State Of New York et al v. Mnuchin et al

Filing 47

DECLARATION of Owen T. Conroy in Support re: 44 CROSS MOTION for Summary Judgment .. Document filed by State Of Connecticut, State Of New York, State of Maryland, State of New Jersey. (Attachments: # 1 Exhibit 1, # 2 Exhibit 2, # 3 Exhibit 3, # 4 Exhibit 4, # 5 Exhibit 5, # 6 Exhibit 6, # 7 Exhibit 7, # 8 Exhibit 8, # 9 Exhibit 9, # 10 Exhibit 10, # 11 Exhibit 11, # 12 Exhibit 12, # 13 Exhibit 13, # 14 Exhibit 14, # 15 Exhibit 15, # 16 Exhibit 16, # 17 Exhibit 17, # 18 Exhibit 18, # 19 Exhibit 19, # 20 Exhibit 20, # 21 Exhibit 21, # 22 Exhibit 22, # 23 Exhibit 23, # 24 Exhibit 24, # 25 Exhibit 25, # 26 Exhibit 26, # 27 Exhibit 27, # 28 Exhibit 28, # 29 Exhibit 29, # 30 Exhibit 30, # 31 Exhibit 31, # 32 Exhibit 32, # 33 Exhibit 33, # 34 Exhibit 34, # 35 Exhibit 35, # 36 Exhibit 36, # 37 Exhibit 37, # 38 Exhibit 38, # 39 Exhibit 39, # 40 Exhibit 40, # 41 Exhibit 41, # 42 Exhibit 42, # 43 Exhibit 43, # 44 Exhibit 44, # 45 Exhibit 45, # 46 Exhibit 46, # 47 Exhibit 47, # 48 Exhibit 48, # 49 Exhibit 49, # 50 Exhibit 50, # 51 Exhibit 51, # 52 Exhibit 52, # 53 Exhibit 53, # 54 Exhibit 54, # 55 Exhibit 55, # 56 Exhibit 56, # 57 Exhibit 57, # 58 Exhibit 58, # 59 Exhibit 59, # 60 Exhibit 60, # 61 Exhibit 61, # 62 Exhibit 62, # 63 Exhibit 63, # 64 Exhibit 64, # 65 Exhibit 65, # 66 Exhibit 66, # 67 Exhibit 67, # 68 Exhibit 68, # 69 Exhibit 69, # 70 Exhibit 70, # 71 Exhibit 71, # 72 Exhibit 72, # 73 Exhibit 73, # 74 Exhibit 74, # 75 Exhibit 75, # 76 Exhibit 76, # 77 Exhibit 77, # 78 Exhibit 78, # 79 Exhibit 79, # 80 Exhibit 80, # 81 Exhibit 81, # 82 Exhibit 82, # 83 Exhibit 83, # 84 Exhibit 84, # 85 Exhibit 85, # 86 Exhibit 86, # 87 Exhibit 87, # 88 Exhibit 88, # 89 Exhibit 89, # 90 Exhibit 90, # 91 Exhibit 91, # 92 Exhibit 92, # 93 Exhibit 93, # 94 Exhibit 94, # 95 Exhibit 95, # 96 Exhibit 96, # 97 Exhibit 97, # 98 Exhibit 98, # 99 Exhibit 99, # 100 Exhibit 100, # 101 Exhibit 101, # 102 Exhibit 102, # 103 Exhibit 103, # 104 Exhibit 104, # 105 Exhibit 105, # 106 Exhibit 106)(Conroy, Owen)

Exhibit 28

SIXTY.FOURTH CONGRESS.

SEs8. I ICu.' 46a

759

1916.

States during the term for which he has been elected, and thejudges
of the Supreme 4nd inferior courts of- the UnitedStates now in office,
and the compensation of-all officers and employees of a State; ot any
political subdivision thereof, except when such compensation is paid
by the United StatesGovernment.

INOOME TAX.

Judges,
clais, etc.

DEDUOTIONS 'ALLOWED.

State

oful.

Deductions allowed.

SEO. 5. That in computing net income in the case of a citizen or Citizes or residents.
resident of the United States(a) For the purpose of the tax there shall be allowed as deduc- Objects Specified.
tionsFirst. The necessary expenses actually paid in carryiing on any 3 usinessexpenses.
business or trade, not including personal, living, or family expenses;
on debts.
I
Second. All interest paid within the year on his indebtedness;
Third. Taxes p'aid within the year imposed by the authority of the anei taxes.
United States, or its Territories: or possessions, or any foreign country,
or underthe authority of any State, county, school district or municipality or other taxing subdivision of any State, not incldAing those
assessed, against local benefits;
Fourth. Losses actually sustained during the year, incurred in his 14350.
business or trade, or arising from fires, storms,, shipwreck, or other
casualty, and from theft, *when such losses are not compensated for ProW.
by insurance or otherwise: Provided, That for the purpose of ascer- Onupropety "utred
training the loss sustained from the sale or other disposition of prop- before March 1,1 13.
erty real, personal, or mixed, acquired before March first, nineteen
huncdred and thirteen, the fair market price or value of such property
as of March flrst,niieteen hundred and thirteen, shall be the basis for
I Notc
determining the amount of such loss sustained;
Fifth. In transactions entered .into for profit but: not connected trade, o
tw
with his business or trade, the losses actually sustained therein during
the year to an amount not exceeding the profits arising therefrom;
Sixth, Debts due-to the taxpayer actually ascertained to be worth Worthlessdebts.
loss and charged off within the year o.
Seventh. A reasonable allowance or the exhaustion, wear and tear ,terioratonotprop
of property arising out' of its use or employment in the business or
trade;

Allowance for oil and

Eighth. (a) In the case of oil and gas wells a reasonable allowance eas
for actual reduction in flow and production to be asoertained not by
the flush flow, but by the settled production or regular flow- (b) in Mine depletion.
the case of mines a reasonable allowance for depletion thereof not to
exceed the market value in the mine of the product thereof, which has
been mined and sold during the year for which the return and computation are made, such reasonable allowance to be made in the case
of both (a) and (b) under rules and regulations to be prescribed by
,
the Secretary of the Treasury: Provided, That when the allowances Aqid before
authorized in (a) and (b) shall equal the capital originally invested March1, 191 3
or in case of purchase made prior to'March first, nineteen hundred
and thirteen, the fair market value as of that date, no further allow.
anoe shall be made. No deduction shall be allowed for any amount judem
paid out for new buildings, permanent improvements, or betterments, made to increase the value of any property or estate, and no
deduction shall be made for any amount of expense of restoring property or making good the exhaustion thereof for which an allowance
is or has been made.,

.,

.1

CREDITS ALLOWED.

(b) For the purpose of the normal tax only,, the income embraced r
hall be credited with the amount received as'
dividends upon the stook or from the net earnings of any corporation,
in a personal return

Credits allowed.

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