Revenue Act of 1921, With a Brief Review of the Law and an Illustrated Analysis of the Provisions Relating to Income

 
9781150699993: Revenue Act of 1921, With a Brief Review of the Law and an Illustrated Analysis of the Provisions Relating to Income

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921. Excerpt: ... 45 per centum of the amount by which the net income exceeds $94,000 and does not exceed $96,000; 46 per centum of the amount by which the net income exceeds $96,000 and does not exceed $98,000; 47 per centum of the amount by which the net income exceeds $98,000 and does not exceed $100,000; 48 per centum of the amount by which the net income exceeds $100,000 and does not exceed $150,000; 49 per centum of the amount by which the net income exceeds $150,000 and does not exceed $200,000; 50 per centum of the amount by which the net income exceeds $200,000. Miscellaneous Taxes Following' Is the Full Text of the Provisions of the Revenue Act of 1921 Relating' to Miscellaneous Taxes. TITLE III.--WAR-PROFITS AND EXCESS-PROFITS TAX FOR 1921. PART I.--GENERAL DEFINITION'S. SECTION 300. That when used in this title the terms "taxable year," "fiscal year," "personal service corporation," "paid or accrued," and "dividends" shall have the same meaning as provided for the purposes of income tax in sections 200 and 201. PART II.--IMPOSITION OF TAX. SECTION 301. (a) That in lieu of the tax imposed by Title III of the Revenue Act of 1918, but in addition to the other taxes imposed by this Act, there shall be levied, collected and paid for the calendar year 1921 upon the net income of every corporation (except corporations taxable under subdivision (b) of this section) a tax equal to the sum of the following: First Bracket. 20 per centum of the amount of the net income in excess of the excess-profits credit (determined under section 312) and not in excess of 20 per centum of the invested capital; Second Bracket. 40 per centum of the amount of the net income in excess of 20 per centum of the invested capital. (b) For the calendar year 1921 there shall be levied, collected, ...

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