The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1969 The Code of Federal Regulations is the codification of the general and permanent rules published in the Federal Register by the executive departments and agencies of the Federal Government. |
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Common terms and phrases
38 property placed ៩៩៩ ៩៩៩៩ adjusted basis adjusted gross income affiliated group allowed under section amended by T.D. amounts received annuity starting date apply apportioned asset basis or cost beneficiary calendar carryback computing qualified investment contract credit allowed December 31 depreciation dividends received earned income electing small business employee erty estate or trust estimated expected return filing graph income tax individual Internal Revenue Code investment with respect item of section January joint return June 30 lessee lessor liability for tax ment paid paragraph partner partnership percent person placed in service property with respect purchased recomputed credit earned regulations thereunder retirement income credit 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 trade or business treated unused credit wife
Popular passages
Page 451 - 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 426 - In the case of property held in trust, the allowable deduction shall be apportioned between the Income beneficiaries and the trustee In accordance with the pertinent provisions of the Instrument creating the trust, or. In the absence of such provisions, on the basis of the trust Income allocable to each.
Page 553 - 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 456 - ... 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 258 - If the final transfer is to the insured, to a partner of the insured, to a partnership in which the insured is a partner, or to a corporation in which the insured is a shareholder or officer...
Page 399 - There shall be allowed as a depreciation deduction a reasonable allowance for the exhaustion, wear and tear (including a reasonable allowance for obsolescence) — (1) of property used in the trade or business, or (2) of property held for the production of income.
Page 345 - 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 378 - ... (c) Limitation on losses of individuals. In the case of an individual, the deduction under subsection (a) shall be limited to — (1) Losses incurred in a trade or business...
Page 139 - In the case of a manufacturing, merchandising, or mining business, "gross income" means the total sales, less the cost of goods sold, plus any income from Investments and from incidental or outside operations or sources.
Page 406 - Secretary or his delegate, under any of the following methods: (1) The straight line method, (2) The declining balance method, using a rate not exceeding twice the rate which would have been used had the annual allowance been computed under the method described in paragraph (1...