 103 Individuals-The Income Tax Law relates in general to either individuals or corporations. Special provisions apply to in "Information at the source" Applied to interest on domestic corporations, securities. .98 By non-taxable organizations..122 On bond, etc. interest..99 On payment of $1,000..98 Stockholders lists and dividend records..101 United States Government issues..43 When inaugurated..99 Inspection of returns (corporate).. 152 Installment, taxes paid by (see Returns)..147 Domestic corporations..130 Interest on indebtedness Incurred in purchasing exempt securities.. 46, 130 Interest on "municipal etc., bonds" (see Exempt income) Commissioner's ruling as to..17 Cost or market value..17 "Dealer in securities"..17-18 Tax returns..17 Under 1918 Law..18 Inventory value, in determining gain or loss..15 When and how exempt as to interest..37, et seq. When and how exempt as to interest et seq..37 License for making foreign collections..102 Life insurance companies (see Insurance companies) Losses Claim in abatement and inventory loss..51-2 In taxpayer's business "Net loss"..50 Outside taxpayers business, on account of the war..53 Mergers (see Gain or loss) Method of computing tax, Example No. 1.. Page 21 "Municipal bonds” etc., tax exemption of Must be reported..36, 126 See Exempt income "Net income" Corporations..130 Deductions from..47 Individuals..47 Definition of..45 Non-resident alien partnership, "deduction at the source"..93 Normal tax Basic tax. .8 In 1919..4 Non-resident alien..5, 75 Personal exemption,. . 10-13 Under previous laws..2 Optional methods of payment (see Returns) Optional payment of tax in advance (see Returns) Organizations (see Corporations) Partners, taxable individually..65 Paying agents-Attention is called especially to the following gen- "Deduction at the source" "Information at the source" Foreign collections, license for making Payment of tax (see Returns) Personal exemption Dependent persons, on account of..10 "Head of a family"..10 Husband and wife..10 In computing normal tax only..13 Married or unmarried persons..10 Non-resident aliens..82 Under earlier laws..10 See Returns Personal exemption, claim for, in deduction at the source..97 Personal service corporation Definition of..69 Dividends. .24, 71 Members taxable..70 'Not taxable in general. .69-70 Philippine islands, income tax applied in..158 "Political subdivision" Definition of..35 Income exempt..35 Porto Rico, income tax applied in..158 Possessions of the United States, income tax of citizens of..157-8 Preliminary returns by corporations..144 Premises owned, deduction of rental value not allowed. .46, 130 President, salary not exempt..33 Public officials, when the compensation may be exempt..33 Rates of tax Applying to individuals, Table No. I.. Pages 18-20 Average rates of tax on taxable incomes up to $100,000, Chart Average rates of tax on taxable incomes up to $2,000,000, Chart Corporations..119 In previous years..2 In 1918..3 In 1919..4 Normal and basic..2-4 Receipts, to be issued on request..149 Receiver makes return of income (see Corporations, Returns) Refund provision, in 1918 Law..151 Rental value of premises owned not deductible..46, 130 Reorganization, merger, etc. (see Gain or loss) Residents (see Citizens or residents) List of taxpayers..154 Minors..104 "Municipal, etc., bonds," included in..36, 126 Non-resident alien, foreign corporations, etc...116 Partnership..106 Penalties..148 Preliminary..144 Receipts..149 Receivers, required to make Refund provisions..161 Secrecy of..155 Stockholders may inspect..153 Time and place of..112-113 Time and place of corporate..143 Understatement..116 When due..146 Withholding agent..96 See Accounting period, Corporations, Estates and trusts, Hus- Salary paid to employees in army, deductible..133 Sales (see Gain or loss) Secrecy of returns..165 "Securities, Dealer in"..17 Securities, taxable and non-taxable (see Exempt income and Gross income) State employees, salary probably exempt..33 Stock dividends Constitutionality of taxation of..30 Court decisions..30 Definition of, 1918 Act..27 Taxation of..28-29 When received..28 Stockholders' lists and dividend records..101 Stockholders may inspect corporation returns..153 Surtax rates In 1918..3 In 1919..4 No personal exemption from..13 Under previous laws..2 Tables, No. 1-Rates and amounts of tax to be paid by citizens or No. 2-Relative values of taxable and tax exempt securities.. Pages 24-27 Example of computing tax.. Page 21 |