War Revenue And Income Tax Guide for 1915

Cover War Revenue And Income Tax Guide for 1915
War Revenue And Income Tax Guide for 1915
Elias Heckman Henderson
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In computing my profit may I deduct 6 per cent interest compounded for the ten years?
A. Yes.
Question No. 73.
Q. If I had paid cash for a lot ten years ago, would I be per- mitted to deduct 6 per cent compounded interest for that period in computing my profit?
A. Six per cent may be deducted as you are entitled to a rea- sonable earning" on the money invested during the period. The net profit from the sale should be apportioned over the number of years and 1/10 of the amount report as income f
...or the year 1913.
Question No. 74.
Q. Will the penalties on the income tax law be enforced against persons who make erroneous return by reason of the fact that they do not properly understand the law?
A. If a person makes a true statement of what he believes the Government desires, without any intention of evading the law no penalty will be incurred.
Question No. 75.
Q. I sold a piece of property under contract (not recorded) seven years ago and deeded the same to the buyer July 1, 1913, when he paid the balance due me in cash.


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