Word: deductability
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...opinion handed down by the U. S. Bureau of Internal Revenue found that teachers may enjoy Section 214(a)1 of the law which says a taxpayer may deduct from his income tax all "traveling expenses (including the entire amount expended for meals and lodging) while away from home in the pursuit of a trade or business...
Next the super-demagogs of the Chamber attached an amendment to an article dealing with agrarian taxation providing that farmers should be allowed to evaluate the labor of their wives and children as "a contribution to the state" and then deduct this nebulous "value" from their tax payments. The Deputies, not daring to offend their rural constituents, voted this measure 416 to 100. M. Jacques Dumesnil, one of the chief sponsors of the Cartel bill as a whole, groaned aloud. Protesting at the top of his lungs he cried: "Imbeciles! Scelerats!! All you are capable of voting is that...
...check-off (this is a proposal whereby, in paying men, the operators would deduct Union dues, collecting them for the Union. The operators already "check-off," from miners' pay, expenses incurred by the miners at company stores...
...inherits an estate, can he deduct his Federal inheritance tax in computing what he owes to the state inheritance-tax collector? "No," said the Court in handing down the decision (Stebbins v. the Controller of the State of California). The Stebbins estate pays $37,699 more to California than it would have if the court had said: "Yes." This decision was taken to be in line with President Coolidge's opinion that inheritance taxes are the special preserve of the state. Forty-eight tax collectors rejoiced...
...bought a share of stock for $100 today and sold it tomorrow for $90 he could, under the present income-tax law, deduct $10 from his current tax return as capital loss. The present law sets Mar. 1, 1913, as the date for computing values of property previously acquired. Question! A man bought a share for $90 in 1912. It is worth $100 in 1913. He sells it in 1919 for $95. Can he deduct $5 as capital loss ? "No," said the Supreme Court, although Justices McReynolds and Sutherland dissented from the unalterable "No." The taxpayer (in this case, Harriet...