Internal Revenue Code of 1954, as Amended and in Force on January 3, 1961

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Contents

health plans
29
Improvements by lessee on lessors property
30
Recovery of bad debts prior taxes and
31
Forces
32
National Red Cross
33
dividuals
35
Contributions to the capital of a corporation
36
Meals or lodging furnished for convenience of Sec 121 Cross references to other acts
37
Standard deduction
38
Cross reference
39
Dependent defined
41
Determination of marital status
42
Cross references
43
Interest
44
Taxes
45
Losses
47
Bad debts
48
Sec 167 Depreciation
49
Amortization of emergency facilities
51
Amortization of grainstorage facilities
55
Charitable etc contributions and gifts
57
Amortizable bond premium
62
Net operating loss deduction
64
Circulation expenditures
68
Soil and water conservation expenditures
70
Payments with respect to employees of certain foreign corporations
71
Depreciation or amortization of improvements made by lessee on lessors property
72
Additional firstyear depreciation allowance for small business
73
Expenditures by farmers for fertilizer etc
75
Corporate distributions and adjustments
92
companies
123
Assumption of liability
129
Carryovers
139
Effective date of subchapter C
146
Normal Taxes and SurtaxesContinued
166
General rule for inventories
176
SUBCHAPTER F Exempt organizations
182
Denial of exemption
189
Farmers cooperatives
199
Foreign personal holding companies
201
SUBCHAPTER H Banking institutions
226
SUBCHAPTER J Estates trusts beneficiaries and decedents
245
SUBCHAPTER K Partners and partnerships
269
Insurance companies
285
Normal Taxes and SurtaxesContinued SUBCHAPTER M Regulated investment companies and real estate Part I Regulated Investment Companies Pag...
323
and their shareholders
326
Foreign tax credit allowed to shareholders
328
from regulated investment company
329
company after close of taxable year
330
their beneficiaries
333
after close of taxable year
335
SUBCHAPTER N Tax based on income from sources within or without the United States Sec 861 Income from sources within the United States
337
States
339
Definitions
340
Gross income
342
Deductions
343
Partnerships
344
Exclusions from gross income
345
Miscellaneous provisions Sec 891 Doubling of rates of tax on citizens and cor porations of certain foreign countries
346
Income exempt under treaty
347
corporation
348
Credit for taxes in lieu of income etc taxes
350
Applicable rules
352
Subpart B Earned income of citizens of United States Sec 911 Earned income from sources without the United States
353
932
355
Gain or loss on disposition of property
360
709
367
or distributions in obedience to orders of Pago
380
Loss from wash sales of stock or securities
387
SUBCHAPTER P Capital gains and losses
396
Norma Taxes and SurtaxesContinued
414
Tax adjustment measured by prior benefits
425
Recovery of unconstitutional Federal taxes
431
SUBCHAPTER R Election of certain partnerships and proprietor
432
SUBTITLE A Income Taxes 1
443
Corporations and TaxFree Covenant Bonds
453
Government Contracts
457
Tax on Transfers to Avoid Income Tax
463
Consolidated Returns
465
SUBCHAPTER B Related rules
470
SUBTITLE B Estate and Gift Taxes
473
762
494
Credits against
500
Gift Tax
507
Deductions
516
Employment Taxes
521
Instrumentalities of the United States
523
Railroad Retirement Tax Act
543
Federal Unemployment Tax Act
553
Collection of Income Tax at Source on Wages
571
General Provisions Relating to Employment Taxes
587
Miscellaneous Excise Taxes
589
Imposition of tax
593
Manufacturers Excise Taxes
599
Entertainment equipment
606
SUBCHAPTER G Exemptions registration
616
Facilities and Services
623
Distilled Spirits Wines and BeerContinued
625
SUBCHAPTER B Communications
631
Safe deposit boxes
639
Documentary Stamp Taxes
641
Sales or transfers of certificates of indebtedness Page indebtedness of a corporationContinued
644
Imposition of tax
645
Cross references
646
Transfers by operation of law
647
Exemption certificates
648
Cross references
649
Imposition of tax
650
Policies issued by foreign insurers Sec 4371 Imposition of tax
651
Exemptions
652
SUBCHAPTER E Miscellaneous provisions applicable to documentary stamp taxes Sec 4381 Definitions
653
Certain changes in partnerships
654
Liability for tax CHAPTER 35 Taxes on Wagering
655
Taxes on Wagering
657
Record requirements
658
SUBCHAPTER B Occupational tax Sec 4411 Imposition of tax
659
Miscellaneous provisions Sec 4421 Definitions
660
Certain Other Excise Taxes
661
Stamps
662
Sugar Coconut and Palm Oil
669
Import Taxes
673
Copper
675
SUBCHAPTER G Special provisions applicable to import taxes
682
Regulatory Taxes
683
Affixing of stamps
685
Order forms
686
Forfeitures
689
Manufacturers
690
Registration
691
pay special tax
692
Other laws applicable
693
Records statements and returns
695
Inspection of returns order forms and pre scriptions
705
List of special taxpayers
706
Definition of white phosphorus
707
Cotton futures
718
SUBCHAPTER E Circulation other than of national banks
725
Imposition of tax
728
Liability for tax
729
Applicability
730
General Provisions Relating to Occupational Taxes
731
same ownership and location
732
SUBTITLE E Alcohol Tobacco and Certain Other Excise Taxes
733
Sec 5002 Definitions
735
Cross references to exemptions etc
736
Lien for tax
737
Sec 5005 Persons liable for tax
738
Determination of tax
740
Collection of tax on distilled spirits
742
Abatement remission refund and allowance for loss or destruction of distilled spirits
743
718
745
Drawback
748
Tax on cordials and liqueurs containing wine
749
Determination and collection of rectification tax
751
Wines Sec 5041 Imposition and rate of tax
752
Exemption from tax
753
Refund of tax on unmerchantable wine
754
Definitions
755
Drawback of tax
756
Subpart E General provisions Sec 5061 Method of collecting tax
757
cordials and beer
758
Territorial extent of law
759
SUBCHAPTER B Qualification requirements for distilled spirits plants
772
premises
787
Industrial use of distilled spirits
796
Distilled Spirits Wines and BeerContinued Part I Establishment Pago SUBCHAPTER F Bonded and taxpaid wine premises Sec 5351 Bonded wine cell...
806
General provisions relating to bonds
807
Removals of wine from bonded wine cellars
808
Standard wine premises
809
Insurance coverage etc
810
Natural wine
811
natural grape wines
812
Amelioration and sweetening limitations for natural fruit and berry wines
813
Specially sweetened natural wines
814
Agricultural wines
815
Definitions
816
SUBCHAPTER G Breweries Part I Establishment Sec 5401 Qualifying documents
817
Use of brewery
818
Records and returns
819
SUBCHAPTER H Miscellaneous plants and warehouses Part I Vinegar plants Sec 5501 Establishment
820
Applicability of provisions of this chapter
821
Volatile fruitflavor concentrate plants Sec 5511 Establishment and operation
822
turing bonded warehouses
823
Special provisions relating to distilled spirits and wines rectified in manufacturing bonded warehouses
824
General provisions relating to bonds
825
Penalty seizure and forfeiture provisions applicable
829
Penalty relating to return of materials used
834
Penalty seizure and forfeiture provisions common
842
Tubes
849
tobacco materials
857
Civil penalties
864
Machine Guns and Certain Other Firearms
867
SUBCHAPTER B General provisions
871
SUBTITLE F Procedure and Administration
877
641
887
Place for filing returns or other documents
901
SUBCHAPTER B Miscellaneous provisions ments
902
trusts
904
722
905
Publicity of unemployment tax returns 905 Sec 6106 Publicity of unemployment tax returns tion
906
Time and Place for Paying Tax
907
Installment payments
908
tax by corporations
910
Tariff Act
911
SUBCHAPTER B Extensions of time for payment Sec 6161 Extension of time for paying tax
912
attributable to liquidation of personal hold ing companies
913
Extension of time for payment of taxes by corporations expecting carrybacks
914
Bonds where time to pay tax or deficiency has been extended
916
Assessment
921
time of assessment
922
Special rules applicable to excessive cliams under sections 6420 and 6421
923
SUBCHAPTER B Deficiency procedures in the case of income estate and gift taxes Sec 6211 Definition of a deficiency
924
tion to Tax Court
925
Determinations by Tax Court
927
Collection
929
107
936
Seizure of property for collection of taxes
937
Abatements Credits and Refunds
945
Limitations
969
Limitations on assessment and collection 969 Sec 6501 Limitations on assessment and collection Sec 6502 Collection after assessment
972
Suspension of running of period of limitation
973
Cross references
974
Limitations on credit or refund
975
Limitations in case of petition to Tax Court
978
paid
979
Credits or refunds after period of limitation
980
Mitigation of effect of period of limitations related taxes under different chapters
981
Periods of limitation in judicial proceedings tions
982
Periods of limitation on suits
983
Interest
985
suit
987
Interest on erroneous refund recoverable by Sec 6611 Interest on overpayments
988
Cross references
989
Additions to the Tax Additional Amounts and Assess able Penalties
991
Failure to pay tax
992
Failure by individual to pay estimated in come tax
993
Failure by corporation to pay estimated income tax
995
Failure to make deposit of taxes
996
Bad checks
997
SUBCHAPTER B Assessable penalties Sec 6671 Rules for application of assessable penalties
998
General Provisions Relating to Stamps
1001
Accounting and safeguarding
1002
Posting occupational tax stamps
1003
Jeopardy Bankruptcy and Receiverships
1005
Transferees and Fiduciaries
1013
Bonds
1019
SUBCHAPTER A CrimesContinued
1023
SUBCHAPTER B Other offenses
1036
Miscellaneous penalty and forfeiture provisions
1047
SUBCHAPTER A Civil actions by the United States Pago
1049
The Tax Court
1055
SUBCHAPTER E Miscellaneous provisions
1069
Discovery of Liability and Enforcement of Title
1079
Possessions
1085
General Rules
1093
108
1097
VII
1098
SUBTITLE GTHE JOINT COMMITTEE ON INTERNAL
1103
723
1109
725
1120
644
1127
109
1130
110
1147

Common terms and phrases

Popular passages

Page 399 - 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 570 - On a farm, in the employ of any person, in connection with cultivating the soil, or in connection with raising or harvesting any agricultural or horticultural commodity, including the raising, shearing, feeding, caring for, training, and management of livestock, bees, poultry, and fur-bearing animals and wildlife. (2) In the employ of the owner or tenant or other operator of a farm, in connection with the operation, management, conservation, improvement, or maintenance of such farm and its tools...
Page 137 - 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 183 - In any case of two or more organizations, trades, or businesses (whether or not incorporated, whether or not organized in the United States, and whether or not affiliated) owned or controlled directly or indirectly by the same interests, the Secretary or his delegate may distribute, apportion, or allocate gross income, deductions, credits, or allowances between or among such organizations, trades, or businesses.
Page 534 - The provisions of subparagraphs (A) and (B) shall not be deemed to be applicable with respect to service performed in connection with commercial canning or commercial freezing or in connection with any agricultural or horticultural commodity after its delivery to a terminal market for distribution for consumption...
Page 126 - No gain or loss shall be recognized If property is transferred to a corporation by one or more persons solely In exchange for stock or securities in such corporation, and Immediately after the exchange such person or persons are in control of the corporation...
Page 45 - A reasonable allowance for salaries or other compensation for personal services actually rendered; (2) Traveling expenses (including the entire amount expended for meals and lodging) while away from home In the pursuit of a trade or business; and (3) Rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or In which he has no equity.
Page 88 - Premiums paid on any life insurance policy covering the life of any officer or employee, or of any person financially interested in any trade or business carried on by the taxpayer, when the taxpayer is directly or indirectly a beneficiary under such policy...
Page 293 - ... (2) General rule. 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...
Page 549 - employer" shall not include any street, interurban, or suburban electric railway, unless such railway is operating as a part of a general steam-railroad system of transportation, but shall not exclude any part of the general steam-railroad system of transportation now or hereafter operated by any other motive power. The Interstate Commerce Commission is hereby authorized and directed upon request of the Board, or upon complaint of any party interested, to determine after hearing whether any line...

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