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able acquired adjusted basis allowed amortization amount amounts received annuity apply assets attributable basis beginning beneficiary benefits bond calendar capital computed considered construction contract contributions corporation cost death deduction depreciation described determined distribution dividends earnings effect election employee ending Example exceed excess exchange excluded exemption expenditures expenses extent facility facts filed gross income income tax individual interest Internal Revenue Code issued January joint June less limitation liquidation loss means ment method month operating loss paid paragraph payments percent period poration portion premium prior profits purchase real property reason received reference regulations relating reorganization respect retirement rule securities separate shareholder shares spouse Statutory provisions subparagraph subsection taxable income taxpayer term tion trade or business transaction transfer treated trust United
Page 212 - 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 375 - 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 251 - 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 368 - ... (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 370 - ... 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 452 - 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 473 - 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 152 - ... 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 274 - 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 214 - 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.