Internal Revenue Bulletin: Cumulative bulletin
Department of the Treasury, Internal Revenue Service, 1961
A consolidation of all items of a permanent nature published in the weekly Internal revenue bulletin, ISSN 0020-5761, as well as a cumulative list of announcements relating to decisions of the Tax Court.
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accordance acquiring adjusted aggregation allowed amended amount annuity apply assets basis beginning butter capital carried carryover chapter Commissioner compensation computed considered contained contracts contributions corporation cost December 31 deduction defined described determined distribution dividends effect election employee example excess exemption expenses Federal filed foreign Form gain gross held income tax individual inspection installments insurance company interest Internal Revenue Code investment issued January less liability limitation loss manufacturer means method mineral interests month notice officer operating option paid paragraph payment percent period person prescribed purchase reason received referred Register regulations relating reserves respect retail rules Secretary separate share silver sold stamps Stat STATUTORY PROVISIONS subchapter subparagraph taken tax imposed taxable taxpayer term thereof tion trade transfer transferor Treasury treated United
Page 269 - ... (2) General rule. — If, during the taxable year, the recognized gains upon sales or exchanges of property used in the trade or business, plus the recognized gains from the compulsory or involuntary conversion (as a result of destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation or the threat or imminence thereof...
Page 556 - For the purpose of this chapter and sections 3206, and 3207, the word "butter" shall be understood to mean the food product usually known as butter, and which is made exclusively from milk or cream, or both, with or without common salt, and with or without additional coloring matter. (b) ADULTERATED BUTTER. — "Adulterated butter...
Page 83 - ... shall be recognized, but in an amount not in excess of the sum of such money and the fair market value of such other property to received, which is not so distributed.
Page 724 - Act, or within 6 months from such date, by the operation of any law or rule of law (other than section 3760 of the Internal Revenue Code of 1939 or section 7121 of the Internal Revenue Code of 1954, relating to closing agreements, and other than section 3761 of the Internal Revenue Code of 1939 or section 7122 of the Internal Revenue Code of 1954, relating to compromises) , refund or credit of such overpayment may, nevertheless, be made or allowed if claim therefor is filed within 6 months from such...
Page 689 - States therein is established, may decree a sale of such property, by the proper officer of the court, and a distribution of the proceeds of such sale according to the findings of the court in respect to the interests of the parties and of the United States.
Page 83 - If an exchange would be within the provisions of subsection (b) (1), (2), (3), or (5) of this section if it were not for the fact that the property received in exchange consists not only of property permitted by such paragraph to be received without the recognition of gain...
Page 624 - That every person who carries on the business of a manufacturer of process or renovated butter or adulterated butter without having paid the special tax therefor, as required by law, shall, besides being liable to the payment of the tax, be fined...
Page 406 - In the case of a decedent who is considered to be a "nonresident not a citizen of the United States" under the provisions of section 2209, the exemption shall be the greater of (i) $2,000, or (ii) that proportion of the exemption authorized by section 2052 which the value of that part of the decedent's gross estate which at the time of his death is situated in the United States bears to the value of his entire gross estate wherever situated.
Page 630 - SEC. 7701. Definitions, (a) When used In this title, where not otherwise distinctly expressed or manifestly Incompatible with the Intent thereof—' (1) Person. The term "person" shall be construed to mean and Include an Individual, a trust, estate, partnership, association, company or corporation. (2) Partnership and partner. The term "partnership...
Page 724 - If his surviving spouse is entitled for life to all the Income from the entire Interest, or all the Income from a specific portion thereof, payable annually or at more frequent intervals, with power in the surviving spouse to appoint the entire Interest, or such specific portion...