Federal Income, Estate and Gift Tax Laws, Correlated

Front Cover
Callaghan and Company, 1944 - 1242 pages
 

Contents

1010
67
Definition of personal holding company
101
Determination of amount of and recognition
111
Consent dividends credit
116
Capital gains and losses
117
Taxes of foreign countries and possessions
138
Period for which deductions and credits taken
147
165a
165
Tax of partners
182
116h
183
119
193
Taxable years beginning in 1941 and ending
214
SUPPLEMENT LASSESSMENT AND COLLECTION OF SUPPLEMENT REXCHANGES AND DISTRIBUTIONS IN DEFICIENCIES OBEDIENC...
225
25b1
244
Definition of deficiency
271
Procedure in general 371 Nonrecognition of gain or loss
272
Jeopardy assessments 372 Basis for determining gain or loss
273
Bankruptcy and receiverships 373 Definitions
274
Period of limitation upon assessment and collection SUPPLEMENT STAX OF SHAREHOLDERS OF PERSONAL
275
SameExceptions SERVICE CORPORATIONS
276
Suspension of running of statute 391 Applicability of Supplement
277
Failure to file return 394 Corporation income taxed to shareholders
291
Interest on deficiencies 395 Nonresident alien individuals and foreign
292
Additions to the tax in case of deficiency corporations
293
Additions to the tax in case of nonpayment 396 Shareholders tax paid by corporation
294
Time extended for payment of tax shown on return SUPPLEMENT TINDIVIDUALS WITH GROSS INCOME
295
Time extended for payment of deficiency FROM CERTAIN SOURCES OF 3000 OR LESS
296
Interest in case of jeopardy assessments
297
Bankruptcy and receiverships 400 Imposition of
298
Transferred assets ARMED FORCES UPON DEATH
311
Notice of fiduciary relationship
312
Cross reference 421 Abatement of tax for members of armed forces upon death
313
Overpayment of installment
321
Refunds and credits PART IRATE AND COMPUTATION OF TAX 450 Imposition of
322
Deduction of dividends paid on certain pre
329
SUPPLEMENT PFOREIGN PERSONAL HOLDING COMPANIES 451 Victory tax net income 331 Definition of foreign personal holding company ...
331
Foreign personal holding company income 453 Credit against victory
332
Stock ownership 454 Post war credit or refund of victory
333
Gross income of foreign personal holding 455 Returns companies 456 Limitation on
334
Net operating loss deduction
335
Supplement P net income PART IICOLLECTION OF TAX AT SOURCE ON WAGES
336
Corporation income taxed to United States 465 Definitions shareholders 466 Tax collected at source
337
Information returns by officers and directors 467 Withholding agent
338
Information returns by shareholders 468 Return and payment by withholding agent
339
Amortizable bond premium
361
War losses
367
Recovery of unconstitutional federal taxes
373
109
406
Penalties 469 Receipts 470 Penalties
410
SUPPLEMENT GINSURANCE COMPANIES
458
Adjusted normaltax net income
470
Insurance companies other than life or mutual
481
205e
485
Mutual insurance companies other than life
487
Net operating losses
496
SUPPLEMENT DRETURNS AND PAYMENT OF
502
Deficiency dividendsCredits and refunds
506
Payment of corporation income tax at source
508
new
512
Foreign personal holding companies
514
Additions to the tax in case of deficiency
556
Interest on extended payments
561
602
756
Excess profits net income
786
PART IIESTATES OF CITIZENS OR RESIDENTS OF
835
Excess profits creditAllowance
852
Capitalization of advertising etc expend
871
PART IIRULES IN CONNECTION WITH CERTAIN
892
Election of income credit
900
Supplement A average base period net income
913
Foreign corporations
922
23e1C
932
CINVESTED CAPITAL IN CONNECTION
936
Rate of
952
Gross estate
973
Credits against
986
Executors notice
992
Collection of unpaid
998
Cross references
1004
Interest on deficiencies 1011 Definition of deficiency
1021
CLAIMS AGAINST TRANSFEREES
1044
Overpayment found by Board
1050
Rate of
1057
Assessment collection and payment of
1064
GIFT
1070
Transfer for less than adequate and full con
1080
1012
1092
Assessment and collection of deficiencies 1023 Additions to the tax in case of nonpayment
1095
Jeopardy assessments 1024 Penalties
1096
Claims in abatement 1025 Transferred assets
1104
Bankruptcy and receiverships 1026 Notice of fiduciary relationship 1016 Period of limitation upon assessment and collection
1107
Suspension of running of statute 1018 Addition to the tax in case of delinquent
1108
turn
1110
Refunds and credits
1122
Laws made applicable 1029 1030 Rules and regulations Definitions
1124
Publicity of returns
1126
CHAPTER 5BOARD OF TAX APPEALS Subchapter AOrganization Jurisdiction and Procedure PART IORGANIZATION AND JURISDICTION 11...
1131
Offices 1105 Times and places of meetings PART IIPROCEDURE
1132
Provisions of special application to divisions 1119 Provisions of special application to trans ferees 1120 Publicity of proceedings 1121 Publication of...
1133
PART IIIMISCELLANEOUS PROVISIONS 1130 Employees 1131 Expenditures 1132 Disposition of fees 1133 Fee for transcript of record Subchap...
1134
Fee for filing petition 1111 Rules of practice procedure and evidence 1112 Burden of proof in fraud cases 1141 Courts of review 1113 Service of pr...
1135
Refund credit or abatement of amounts disallowed 1200 Tax 1201 Exemptions 1202 Declared value 1203 Returns SUBTITLE BMISCELLANEOUS...
1136
Publicity of returns 1205 Payment of tax 1206 Addition to the tax in case of delinquency 1207 Other laws applicable CHAPTER 7TAX ON TRANSF...
1138
Nontaxable transfers 1252 Definition of foreign trust 1253 Payment and collection 1254 Publicity of returns
1139
Income tax collected at source Subchapter EGeneral Provisions
1149
PART IIIGENERAL PROVISIONS
1161
Oct
1166
Interest on overpayments 500
1167
Net income
1172
SUBTITLE EPERSONNEL
1176
Subchapter AAppointment Compensation and
1178
SEC
1185
Credits against net income
1192
Employees trusts
1204
Equity invested capital
1207
Allowance of amortization deduction
1212
Taxation in general
1221
Net gifts
1225
Authority to distrain
1228
264
1229
Where amendments are applicable to taxable years begin
1238
Subchapter FClosing Agreements and Compromises
1240
Copyright

Common terms and phrases

Popular passages

Page 299 - capital assets" means property held by the taxpayer (whether or not connected with his trade or business), but does not include 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 140 - The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect the income...
Page 281 - If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend...
Page 80 - In the case of property held by one person for life with remainder to another person, the deduction shall be computed as if the life tenant were the absolute owner of the property and shall be allowed to the life tenant. In the case of property held in trust the allowable deduction shall be apportioned between the income beneficiaries and the trustee in accordance with the pertinent provisions of the instrument creating the trust, or, in the absence of such provisions, on the basis of the trust income...
Page 314 - 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) of property used in the trade or business and capital assets held for more than 6 months into other property or money, exceed the recognized losses from...
Page 268 - The allowance for depletion under section 23 (m) shall be, in the case of coal mines, 5 per centum, in the case of metal mines, 15 per centum, and, in the case of sulphur mines or deposits, 23 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 424 - There shall be allowed as an additional deduction in computing the net income of the estate or trust the amount of the income of the estate or trust for Its taxable year which is to be distributed currently...
Page 225 - 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, but also of other property or money, then the gain, if any, to the recipient 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.
Page 227 - If the corporation receiving such other property or money does not distribute It in pursuance of the plan of reorganization, the gain, if any, to the corporation 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 so received, which is not so distributed.
Page 502 - The income of a nonresident alien individual which consists exclusively of earnings derived from the operation of a ship or ships documented under the laws of a foreign country which grants an equivalent exemption to citizens of the United States and to corporations organized in the United States shall not be included in gross income and shall be exempt from taxation under this chapter.

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