The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1976 The Code of Federal Regulations is the codification of the general and permanent rules published in the Federal Register by the executive departments and agencies of the Federal Government. |
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Common terms and phrases
additional depreciation adjusted basis allowed amended by T.D. amount of gain apply April 15 attributable beginning after December calendar capital asset carryback Christian Science practitioner common parent computed 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 fair market value filed foreign corporation gain or loss graph gross income included income tax Internal Revenue Code January long-term capital loss ment nonresident alien notice of allocation operating loss ordinary income paid paragraph partnership payment percent poration portion prior taxable pursuant refund relating respect rules sale or exchange section 1250 property separate return shareholder short-term capital loss small business corporation spect Statutory provisions subdivision subpara subparagraph subsection taken into account tax imposed taxable income taxable year beginning taxable year ending taxpayer thereof tion trade or business transaction treated
Popular passages
Page 42 - 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 377 - If property (as a result of its 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 403 - Service performed by a duly ordained, commissioned, or licensed minister of a church in the exercise of his ministry or by a member of a religious order in the exercise of duties required by such order...
Page 42 - ... accounts or notes receivable acquired in the ordinary course of trade or business for services rendered or from the sale of property described in paragraph (1) ; or (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, 1041, on a discount basis and payable without interest at a fixed maturity date not exceeding one year from the date of Issue.
Page 153 - Secretary or his delegate that such exchange Is not In pursuance of a plan having as one of Its principal purposes the avoidance of Federal Income taxes.
Page 392 - ... service performed by an individual in, and at the time of, the sale of newspapers or magazines to ultimate consumers, under an arrangement under which the newspapers or magazines are to be sold by him at a fixed price, his compensation being based on the retention of the excess of such price over the amount at which the newspapers or magazines are charged to him, whether or not he is guaranteed a minimum amount of compensation for such service, or is entitled to be credited with the unsold newspapers...
Page 370 - NET EARNINGS FROM SELF-EMPLOYMENT. — The term "net earnings from self-employment" means the gross income derived by an individual from any trade or business carried on by such individual, less the deductions allowed by this...
Page 399 - ... services performed by him as such minister, member, or practitioner) of any 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 Act...
Page 232 - 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.
Page 419 - 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.