The Income Tax in Great Britain and the United StatesP. S. King, 1927 - 320 pages A comparative study of the income tax system, history and further developments of income tax legislation in the United Kingdom and the United States. |
Common terms and phrases
1920 Royal Commission administration Amendment annual value appeal applied arising assessment average system basis Britain British income tax British law capital gains Chapter citizens claim Cloth collection at source Collectors Commissioners computed Court D.Sc deduction Demy 8vo depletion allowances depreciation distributed dividends earned income Econ excess exchange exemption Finance Act gain or loss Government gross income imposed income from sources Income Tax Act income tax law individuals Inland Revenue Inspectors insurance companies interest Internal Revenue investment Josiah Stamp liability market value ment net income non-resident aliens normal tax officers P. S. King payment person practice premiums rate of tax received relief resident Revenue Act rule Schedule Section 213 shareholders SIDNEY WEBB Sixteenth Amendment statute stock or securities super-tax surtax taxable income taxation taxpayer theory tion total income United Kingdom United States income United States law University of London wasting assets
Popular passages
Page 131 - No gain or loss shall be recognized if property held for productive use in trade or business or for investment (not including stock in trade or other property held primarily for sale, nor stocks, bonds, notes, choses in action, certificates of trust or beneficial interest, or other securities or evidences of indebtedness or interest) is exchanged solely for property of a like kind to be held either for productive use in trade or business or for investment.
Page 132 - If property (as a result of its destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation, or the threat or imminence thereof...
Page 302 - If an exchange would be within the provisions of paragraph (3) of sub-division (b) if it were not for the fact that the property received in exchange consists not only of stock or securities permitted by such paragraph to be received without the recognition of gain, but also of other property or money...
Page 299 - If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend...
Page 61 - Gains, profits, and income from — (1) transportation or other services rendered partly within and partly without the United States, or (2) from the sale of personal property produced (in whole or in part) by the taxpayer within and sold without the United States...
Page 177 - In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case...
Page 299 - Stat. 227), out of its earnings or profits which were taxable in accordance with the provisions of section 218 of the Revenue Act of 1918 or...
Page 129 - If the property was acquired after December 31, 1920, by a transfer in trust (other than by a transfer in trust by a gift, bequest, or devise) the basis shall be the same as it would be in the hands of the grantor, increased in the amount of gain or decreased in the amount of loss recognized to the grantor upon such transfer under the law applicable to the year in which the transfer was made.
Page 307 - Act of 1924, there shall be included the period for which he held the stock or securities in the distributing corporation prior to the receipt of the stock or securities upon such distribution.
Page 129 - February 28, 1913. shall be the cost of such property; except that — "(6) Tax-free exchanges generally. — If the property was acquired upon an exchange described In section 112 (b) to (e), Inclusive, the basis shall be the same as In the case of the property exchanged, decreased In the amount of any money received by the taxpayer...