Recent Federal Income Tax Changes Affecting Farmer Cooperatives, Vol. 1

Download or read book Recent Federal Income Tax Changes Affecting Farmer Cooperatives, Vol. 1 written by George Joseph Waas and published by Forgotten Books. This book was released on 2017-11-19 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Recent Federal Income Tax Changes Affecting Farmer Cooperatives, Vol. 1: March 1954 Although the general rule-just stated will apply in the great majority of cases where the patron has failed to report the entire face amount of an allocation in document form, there are situations in which an exception should be made. These are cases in which the period of limitations for the year of allocation has expired and before such expiration the Internal Revenue Service was on notice that the patron had included in his income an amount less than the face amount of his certificate or other evidence of allocation. As an example this notice might consist of information given in the patron's return from which the Service could have known that the patron received patronage dividends in document form and failed to include them in his gross income. In any such exceptional case the Service will not insist that there be included in income the amountlnrwhich the payment received in the year of redemption exceeds the amount reported in the year of allocation. However, in this type of case if the amount received upon redemption exceeds the face amount of the document, the excess would be included in income. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.