The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1966 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
accrual method accrued adjustments aggregate allocated amended by T.D. amount deductible annuity contract annuity plan apply attributable August 16 base-year cost basis beneficiary calendar Commissioner compensation computed contributions or benefits corporation December 31 described in section determined distribution earned income election employee employee's employer contributions example excess contribution fair market value filed graph gross income gross profit includible in gross income tax Internal Revenue Code justments liability LIFO inventory ment method of accounting months nonforfeitable nonpersonal owner-employee paid paragraph payments percent ployee pool profit-sharing plan profits provisions of section qualified plan regulations thereunder requirements of section respect restricted stock option section 404 self-employed individual series E bond short period stock bonus subdivision subpara subparagraph taken into account taxable income taxable year ending taxable years beginning taxpayer term tion trade or business transfer tributions trust trust instrument
Popular passages
Page 173 - In such taxable year. (c) Short-term obligations issued on discount basis. In the case of any 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, 1941, on a discount basis and payable without Interest at a fixed maturity date not exceeding one year from the date of Issue...
Page 153 - The basis of an installment obligation shall be the excess of the face value of the obligation over an amount equal to the income which would be returnable were the obligation satisfied In full.
Page 53 - ... taxable year of the distributee on account of the employee's death or other separation from the service, or on account of the death of the employee after his separation from the service, the amount of such distribution, to the extent exceeding the...
Page 13 - ... (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...
Page 78 - Any amount paid in a taxable year in excess of the amount deductible in such year under the foregoing limitations shall be deductible in the succeeding taxable years in order of time to the extent of the difference between the amount paid and deductible in each such succeeding year and the maximum amount deductible for such year in accordance with the foregoing limitations. (2) EMPLOYEES
Page 149 - The amount of all such items shall be included in the gross income for the taxable year in which received by the taxpayer, unless, under methods of accounting permitted under subdivision (b) of section 212, any such amounts are to be properly accounted for as of a different period...
Page 152 - BASIS. (a) Dealers in personal property. — Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price.
Page 46 - A decision by the Tax Court of the United States, or a judgment, decree, or other order by any court of competent jurisdiction, which has become final...
Page 100 - TRUST OR ANNUITY PLAN AND COMPENSATION UNDER A DEFERRED-PAYMENT PLAN.
Page 87 - ... limitations of this subparagraph but otherwise satisfy the conditions for deduction under section 404, then the excess contributions are carried over and are deductible in succeeding taxable years of the employer which end with or within taxable years of the trust for which it is exempt under section 501 (a) in order of time to the extent of the difference between the amount paid and deductible in each succeeding year and the limitation applicable to such year under this subparagraph. For purposes...