Practical Income Tax a Guide to the Preparation of Income Tax Returns
Practical Income Tax a Guide to the Preparation of Income Tax Returns
W E Walter Edward Snelling
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The comparison is, in fact, made with an amount which is presumed to be the " standard " of pre-war profits, i. E. , the amount which might reasonably be expected to have accrued in normal times. As a general rule, this " Standard of Profits " is the average of the profits realised in the best two of the three years which immediately preceded the war. In this case it is called the " Profits Standard/' The trader's years are taken here just as for " during-war " periods. But if the trader finds ...it to his advantage he may substitute a " Percentage Standard, " i. E. , he may assume that his normal profits are a certain percentage on his capital. The Profits Standard. The usual calculation, as indicated above, is as follows Year ended 31st December, 1913 . . Profit 4, 000 1912 . . 5, 000 1911 . 4, 500 5, 000 + 4, 500 Profits Standard = = 4, 750 2 It is obviously to the trader's advantage to raise the standard as high as possible, hence the selection of the best years. Sometimes, however, the last three pre-war trade years have presented exceptionally poor results.
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