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, 1976 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
adjusted basis aggregation allocated allowed amount apply assets beginning after December benefit business taxable income capital computing corporation costs December 31 defined in section depletion deposit described in section determined distribution dividends paid duction earnings and profits election under section eral erty exempt organization exploration expenditures fair market value filed foreign personal holding ganization graph gross income holding company income included income tax indebtedness Internal Revenue Code Internal Revenue Service lease losses on qualifying ment mineral property nonmining operating mineral interests organiza organization described paid or incurred paragraph percent period personal holding company ported organizations prior private foundation production payment qualifying real property real property loans relating rents reserve for losses respect royalties section 509 shareholder spect Statutory provisions subdivision subparagraph supporting organization tax imposed taxable years beginning taxpayer term timber tion trade or business transfer treated United unrelated business taxable
Popular passages
Page 146 - unrelated trade or business' means, in the case of any organization subject to the tax imposed by section 511, any trade or business the conduct of which is not substantially related (aside from the need of such organization for income or funds or the use it makes of the profits derived) to the exercise or performance by such organization of its charitable, educational, or other purpose or function constituting the basis for its exemption under section 501...
Page 184 - For purposes of section 532, the fact that the earnings and profits of a corporation are permitted to accumulate beyond the reasonable needs of the business shall be determinative of the purpose to avoid the Income tax with respect to shareholders, unless the corporation by the preponderance of the evidence shall prove to the contrary.
Page 20 - 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 139 - control" means the ownership of stock possessing at least 80 percent of the total combined voting power of all classes of stock entitled to vote and at least 80 percent of the total number of shares of all other classes of stock of the corporation.
Page 311 - Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate; 3. Any amount expended in restoring property or in making good the exhaustion thereof for which an allowance is or has been made; or 4.
Page 22 - 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 30 - ... (2) if under the trust instrument it is impossible, at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the trust, for any part of the corpus or income to be (within the taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of his employees or their beneficiaries...
Page 3 - Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or for the prevention of cruelty to children or animals...
Page 315 - In the case of oil and gas wells the allowance for depletion under section 23 (m) shall be 27 y2 per centum of the gross Income from the property during the taxable year, excluding from such gross income an amount equal to any rents or royalties paid or Incurred by the taxpayer In respect of the property.
Page 329 - As used in this paragraph the term "gross income from the property" means the gross income from mining. The term "mining" as used herein shall be considered to include not merely the extraction of the ores or minerals from the ground but also the ordinary treatment processes normally applied by mine owners or operators in order to obtain the commercially marketable mineral product or products...