TaxationAppleton, 1927 - 257 pages |
From inside the book
Results 1-5 of 54
Page 3
... follows in a subsequent chapter . Taxes on Insurance Proceeds The proceeds of insurance policies are taxed in va- rious ways by the Federal income tax , the Federal estate tax , many state inheritance taxes , and a few state income tax ...
... follows in a subsequent chapter . Taxes on Insurance Proceeds The proceeds of insurance policies are taxed in va- rious ways by the Federal income tax , the Federal estate tax , many state inheritance taxes , and a few state income tax ...
Page 29
... follow the wording of the act , we will assume the amount received during the taxable year has a face of $ 1,000 + $ 40 dividends for the current year + $ 160 as dividends received prior to the taxable year , or a total of $ 1,200 . The ...
... follow the wording of the act , we will assume the amount received during the taxable year has a face of $ 1,000 + $ 40 dividends for the current year + $ 160 as dividends received prior to the taxable year , or a total of $ 1,200 . The ...
Page 35
... follow that because they are reported in the gross estate that they are taxable . As previously mentioned the tax is on the net estate , and in determining what constitutes net estate the act permits the deduction of funeral ex- penses ...
... follow that because they are reported in the gross estate that they are taxable . As previously mentioned the tax is on the net estate , and in determining what constitutes net estate the act permits the deduction of funeral ex- penses ...
Page 50
... follows : Present Value of $ 1 $ 10,000 due immediately X $ 1.000000 - 20,000 " " " " 30,000 in 2 years in 1 year X .961538 - $ 10,000.00 19,230.76 X .924556 -- 27,736.68 40,000 " " in 3 years X .888996 = 35,559.84 50,000 " 6 in 4 years ...
... follows : Present Value of $ 1 $ 10,000 due immediately X $ 1.000000 - 20,000 " " " " 30,000 in 2 years in 1 year X .961538 - $ 10,000.00 19,230.76 X .924556 -- 27,736.68 40,000 " " in 3 years X .888996 = 35,559.84 50,000 " 6 in 4 years ...
Page 63
... follow this to its logical conclusion , each time a refund is made to us when we have been over- charged for an article we have purchased , a tax should be levied . The difference is one of degree only . EFFECT OF FEDERAL INCOME TAX ...
... follow this to its logical conclusion , each time a refund is made to us when we have been over- charged for an article we have purchased , a tax should be levied . The difference is one of degree only . EFFECT OF FEDERAL INCOME TAX ...
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Common terms and phrases
allowed each beneficiary amount in excess amounts received annual apply cash cent per annum chapter charitable classes of beneficiaries contemplation of death cost death duties decedent's deductible exemption Discount and Interest dividends donor effect in possession Endowment Policies entirely exempt estate tax law exceed exceeding executor February 28 Federal estate tax Federal income tax ficiaries gift grantor gross estate gross income gross taxable estate husband Illinois included income tax law inheritance tax law installments insurance companies Insurance payable insurance policies insurance proceeds interest therein intestate laws levied lineal descendant ment net estate Nonresident Decedents North Dakota payments Pennsylvania personal property policies paid policyholders premiums paid present value present worth Property Subject providing Rates of Tax real estate real property reported residuary estate specifically named beneficiary subject to tax surance tangible tax is imposed tax purposes taxable income taxation theory tion trust worth of $1
Popular passages
Page 125 - The amount of all bequests, legacies, devises, or transfers, to or for the use of the United States, any State, Territory, any political subdivision thereof, or the District of Columbia, for exclusively public purposes, or to or for the use of any corporation organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes...
Page 34 - To the extent of the amount receivable by the executor as insurance under policies taken out by the decedent upon his own life; and to the extent of the excess over $40,000 of the amount receivable by all other beneficiaries as insurance under policies taken out by the decedent upon his own life.
Page 111 - States by such trustee or trustees, or by such fraternal society, order, or association, exclusively for religious, charitable, scientific; literary, or educational purposes, or for the prevention of cruelty to children or animals...
Page 205 - 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...
Page 237 - ... (b) To the extent of any interest therein of which the decedent has at any time made a transfer, or with respect to which he has created a trust, in contemplation of or intended to take effect in possession or enjoyment at or after his death, except in case of a bona fide sale for a fair consideration in money or money's worth.
Page 237 - When the transfer is of property made by a resident or by a nonresident when such nonresident's property is within this state, by deed, grant, bargain, sale or gift made in contemplation of the death of the grantor, vendor or donor, or intended to take effect in possession or enjoyment at or after such death.
Page 237 - Whenever property is held in the jomt nameĢ of two or more persons, or as tenante by the entirety, or is deposited in banks or other institutions or depositaries in the joint names of two or more persons and payable to either or the survivor, upon the death of one of such persons the right of the surviving...
Page 179 - ... father, mother, husband, wife, child, brother, sister, wife or widow of a son or the husband of a daughter...
Page 243 - State, or by deed, grant, sale or gift made or intended to take effect in possession or enjoyment after the death of the grantor...
Page 109 - ... for religious, charitable, scientific, or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private stockholder or individual, or to the special fund for vocational rehabilitation...