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, 1966 |
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Common terms and phrases
adjusted basis allocable amortization annuity apply attorney-in-fact beneficiary capital assets capital gains capital losses carryback company taxable income contracts corporation corpus decedent December 31 deduction allowed deduction under section defined in section dends described in section determined distributable net income dividends received dividends to policyholders duction estate or trust estate tax exceeds excess gain or loss grantor graph gross income imposed by section included income in respect income tax insurance company taxable insurance reserves Internal Revenue Code investment yield items described loss from operations ment mutual insurance company normal tax Offset ordinary income paid pany paragraph partner partnership property payment percent preceding taxable premiums provided in section provisions of section reinsured sale or exchange section 809 Statutory provisions subchapter subparagraph subtracted surtax taken into account tax imposed taxable investment income taxable year 1958 taxable years beginning taxpayer tion treated tributed trust instrument unused loss
Popular passages
Page 248 - Export-Import Bank of Washington Family Services, Bureau of Farm Credit Administration Farmers Home Administration Federal Aviation Agency Federal Procurement Regulations System Federal Coal Mine Safety Board of Review Federal Communications Commission Federal Contract Compliance, Office of Federal Credit Unions, Bureau of Federal Crop Insurance Corporation Federal Deposit Insurance Corporation Federal Home Loan Bank Board Federal Housing Administration Federal Maritime Commission Federal Mediation...
Page 281 - ... definitely be allocated to some item or class of gross income. The remainder, if any, shall be included in full as net income from sources within the United States. In the case of gross income derived from sources partly within and partly without the United States...
Page 281 - Income from the sale of personal property, see subsection (e). (b) Net income from sources in United States. From the items of gross income specified in subsection (a) of this section there shall be deducted the expenses, losses, and other deductions properly apportioned or allocated thereto and a ratable part of any expenses, losses, or other deductions which can not definitely be allocated to some item or class of gross income.
Page 298 - 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.
Page 327 - States— (1) If 80 per centum or more of the gross income of such citizen or domestic corporation (computed without the benefit of this section) for the three-year period immediately preceding the close of the taxable year (or for such part of such period immediately preceding the close of such taxable year as may be applicable) was derived from sources within a possession of the United States...
Page 251 - premiums earned on insurance contracts during the taxable year" means an amount computed as follows: (A) From the amount of gross premiums written on insurance contracts during the taxable year, deduct return premiums and premiums paid for reinsurance. (B) To the result so obtained, add unearned premiums on outstanding business at the end of the preceding taxable year and deduct unearned premiums on outstanding business at the end of the taxable year.
Page 281 - ... (B) From a foreign corporation unless less than 50 percent of the gross income of such foreign corporation for the 3-year period ending with the close of its taxable year preceding the declaration of such dividends (or for such part of such period as the corporation has been in existence) was derived from sources within the United States as determined under the provisions of...
Page 309 - ... days of any year as having been paid from the accumulated profits of the preceding year or years (unless to his satisfaction shown otherwise), and in other respects treating dividends as having been paid from the most recently accumulated gains, profits, or earnings.
Page 289 - A mere floating intention, indefinite as to time, to return to another country is not sufficient to constitute him a transient. If he lives in the United States and has no definite intention as to his stay, he is a resident. One who comes to the United States for a definite purpose which in its nature may be promptly accomplished is a transient; but, if his purpose is of such a nature that an extended stay may be necessary for its accomplishment, and to that end the alien makes his home temporarily...