Ch 9 11 tax accounting

Interest shall be allowed the taxable at the rate of one-third per cent per month or fraction of a month, from the time the payment was made if tax was paid in full, to the date of the refund. Commissions paid in purchase of securities are part of the cost price of said securities.

The provisions of this paragraph shall apply to officers or employees of the State of Delaware or of any political subdivision or any municipal corporation therein.

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The basis for ascertaining the gain derived or loss sustained from the sale, exchange or other disposition of capital assets, including property, real or personal, acquired prior to January 1,shall be 1 the same as it would be if determined in accordance with the provisions of sub-division bor 2 the fair market value of such property as of January 1,whichever is higher, provided that in ascertaining the deductible loss under this paragraph, the loss to be deducted shall in no case exceed the actual loss sustained based upon the difference between amount received and the cost of such property.

That Section 13, Chapter 8, Volume 36, Laws of Delaware, as amended, be and the same is hereby amended by striking out paragraphs e and fand inserting in lieu thereof the following: The interest provided for in this Section shall in all cases be computed from the time when the return was originally required to be filed to the date of payment.

That Section 15, Chapter 8, Volume 36, Laws of Delaware, as amended, be and the same is hereby amended by striking out all of paragraph e and inserting in lieu thereof the following: Section 7 b 1: That Section 3 of Chapter 8, Volume 36, Laws of Delaware, as amended, be and the same is hereby amended by inserting after paragraph a 10 thereof the following: In the application of this Section to sales of stock purchased and held in marginal accounts, identification shall be deemed made where the taxpayer, prior to a sale, causes the broker to transfer from the account from which the sale is to be made, to another account, all shares of the same kind of stock as those he intends to sell, but which were acquired prior to the acquisition of the shares which the taxpayer intends to identify as those to be sold.

Dividends charged or paid in the case of short sales of securities are a part of the cost of the transaction. That Section 2 of Chapter 8, Volume 36, Laws of Delaware, as amended, be and the same is hereby amended by adding the following paragraphs: If the Commissioner finds it impossible to obtain such facts, the basis shall be the fair market value of the property as found by the Commissioner as of the date or approximate date at which, according to the best information the Commissioner is able to obtain, the property was acquired by the donor or last preceding owner.

That Section 7, Chapter 8, Volume 36, Laws of Delaware, as amended, be and the same is hereby amended by striking out paragraph h 5and inserting in lieu thereof the following: Approved April 24, No refund of or abatement, or credit of excess payment shall Ch 9 11 tax accounting made until the same has been approved by the Tax Board or a majority thereof either at a recorded meeting or in writing.

That Section 20, Chapter 8, Volume 36, Laws of Delaware, as amended, be and the same is hereby amended by striking out the following words where they appear in paragraphs a b c d i and j "one-half of one per centum" and inserting in lieu thereof the following words: That Section 1 of Chapter 8, Volume 36, Laws of Delaware, as amended, be and the same is hereby amended by striking out paragraphs g and h and inserting in lieu thereof the following: Section 7 g 3.

That Section 27, Chapter 8, Volume 36, Laws of Delaware, as amended, be and the same is hereby amended by inserting the following paragraph: That Section 7, Chapter 8, Volume 36, Laws of Delaware, as amended, be and the same is hereby amended by striking out paragraphs a and b 1 and inserting in lieu thereof the following: Every taxable is required to keep such specific records, including inventories, as are necessary to establish the amount of his gross income and the deductions and other information, for the purpose of determining the amount of income which may be subject to tax.

If the necessary facts are unknown to the donee, the commissioner shall obtain such facts from the donor, or from any other person cognizant thereof. That Chapter 8, Volume 36, Laws of Delaware, as amended, be and the same is hereby amended by adding the following: That Section 7, Chapter 8, Volume 36, Laws of Delaware, as amended, be and the same is hereby amended by striking out paragraph cand inserting in lieu thereof the following: In the case of property not used in trade or business, proper adjustment shall be made for exhaustion, wear and tear, obsolescence and depletion which have been sustained since the acquisition of the property.

That Section 1 of Chapter 8, Volume 36, Laws of Delaware, as amended, be and the same is hereby amended by striking out paragraph d and inserting in lieu thereof the following: Section 3 a In computing net income, the following deductions shall be allowed: Notwithstanding the provisions of this Section, the Tax Commissioner may permit the Commissioner of Internal Revenue of the United States or the proper officer of any State imposing an income tax upon the incomes of individuals, or the authorized representatative of either of such officers, to inspect the income tax return of any individual or may furnish to such officer or his authorized representative an abstract of the return of income of any individual or supply him with information contained in any return; or disclosed by the report of any investigation of the income or return of income of any individual; but such permission shall be granted or such information furnished to such officer or his representative only if the statutes of the United States or of such other States, as the case may be, grant substantially similar privileges to the proper officer of this State charged with the administration of the income tax law thereof.

That Section 5, Chapter 8, Volume 36, Laws of Delaware, as amended, be and the same is hereby amended by adding the following paragraphs f and g: Section 1 b 4:Test 3 Ch Flashcards Preview Managerial Accounting Final > Test 3 Ch > Flashcards Flashcards in Test 3 Ch Deck (41): 1 Budgeting Budgets- Financial plans for the future and are key component of planning -Inc Tax.

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Ch 9 11 tax accounting
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