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, 1973 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
additional depreciation adjusted basis affiliated group allowed amended by T.D. apply April 15 attributable calendar capital asset carryback common parent computed consolidated net operating consolidated return contract or subcontract controlled foreign corporation December 31 deduction described in section determined distribution dividend earnings and profits electing small business erty Example excess profit fair market value filed foreign corporation gain or loss graph gross income holding period included income tax Internal Revenue Code January justment ment nonresident alien notice of allocation obligation operating loss ordinary income paid paragraph partnership payment percent person poration portion prior taxable purposes pursuant refund relating respect rules sale or exchange section 1250 property separate return shareholder small business corporation spect Statutory provisions subdivision subpara subparagraph subsection taken into account tax imposed taxable income taxable year ending taxable years beginning taxpayer thereof tion trade or business transaction treated
Popular passages
Page 26 - Stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Page 26 - ... (5) An obligation of the united States or any of its possessions, or of a State or Territory, or any political subdivision thereof, or of the District of Columbia, Issued on or after March 1, 1941, on a discount basis and payable without Interest at a fixed maturity date not exceeding one year from the date of Issue. [TD 6500, 25 PR 12003, Nov. 26, 1960] § 1.1221-1 Meaning of terme. (a) The term "capital assets" includes all classes of property not specifically excluded by section 1221.
Page 29 - ... property has, for the purpose of determining gain or loss from a sale or exchange, the same basis in whole or In part in his hands as It would have In the hands of such other person.
Page 29 - In determining the period for which the taxpayer has held property however acquired there shall be included the period for which such property was held by any other person, if under the provisions of section...
Page 32 - property used in the trade or business" means property used in the trade or business, of a character which is subject to the allowance for depreciation provided in section 167, held for more than 6 months, and real property used In the trade or business...
Page 408 - Person" includes an individual, a corporation, a partnership, a trust or estate, a joint-stock company, an association, or a syndicate, group, pool, joint venture or other unincorporated organization or group, through or by means of which any business, financial operation or venture is carried on. (c) "Contract...
Page 371 - If he is a member of a recognized religious sect or division thereof and is an adherent of established tenets or teachings of such sect or division by reason of which he is conscientiously opposed to acceptance of the benefits of any private or public Insurance which makes payments in the event of death, disability, old age, or retirement or makes payments toward the cost of, or provides services for, medical care (Including the benefits of any Insurance system established by the Social Security...
Page 540 - State or political subdivision thereof, by any agency or instrumentality of the United States, or by a public service or public utility commission or other similar body of any State or political subdivision thereof. (B) Pre-1970 public utility property.
Page 378 - ... (B) from a foreign corporation unless less than 50 per centum of the gross income of such foreign corporation for the three-year period ending with the close of its taxable year preceding the declaration of such dividends ( or for such part of such period as the corporation has been in existence) was derived from sources within the United States as determined under the provisions of...
Page 376 - Income is fixed when it is to be paid in amounts definitely predetermined. Income is determinable whenever there is a basis of calculation by which the amount to be paid may be ascertained. The income need not be paid annually if it is paid periodically ; that is to say, from time to time, whether or not at regular intervals. That the length of time during which the payments are to be made may be increased or diminished in accordance with someone's will or with the happening of an event does not...