Salaries, Rents, Etc. and the Income Tax: A Review and Copy of the Treasury Regulations Relating to Deductions from Rents, Salaries, and Other Fixed Income ...

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University Press, 1913 - 17 pages
 

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Page 7 - The proceeds of life insurance policies paid to individual beneficiaries upon the death of the insured; the amount received by the insured, as a return of premium or premiums paid by him under life insurance, endowment, or annuity contracts, either during the term or at the maturity of the term mentioned in the contract or upon surrender of the contract: the value of property acquired by gift, bequest, devise, or descent (but the income from such property shall be included as income...
Page 7 - ... provided that whenever the tax upon the income of a person is required to be withheld and paid at the source as hereinafter reQuired, if such annual income does not exceed the sum of $3,000 or is not fixed or certain, or is indefinite, or irregular as to amount or time of accrual, the same shall not be deducted in the personal return of such person.
Page 14 - Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate; (3) Any amount expended in restoring property or in making good the exhaustion thereof for which an allowance is or has been made...
Page 14 - ... the amount received as dividends upon the stock or from the net earnings of any corporation, joint stock company, association, or insurance company, which is taxable upon its net income as hereinafter provided...
Page 17 - ... to be made, shall be guilty of a misdemeanor, and shall be fined not exceeding $2,000 or be imprisoned not exceeding one year, or both, in the discretion of the court, with the costs of prosecution...
Page 5 - ... employers, and all officers and employees of the United States having the control, receipt, custody, disposal...
Page 8 - States now in office, and the compensation of all officers and employees of a State or any political subdivision thereof except when such compensation is paid by the United States Government.
Page 14 - ... all national, State, county, school, and municipal taxes paid within the year, not including those assessed against local benefits...
Page 6 - ... are hereby authorized and required to deduct and withhold from such annual gains, profits, and income such sum as will be sufficient to pay the normal tax imposed thereon by this section, and shall pay to the officer of the United States Government authorized to receive the same ; and they are each hereby made personally liable for such tax.
Page 14 - ... a reasonable allowance for the exhaustion, wear and tear of property arising out of its use or employment in the business...

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