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, 1959 |
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Common terms and phrases
acquired adjusted basis adjusted gross income allocable amortization deduction amounts received annuity apply assets beneficiary bond premium calendar carryback carryover ceived cluded có có có computed contract contributions cost death December 31 depreciation determined distribution dividends duction earnings and profits election employee erty excess excluded from gross exempt expenditures expenses fair market value filed gain or loss grain-storage facility graph income tax individual interest Internal Revenue Code joint return June 22 liability liquidation ment method month operating loss paragraph payments percent period poration preferred stock prior provided in section purposes of section real property tax regulations thereunder relating reorganization respect retirement section 101 section 72 shareholder shares special rule spouse standard deduction Statutory provisions stock of Corporation stock or securities subparagraph tax imposed taxable income taxpayer tion trade or business transaction transfer treated tribution trust
Popular passages
Page 218 - The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.
Page 381 - 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 257 - medical care" means amounts paid — (A) For the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body (including amounts paid for accident or health insurance) , or (B) For transportation primarily for and essential to medical care referred to in subparagraph (A).
Page 374 - ... (B) as paid-in surplus or as a contribution to capital, then the basis shall be the same as it would be in the hands of the transferor, increased in the amount of gain or decreased in the amount of loss recognized to the transferor upon such transfer under the law applicable to the year in which the transfer was made.
Page 376 - ... a transfer by a corporation of all or a part of its assets to another corporation if immediately after the transfer the transferor or its...
Page 457 - 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 479 - Fraternal beneficiary societies, orders, or associations, (A) operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system...
Page 156 - ... central visual acuity of the individual for whom the exemption is claimed did not exceed 20/200 in the better eye with correcting lenses or (ii) such individual's visual acuity was accompanied by a limitation in the fields of vision such that the widest diameter of the visual field subtends an angle no greater than 20 degrees.
Page 280 - 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 220 - educational organization" within the meaning of section 170 (b) (1) (A) is one whose primary function is the presentation of formal instruction and which normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of pupils or students in attendance at the place where its educational activities are regularly carried on.