Income Tax Primer PDF ePub eBook

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Income Tax Primer free pdf Excerpt from Income Tax Primer: Revised March 1, 1919 18. What income, if any, is exempt? (a) The proceeds of life insurance policies paid upon the death of the insured to individual beneficiaries or to the estate of the insured- (b) 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- (c) The value of the property acquired by gift, bequest, devise, or descent (but the income from such property shall be included in gross income)- (d) Interest upon (1) the obligations of a State, Territory, or any political subdivision thereof, or the District of Columbia- or (2) securities issued under the provisions of the Federal farm-loan act of July 17, 1916- or (3) the obligations of the United States or its possessions, except as follows: In the case of obligations of the United States issued after September 1, 1917 the interest shall be exempt only if and to the extent provided in the respective acts authorizing the issue thereof as amended and supplemented and shall be excluded from gross income only if and to the extent it is wholly exempt from taxation to the taxpayer- (e) Amounts received, through accident or health insurance or under workmen's compensation acts, as compensation for personal injuries or sickness, plus the amount of any damages received, whether by suit or agreement, on account of such injuries or sickness. (f) So much of the amount received during the present war by a person in the military Or naval forces of the United States as salary or compensation in any form from the United States for active services in such forces as does not exceed $3,500. 19. To what extent is interest received on Liberty bonds exempt from income tax? ( ) All interest received upon Liberty bonds is exempt from normal tax. ( ) In any event, interest upon the 31/2 per cent Liberty bonds of the first series is exempt from both normal tax and surtax. (c) In addition, a person is entitled to exemption from tax upon interest received on $5,000 aggregate amount of bonds of later issues and war-savings certificates. (d) If one originally subscribed for Liberty bonds of the fourth series he is also entitled to an exemption from tax on interest received upon bonds of the previous issues not to exceed one and one-half times the amount of the fourth Liberty bonds originally subscribed for and still owned, not to exceed in the aggregate $45,000. (e) The interest received on not exceeding $30,000 principal amount of Liberty bonds into which first Liberty bonds may have been converted in the exercise of any privilege arising as a consequence of the issue of the fourth Liberty bonds is exempt. (f) The interest received on not exceeding $30,000 principal amount of Liberty bonds of the fourth issue is exempt. The interest upon Liberty bonds, which is entirely exempt from income tax as defined above, should not be included in the gross income of the return, but should be reported in the return. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully- any imperfections that remain are intentionally left to preserve the state of such historical works."

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Details Book

Author : United States Internal Revenue Service
Publisher : Forgotten Books
Data Published : 27 September 2015
ISBN : 133058385X
EAN : 9781330583852
Format Book : PDF, Epub, DOCx, TXT
Number of Pages : 108 pages
Age + : 15 years
Language : English
Rating :

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    Downloadable Book. Excerpt from Income Tax Primer: Revised March 1, 1919 18. What income, if any, is exempt? (a) The proceeds of life insurance policies paid upon the death of the insured to individua