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" In computing net income there shall be allowed as deductions : . . . (2) Non-trade or non-business expenses. In the case of an individual, all the ordinary and necessary expenses paid or incurred during the taxable year for the production or collection... "
Cases Decided in the United States Court of Claims ... with Report of ... - Page 373
by United States. Court of Claims, Audrey Bernhardt - 1968
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United States Reports: Cases Adjudged in the Supreme Court at ..., Volume 343

United States. Supreme Court, John Chandler Bancroft Davis, Henry Putzel, Henry C. Lind, Frank D. Wagner - 1952 - 1030 pages
...extent depends upon the legislative policy expressed in the fair and natural meaning of that section.4 during the taxable year for the production or collection...of income, or for the management, conservation, or maintenance of property held for the production of income." (Emphasis supplied.) 53 Stat. 12, 56 Stat....
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Cases Decided in the Court of Claims of the United States, Volume 111

United States. Court of Claims - 1948 - 886 pages
...whicn provides for the allowance as deductions of nontrade or nonbusiness expenses paid or incurred for the production or collection of income, or for the management, conservation or maintenance of property held for the production of income, where taxpayer and the Commissioner of Internal...
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Statistics of Income for ...

1951 - 984 pages
...excise and stamp taxes are deductible only if paid or incurred in carrying on a trade or business, or In the production or collection of income, or for the management, conservation, or maintenance at property held for the production of income. Do not include taxe« assessed against local...
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The Code of Federal Regulations of the United States of America ..., Book 2

1939 - 1522 pages
...incurred during the taxable year in carrying on any trade or business, or, in the case of an individual, eted;" liquidating corporation or by the shareholder. (E) Noncorporate shareholder maintenance of property held for the production of income. (See §29.23 (a)-l.) [TD 5371, May 11, 1944,...
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United States Code, Volume 3

United States - 1953 - 1744 pages
...the case may be, may be regarded as capital Investments. (2) Non-trade or non-business expenses. In the case of an individual, all the ordinary and necessary...of income, or for the management, conservation, or maintenance of property held for the production of income. (b) Interest. All interest paid or accrued...
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Revenue Act of 1942: Hearings Before the Committee on Finance ..., Volume 2

United States. Congress. Senate. Committee on Finance - 1942 - 1092 pages
...23 (a) provided by this section of the House bill allows as a deduction in computing net income : In the case of an individual, all the ordinary and necessary...of income or for the management, conservation, or maintenance of property held for the production of income. This amendment, if enacted into law. will...
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Revenue Act of 1942. Hearings ... on H.R. 7378

United States U.S. Congress. Senate. Committee on finance - 1942 - 1090 pages
...provided by this section of the House bill allows as a deduction in computing net income: In the ease of an individual, all the ordinary and necessary expenses...of income or for the management, conservation, or maintenance of property held for the production of income. This amendment, if enacted into law. will...
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Revenue Act of 1942: Hearings Before the Committee on Finance, United States ...

United States. Congress. Senate. Committee on Finance - 1942 - 1328 pages
...of the change which is made at the bottom of page 35 and the top of page 36. That provides that in the case of an individual all the ordinary and necessary expenses paid or incurred during a taxable year for the production or collection of income, or for the management,...
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Revenue Act of 1942. Hearings ... on H.R. 7378

United States. U.S. Congress. Senate. Committee on finance - 1942 - 1386 pages
...of the change which is made at the bottom of page 35 and the top of page 36. That provides that in the case of an individual all the ordinary and necessary expenses paid or incurred during a taxable year for the production or collection of income, or for the management,...
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Tax Cases Decided with Opinions

United States. Supreme Court - 1945 - 446 pages
...profit, though not connected with the trade or business." 2 "Non-trade or non-business expenses. — In the case of an individual, all the ordinary and necessary...of income, or for the management, conservation, or maintenance of property held for the production of income." 3 "Trade or business. — The term 'trade...
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