Code of Federal Regulations: Containing a Codification of Documents of General Applicability and Future Effect as of December 31, 1948, with Ancillaries and Index

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Division of the Federal Register, the National Archives, 1970

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Page 102 - ... (c) BOND, ETC., LOSSES OF BANKS. For purposes of this subtitle, in the case of a bank, if the losses of the taxable year from sales or exchanges of bonds, debentures, notes, or certificates, or other evidences of indebtedness, issued by any corporation (including one issued by a government or political subdivision thereof), with interest coupons or in registered form...
Page 1 - Fraternal beneficiary societies, orders, or associations, (A) operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system...
Page 3 - Exemption shall not be denied any such association because it has capital stock, if the dividend rate of such stock is fixed at not to exceed the legal rate of interest in the State of incorporation or 8 per centum per annum, whichever is greater, on the value of the consideration for which the stock was issued...
Page 134 - Life tenant and remainderman. In the case of property held by one person for life with remainder to another person, the deduction under this section shall be computed as if the life tenant were the absolute owner of the property and shall be allowed to the life tenant.
Page 134 - In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case...
Page 76 - CONTRACTS. (A) amounts received under a contract under which the corporation Is to furnish personal services ; If some person other than the corporation has the right to designate (by name or by description) the Individual who Is to perform the services, or If the Individual who Is to perform the services Is designated (by name or by description) In the contract...
Page 145 - Basis for depletion. (1) General rule. The basis upon which depletion Is to be allowed In respect of any property shall be the adjusted basis provided In section 113 (b) for the purpose of determining the gain upon the sale or other disposition of such property, except as provided In paragraphs (2), (3), and (4) of this subsection.
Page 134 - In any case in which it is ascertained as a result of operations or of development work that the recoverable units are greater or less than the prior estimate thereof, then such prior estimate (but not the basis for depletion) shall be revised and the allowance under this subsection for subsequent taxable years shall be based upon such revised estimate.

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