Internal Revenue Cumulative Bulletin, Issue 2Department of the Treasury, Internal Revenue Service, 1979 |
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Common terms and phrases
allocated allowed amended amount ANALYSIS Section annuity apply arbitrage Article assets basis benefits bonds computing Contracting contributions corporation decedent decedent's December 31 deduction described in section determined distribution dividends dollars earnings and profits election employee exchange excise tax exempt expenses filed foreign tax foreign tax credit French fund gain gasohol gift tax gross income Income Tax Regulations income tax return individual interest Internal Revenue Code Internal Revenue Service investment January Korea LAW AND ANALYSIS liability LIFO marital deduction meaning of section ment method of accounting obligations paid paragraph payment percent period person prior issue Proc proceeds purchase purposes of section pursuant qualify received regu Regulations provides relating resident respect Revenue Ruling rules section 103 spouse subparagraph tax credit tax treaty taxable income taxpayer termination tion trade or business transfer Treasury treated trust United vides
Popular passages
Page 120 - Amounts distributed in complete liquidation of a corporation shall be treated as in full payment in exchange for the stock, and amounts distributed in partial liquidation of a corporation shall be treated as in part or full payment in exchange for the stock.
Page 200 - 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 103 - 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 162 - ... to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to be of longcontinued and indefinite duration.
Page 297 - The amount of any item of gross income shall be included in the gross income for the taxable year in which received by the taxpayer, unless, under the method of accounting used in computing taxable income, such amount is to be properly accounted for as of a different period.
Page 206 - Under an accrual method of accounting, an expense is deductible for the taxable year in which all the events have occurred which determine the fact of the liability and the amount thereof can be determined with reasonable accuracy.
Page 255 - ... if the method used does not clearly reflect income, the computation of taxable income shall be made under such method as, in the opinion of the Secretary or his delegate, does clearly reflect income.
Page 357 - An educational organization 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...
Page 433 - Enterprises of a Contracting State, the capital of which is wholly or partly owned or controlled, directly or indirectly, by one or more residents of the other Contracting State, shall...
Page 432 - Where, however, the person paying the interest, whether he is a resident of a Contracting State or not, has in a Contracting State a permanent establishment...