Federal Income Tax Procedure, 1921-1922; With Explanations of the New 1921 Revenue ACT (Paperback)

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 edition. Excerpt: ... sold, exemption is allowed. 6. 'C0RP0RATI0NS AND C0MMUNITY CHESTS, FUNDS 0R F0UNDATI0NS 0RGANIZED F0R RELIGI0US, CHARITABLE, SCIENTIFIC, LITERARY, 0R EDUCATI0NAL PURP0SES, if (1) organized for one or more of the purposes specified, (2) exclusively for such, and (3) the net income does not inure to the benefit of any individual stockholder. The group includes societies assisting needy families, furnishing nurses, giving free instruction, offering lecture services, etc. It excludes societies publishing controversial propaganda, or engaged for part time in pursuits other than the above. 7. BUSINESS LEAGUES, CHAMBERS 0F C0MMERCE, AND B0ARDS 0F TRADE, if not run for a profit and if, in the case of a business league, the members have a common business interest. 8. CIVIC LEAGUES, if not organized for a profit and run exclusively for the promotion of social welfare. Where originally organized for profit and now exclusively engaged in welfare work, exemption is not allowed. 9. RECREATI0NAL AND PLEASURE CLUBS, if operated exclusively for recreation, etc., with no profits inuring to the benefit of individual members. Where a hunting club continually sells timber for a profit on land it owns, exemption is not allowed. 10. MUTUAL C0-0PERATIVE AND PR0TECTIVE ASS0CIATI0NS, if not run for profit. Where incidental profit is received, as bank interest, exemption is allowed. This group includes mutual fire insurance companies, co-operative telephone companies, mutual hail, cyclone, irrigation and similar societies, etc. 11. C0-0PERATIVE SALES AGENCIES, if the income, less necessary expenses, is distributed in proportion to the value and quantity of the goods supplied by the members. 12. H0LDING C0MPANIES, if the income, less necessary expenses is to be...