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, 1971 Special edition of the Federal Register, containing a codification of documents of general applicability and future effect ... with ancillaries. |
Contents
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Common terms and phrases
38 property placed acquired and placed adjusted basis adjusted gross income affiliated group allowed under section amended by T.D. amounts received annuity apply apportioned basis or cost beneficiary calendar carryback computing qualified investment contract credit allowed December 31 depreciation determined electing small business employee erty estate or trust estimated filed graph income tax interest Internal Revenue Code investment with respect item of section January joint return June 30 leased property lessee lessor ment paragraph partner partnership patron payments percent placed in service property with respect purchased purposes rate of tax recomputed credit earned reduced regulations thereunder rental deductions section 21 section 38 prop section 38 property section 72 shareholder small business corporation special rules spect standard deduction Statutory provisions subdivision subparagraph subsection taken into account tax imposed taxable income taxable year 1962 taxable year beginning taxable year ending taxpayer tentative tax trade or business treated unused credit X Corporation
Popular passages
Page 199 - 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 221 - 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 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, (B) For transportation primarily for and essential to medical care referred to in subparagraph (A), or...
Page 82 - Except as provided in this subsection, the term "section 38 property" means — ( A ) Tangible personal property, or (B) Other tangible property (not including a building and its structural components) but only If such property...
Page 221 - ... unrelated trade or business" means, in the case of any organization subject to the tax imposed by section 511, any trade or business the conduct of which is not substantially related (aside from the need of such organization for income or funds or the use it makes of the profits derived) to the exercise or performance by such organization of its charitable, educational, or other purpose or function constituting the basis for its exemption under section 501...
Page 199 - Trade or business expenses — (a) In general. There shall be allowed as a deduction all the ordinary and necessary expenses paid or Incurred during the taxable year In carrying on any trade or business, Including — (1) A reasonable allowance for salaries or other compensation for personal services actually rendered...
Page 221 - ... 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 103 - Except as otherwise provided in this subtitle, gross income means all income from whatever source derived. Including (but not limited to) the following items: (1) Compensation for services, including fees, commissions, and similar items...
Page 199 - The cost of incidental repairs which neither materially add to the value of the property nor appreciably prolong its life, but keep it in an ordinarily efficient operating condition, may be deducted as expense, provided the plant or property account is not increased by the amount of such expenditures.
Page 213 - In the case of property held by one person for life with remainder to another person, the deduction shall be computed as if the life tenant were the absolute owner of the property and shall be allowed to the life tenant.