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Topic: Revenue Act of 1918

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	[No title]
		Revenue Act of 1916 The Revenue Act of 1916 was primarily concerned with raising revenue through a general increase in the marginal tax rates applicable to individuals.
		Revenue Act of 1918 The Revenue Act of 1918 was one of the largest tax increases in American history.
		Revenue Act of 1924 The Revenue Act of 1924 corrected the imbalance in the tax treatment of long-term capital losses created by the 1921 Act, by establishing a symmetrical treatment between long-term gains and losses.
	countingcalifornia.cdlib.org /crs/ascii/98-473 (5326 words)

	Revenue Revision Studies, 1937: Excise Taxes (cont.)
		The tax was revived by section 610 of the Revenue Act of 1932, effective June 21, 1932, which imposes a tax on the sale of firearms, shells, and cartridges by the manufacturer, producer, or importer, at the rate of 10 per cent of the price for which sold.
		Section 900(7) of the Revenue Act of 1918, effective February 25, 1919, continued the tax on cameras but extended the scope of the tax to include the lease of cameras and increased the rate of tax to 10 per cent of the price for which sold by the manufacturer, producer, or importer.
		Section 602(a) of the Revenue Act of 1921, effective January 1, 1922, imposed a tax at the rate of 2 cents a gallon on all beverages derived wholly or in part from cereals or substitutes therefor, containing less than one-half of one per cent of alcohol by volume, sold by the manufacturer, producer, or importer.
	www.taxhistory.org /civilization/Documents/Surveys/hst23734/23734-7.htm (5881 words)

	Discharge
		278(c)(d)(e); and the Revenue Act of 1926, Chap.
		250(d) of the Act of 1918, 250(d) of the Act of 1921, and 277(a)(2) of the Act of 1925, for assessing the tax against the Angier Mills had expired before the Act of 1926 was passed.
		He undoubtedly acted as de facto officer of the Angier Mills during a period of about two years preceding its dissolution in 1923, and thereafter during the winding up of its affairs; and, as such, exercised and had authority to sign the waivers, for these acts were but steps in the liquidation of the corporation.
	www.irstaxattorney.com /liens/part5-liens/discharge.html (2784 words)

	History of US tax law
		A new revenue act is passed increasing taxes on incomes in excess of $ 1 million per year to a rate of 77%.
		Until 1918, all foreign taxes were treated as deductible expenses in the same manner as state and local taxes.
		Revenue Ruling 90-79 provides that a loss on a foreign currency mortgage cannot be used to offset taxable gain on the sale of a house in a foreign country.
	www.aca.ch /hisustax.htm (3869 words)

	First World War.com - Primary Documents - US Railway Control Act, 21 March 1918
		Reproduced below are the relevant portions of the Railway Control Act of 21 March 1918, under which the U.S. government (as represented by President Woodrow Wilson) took over control of the U.S. railway system for the duration of the war to aid troop and material transportation.
		The President may, out of the revolving fund created by this Act, purchase for the United States all or any part of such securities at prices not exceeding par, and may sell such securities whenever in his judgment it is desirable at prices not less than the cost thereof.
		That this Act is expressly declared to be emergency legislation enacted to meet conditions growing out of war; and nothing herein is to be construed as expressing or prejudicing the future policy of the Federal Government concerning the ownership, control, or regulation of carriers or the method or basis of the capitalization thereof.
	www.firstworldwar.com /source/railwaycontrolact.htm (941 words)

	Nigro v. US, US Supreme Court, 1928
		The Doremus case arose under the original Act and is not applicable to the first section of that Act as amended by the Act of February 24, 1919.
		The Doremus case dealt with the statute as originally enacted and sustained it as a revenue measure, although the only tax imposed by it was an annual occupation tax on purchasers, importers, and dealers of $1 each, and the revenues derived were obviously nominal, and the Act was attacked as not a genuine revenue measure.
		Section 6 of the original Act was amended by the Revenue Act of 1918 and relates to minimum limitations upon strength of opium and other drugs to come within statute, but dealers in preparations that are less than minimum are to keep a record of the sale of such for inspection.
	www.druglibrary.org /schaffer/legal/l1920/Nigrovus.htm (6029 words)

	Revenue Revision Studies, 1937: Excise Taxes (cont.)
		In view of the substantial revenue derived and since the administration has reached the point where but little difficulty is to be expected in the collection of the tax, it is the opinion of the Bureau that the instant tax on lubricating oil should be continued.
		Section 628(a) of the Revenue Act of 1918, effective February 25, 1919, reenacted the tax on all unfermented grape juice sold by the manufacturer, producer, or importer in bottles or other closed containers, but changed the rate of tax to 10 per cent of the price for which sold.
		Section 1200(a) of the Revenue Act of 1926, repealed the tax imposed by section 600(3) of the Revenue Act of 1924, on tires and inner tubes, effective as of February 26, 1926.
	www.tax.org /thp/Civilization/Documents/Surveys/hst23734/23734-5.htm (4852 words)

	Historical Highlights of the IRS
		From 1868 until 1913, 90 percent of all revenue came from taxes on liquor, beer, wine and tobacco.
		Congress passed the Volstead Act, which gave the Commissioner of Internal Revenue the primary responsibility for enforcement of Prohibition.
		The Act codified the federal tax laws for the third time since the Revenue Act of 1918.
	www.irs.ustreas.gov /irs/article/0,,id=101101,00.html (759 words)

	Revenue Act of 1918 - Wikipedia, the free encyclopedia
		The bottom tax bracket was expanded but raised from 2 % to 6 %.
		The top rate of the War Revenue Act of 1917 had taxed all income above $2,000,000 at a 67 % rate.
		Even in 1918, only 5 % of the population paid federal income taxes (up from 1 % in 1913), and yet the income tax funded one-third of the cost of World War I.
	en.wikipedia.org /wiki/Revenue_Act_of_1918 (137 words)

	FindLaw for Legal Professionals - Case Law, Federal and State Resources, Forms, and Code
		On the one hand, it is said that the substance of the section was originally embodied in the Revenue Act of 1918 which became a law February 28, 1919 (40 Stat.
		As the Eighteenth Amendment was not proclaimed until January 9, 1919, effective January 9, 1920, the argument is that the Act of 1918 was independent revenue legislation and no section of it could have been intended to enforce fundamental law which was to become operative long after the passage of the act.
		We conclude that the indicia which the section exhibits of an intent to prohibit and to punish violations of state law as such are too strong to be disregarded, remove all semblance of a revenue act and stamp the sum it exacts as a penalty.
	caselaw.lp.findlaw.com /scripts/getcase.pl?court=US&vol=296&invol=287 (2929 words)

	FindLaw for Legal Professionals - Case Law, Federal and State Resources, Forms, and Code
		United States, 274 U.S. Ct. 634, the question of the constitutionality of the act was sought to be presented, but the case only involved the validity of section 1 as amended in the Revenue Act of 1918.
		In that case, Wong Sing was indicted under the amendment, section 1006 of the Revenue Act of 1918, for purchasing the drug not from an original stamped package and not from a person who was a registered dealer.
		By the Revenue Act of 1918, the Anti- Narcotic Act was amended so as to increase the taxes under section 1, making an occupation tax for a producer of narcotic drugs $24 a year, for a wholesale dealer $12, for a retail dealer, $6, and for a physician administering the narcotic, $3.
	caselaw.lp.findlaw.com /cgi-bin/getcase.pl?court=us&vol=276&invol=332 (5706 words)

	1901-1932: The Income Tax Arrives
		The Revenue Act of 1918, actually passed in early 1919, made relatively few major changes in the tax structure, but it did raise rates on individual and corporate income, corporate excess profits, and estates.
		The only relatively bright spot was excise revenue, which Mills expected to decline from $628 million to $544 million over the same period; the moderate decline, he pointed out, was due largely to the stable revenues of the federal tobacco tax.
		As ultimately passed by Congress, the Revenue Act of 1932 was predicted to raise $1.1 billion in new revenue.
	www.tax.org /museum/1901-1932.htm (7864 words)

	Tax Revision Studies, 1937: Volume III (cont.)
		Under the Revenue Act of 1918, however, capital losses on plant, buildings, machinery, etc., acquired by the taxpayer on or after April 6, 1917, and used in the production of articles contributing to the prosecution of the way entered into the computation of "net losses" /1/.
		The 1918 law permitted the application of the "net loss", first against income of the preceding taxable year (involving a redetermination of the preceding year's tax and a refund or credit) and the application against the following year's income of any excess of "net loss" over income of the preceding year.
		Beginning with the Revenue Act of 1921, the application of "net losses" to succeeding periods became a regular feature of our income tax laws until the practice was discontinued by the National Industrial Recovery Act of 1933.
	www.tax.org /thp/civilization/Documents/Surveys/hst23731/23731-2.htm (5122 words)

	Spring City Foundry v. Commissioner (1934)
		Section 234 (a) (5) of the Revenue Act of 1918 provided for the deduction of worthless debts, in computing net income, as follows: -- "Debts ascertained to be worthless and charged off within the taxable year." Under this provision, the taxpayer could not establish a right to the deduction simply by charging off the debt.
		Such a deduction of a part of the debt, the Government contends and the Circuit Court of Appeals held, the Act of 1918 did not authorize.
		It would have been proper for the taxpayer to carry the debt in question in a suspense account awaiting the ultimate determination of the amount that could be realized upon it, and thus to indicate the status of the debt in financial statements of the taxpayer's condition.
	www.independentdealer.com /library/library26.asp (2422 words)

	The Federal Income Tax (cont.)
		In fact the tendency of Congress with respect to the 1934 Act appeared to be to resolve all doubtful cases against the taxpayer and in favor of more revenue for the government.
		Rates of the Far Revenue Act of 1918 substituted for those in the 1934 Act would not increase revenue revenues greatly during a depression period but would yield about 10 per cent more in a "normal" year and 15 per cent more in a prosperous year (1928 base).
		The difference in yield as between the rates of the Revenue Acts of 1918 and 1934 with 1934 treatment of income is therefore not so great would be expected upon superficial inspection.
	www.taxhistory.org /Civilization/Documents/Surveys/hst23737/23737-3.htm (3946 words)

	op5b
		U.S. Congress enacts the Revenue Act of 1861 to pay for what is anticipated to be a short civil war.
		The Conference Committee Report on the Tax Reform Act of 1976 indicates an anticipated revenue gain of $ 44 million in 1977 and $ 38 million annually thereafter as a result of the amendments of section 911.
		No tax credit will be given for taxes paid abroad on excluded income, and there will be no exclusion for income received outside of the foreign country in which earned if one of the purposes is to avoid local income tax abroad.
	www.aca.ch /op5b.htm (3865 words)

	Encyclopedia :: encyclopedia : 1918 (Site not responding. Last check: 2007-10-15)
		1918 was a common year starting on Tuesday of the Gregorian calendar (see link for calendar) or a common year starting on Wednesday of the Julian calendar.
		May 16 - The Sedition Act of 1918 is approved by US Congress.
		July 9 - Great train wreck of 1918: In Nashville, Tennessee, an inbound local train collides with an outbound express killing 101.
	www.hallencyclopedia.com /topic/1918.html (2351 words)

	[No title]
		Subsequent revenue acts, see infra note 16, adopted the formulation in effect today: in general, the basis of property is "the cost of such property." In 1939, Congress began the practice of codifying the tax laws.
		During the floor debate concerning a proposal to amend the 1918 legislation so as to virtually eliminate the effect of inflation on capital gains, it was explained that the capital gains provision of the Act was "merely enacting into law the rules and regulations now in force under the present statute." 56 Cong.
		In any event, to reason from the treatment of gifts in 1918 that the indexation of capital gains is appropriate, the NCF Memorandum would have to demonstrate the legal propriety of indexing the value of a gift from the date its cost is determined.
	www.usdoj.gov /olc/archibal.23.htm (10632 words)

	TaxRegsIndex - served by WhatisTaxed.servehttp.com
		First, the TDIR series contained amended Regulations 33 for the 1917 act, Regulations 45 for the 1918 act, Regulations 45 as amended in 1920, Regulations 62 for the 1921 act, Regulations 65 for the 1924 act, and Regulations 69 for the 1926 act.
		This set of books reprinted all the various tax acts adopted during the period 1909 through 1950, and the set is very handy for the tax practitioner.
		Regulations 33 (1917 act), Regulations 45, Regulations 45 as amended in 1920, Regulations 62, Regulations 65, and Regulations 69 did not have either a table of contents or index.
	whatistaxed.servehttp.com /OldRegs/TaxRegsIndex.html (1956 words)

	Historical Highlights of the IRS
		The measure created a Commissioner of Internal Revenue and the nation's first income tax.
		It codified all existing tax laws and imposed a progressive income-tax rate structure of up to 77 percent.
		President Reagan signed the Tax Reform Act, the most significant piece of tax legislation in 30 years.
	www.irs.gov /irs/article/0,,id=101101,00.html (759 words)

	FindLaw for Legal Professionals - Case Law, Federal and State Resources, Forms, and Code
		The respondent, a New Jersey corporation, on occasions between 1921 and 1929, purchased its own Class B common stock for reasons of policy, such as the elimination of a very large single holding, the broadening of the ownership of the stock, and the support of the market to protect the investments of employee shareholders.
		The administrative construction embodied in the regulation has, since at least 1920, been uniform with respect to each of the revenue acts from that of 1913 to that of 1932, as evidenced by Treasury rulings and regulations, and decisions of the Board of Tax Appeals.
		It may be that by the passage of the Revenue Act of 1936 the Treasury was authorized thereafter to apply the regulation in its amended form.
	laws.findlaw.com /us/306/110.html (1642 words)

	Brief History and Background of Section 1031 of the Internal Revenue Code \| Chronological History of Section 1031 ... (Site not responding. Last check: 2007-10-15)
		The first income tax code was adopted in 1918 as part of The Revenue Act of 1918, and did not provide for any type of tax deferred exchange.
		The Section number applicable to the tax-deferred exchange was changed to Section 112(b)(1) with the passage of The Revenue Act of 1928.
		The Tax Reform Act of 1986 eliminated preferential capital gain treatment so that all capital gains were taxed as ordinary income, enacted passive loss and at risk rules, accelerated depreciation methods were eliminated and replaced with straight line depreciation consisting of 39 years for commercial property and 27.5 years for residential property.
	www.diversifiedexchange.com /brief_history_irc_section_1031.asp (695 words)

	I have been observing this discussion relating to the use of section 861 in order to find that US source income is, for ...
		Although the Revenue Act of 1918 provided a credit for foreign taxes paid by a US taxpayer with respect to foreign income, Revenue Act of 1918, Secs.
		Sections 222 and 238 of the Revenue Act of 1921 first imposed such a limitation, which was substantially the same as the current version in Section 904.
		Rose thinks Congress was being sneaky and telling the citizens, in a very secretive way as to not upset the collection of revenue, that their income is not subject to tax because to tax said income would be a violation of the Constitution.
	members.tripod.com /john_bingham/irs.htm (4814 words)

	Michael J. Graetz and Michael M. O'Hear, The "Original Intent" Of U.S. International Taxation, 46 Duke L. J. 1021 (1997) (Site not responding. Last check: 2007-10-15)
		In the Revenue Act of 1918, the United States enacted, for the first time anywhere in the world, a credit against U.S. income for taxes paid by a U.S. citizen or resident to any foreign government on income earned outside the United States.
		Although the 1918 Act constituted the largest single tax increase of the war years, because it was not actually enacted until after the Armistice, this legislation
		Though the Revenue Act of 1921 retained this basic structure, Adams returned to Capitol Hill once again as spokesman for the Treasury Department to urge a number of significant refinements to the mechanism.
	www.law.duke.edu /journals/dlj/articles/dlj46p1021.htm (16556 words)

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