Code of Federal Regulations: Containing a Codification of Documents of General Applicability and Future Effect as of December 31, 1948, with Ancillaries and IndexDivision of the Federal Register, the National Archives, 1987 Special edition of the Federal Register, containing a codification of documents of general applicability and future effect ... with ancillaries. |
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Common terms and phrases
68A Stat accumulated profits allocable amount apply apportioned basis carryback Code computed country or possession country X December 31 deduction dends determined dividends domestic corporation dual capacity taxpayers earnings and profits effectively connected election estate investment trust Example excess limitation excess profits taxes exempt fair market value FOGEI foreign corporation foreign country foreign income taxes foreign mineral income foreign tax credit FORI graph gross income grouping of gross income from sources Internal Revenue Code levy ment nonresident alien individual overall limitation paid or accrued paragraph payment per-country limitation percent person pursuant qualifying real estate investment real property holding real property interest research and development residual grouping respect rules shareholder spect statutory grouping subdivision subparagraph taxable income taxable years beginning taxes deemed paid tion trade or business treated U.S. real property U.S. tax unit investment trust United unused foreign tax X tax
Popular passages
Page 135 - For purposes of this section, the term "earned income" means wages, salaries, or professional fees, and other amounts received as compensation for personal services actually rendered, but does not include that part of the compensation derived by the taxpayer for personal services rendered by him to a corporation which represents a distribution of earnings or profits rather than a reasonable allowance as compensation for the personal services actually rendered.
Page 343 - ... only if and to the extent that they are connected with income arising from a source within the United States; and the proper apportionment and allocation of the deductions with respect to sources of income within and without the United States shall be determined under rules and regulations prescribed by the Commissioner with the approval of the Secretary.
Page 97 - Such choice for any taxable year may be made or changed at any time before the expiration of the period prescribed for making a claim for credit or refund of the tax imposed by this chapter for such taxable year. The credit shall not be allowed against the tax imposed by section 56 (relating to minimum tax for tax preferences...
Page 144 - The income of foreign governments received from investments in the United States in stocks, bonds, or other domestic securities, owned by such foreign governments, or from interest on deposits in banks in the United States of moneys belonging to such foreign governments, or from any other source within the United States.
Page 145 - Executive order as being entitled to enjoy the privileges, exemptions, and immunities herein provided. The President shall be authorized, in the light of the functions performed by any such international organization, by appropriate Executive order to withhold or withdraw from any such organization or its officers or employees any of the privileges, exemptions, and immunities provided for in this...
Page 15 - The amount of any distribution shall not be considered as a dividend for purposes of computing the dividends paid deduction, unless such distribution is pro rata, with no preference to any share of stock as compared with other shares of the same class...
Page 167 - The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.
Page 55 - ... 30 days after the close of its taxable year. If the aggregate amount so designated with respect to a taxable year of the...
Page 343 - States" includes only the States, the Territories of Alaska and Hawaii, and the District of Columbia. (b) General rule — (1) Qualifications.
Page 65 - ... there shall be included in the gross income an amount which bears the same relation to the total compensation as the number of days of performance of the labor or services within the United States bears to the total number of days of performance of labor or services for which the payment is made.