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, 1961 |
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Common terms and phrases
adjusted basis allocated amount allowed apply arbitrage basis of property capital asset capital gain capital loss computed decedent December 31 determined distribution dividends domestic corporation earnings and profits erty excess excess profits taxes exemption fair market value February 28 filed foreign corporation foreign country gain or loss gains and losses graph gross income holding company included in gross income from sources income tax Internal Revenue Code involuntary conversion ment nonresident alien individual old residence operating loss ordinary income paid paragraph partnership percent period poration prescribed prop property acquired provisions of section Puerto Rico purchased purposes of section pursuant real property recognized refund regulations thereunder relating respect sale or exchange shareholder shares short sale small business corporation sold Statutory provisions stock or securities subchapter subparagraph subtitle taxable income taxpayer thereof tion trade or business transfer treated uniform basis United
Popular passages
Page 80 - Amount realized. — The amount realized from the sale or other disposition of property shall be the sum of any money received plus the fair market value of the property (other than money) received.
Page 24 - In the case of gross Income derived from sources partly within and partly without the United States, the taxable income may first be computed by deducting the expenses, losses, or other deductions apportioned or allocated thereto and a ratable part of any expenses, losses, or other deductions which cannot definitely be allocated to some Item or class of gross Income...
Page 333 - The performance of service by a duly ordained, commissioned, or licensed minister of a church In the exercise of his ministry or by a member of a religious order in the exercise of duties required by such order...
Page 19 - Taxable income from sources within United States. From the items of gross Income specified in subsection (a) as being income from sources within the United States 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 cannot definitely be allocated to some Item or class of gross income.
Page 99 - Gifts after December 31, 1920. If the property was acquired by gift after December 31, 1920, the basis shall be the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift...
Page 150 - ... as is not in excess of his ratable share of the undistributed earnings and profits of the corporation accumulated after February 28, 1913. The remainder, if any, of the gain recognized under paragraph (1) shall be taxed as a gain from the exchange of property.
Page 40 - 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 123 - Secretary, expended in the acquisition of other property similar or related in service or use to the property so converted, or in the acquisition of control of a corporation owning such other property, or in the establishment of a replacement fund, no gain shall be recognized, but loss shall be recognized. If any part of the money is not so expended...
Page 179 - In determining the period for which the taxpayer has held property however acquired there shall be Included the period for which such property was held by any other person, if under...
Page 125 - If property (as a result of its destruction in whole or in part, theft, seizure, or requisition or condemnation or threat or imminence thereof) is compulsorily or Involuntarily converted...