The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1972 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. |
Other editions - View all
Common terms and phrases
adjusted basis affiliated group allowed apply April 15 attributable base period calendar capital asset carryback common parent computed consolidated net operating consolidated return contract or subcontract controlled foreign corporation December 31 deduction described in section determined distribution dividend earnings and profits electing small business erty Example excess profit fair market value filed foreign corporation gain or loss graph gross income income tax Internal Revenue Code January ment nonresident alien notice of allocation operating loss ordinary income paid paragraph partnership payment percent poration portion prior taxable provisions of section purposes pursuant received refund relating respect rules sale or exchange section 1250 property separate return shareholder short sale small business corporation spect Statutory provisions subdivision subparagraph taken into account tax imposed taxable income taxable year ending taxable years beginning taxpayer thereof tier corporation tion trade or business transaction treated written notice
Popular passages
Page 28 - capital asset*" means property held by the taxpayer (whether or not connected with his trade or business) , but does not Include stock In trade of the taxpayer or other property of a kind which would properly be Included In the Inventory of the taxpayer If on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers In the ordinary course of his trade or business...
Page 130 - ... it has been established to the satisfaction of the Secretary or his delegate that such exchange is not in pursuance of a plan having as one of its principal purposes the avoidance of Federal income taxes.
Page 28 - In his trade or business ; (3) a copyright, a literary, musical, or artistic composition, or similar property, held by— (A) a taxpayer whose personal efforts created such property, or (B) a taxpayer In whose hands the basis of such property Is determined, for the purpose of determining gain from a sale or exchange, In whole or In part by reference to the basis of such property In the hands of the person whose personal efforts created such property...
Page 370 - If property (as a result of its destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation, or the threat or imminence thereof...
Page 368 - Payments for the use or occupancy of rooms or other space where services are also rendered to the occupant, such as for the use or occupancy of rooms or other quarters in hotels, boarding houses, or apartment houses furnishing hotel services, or in tourist camps or tourist homes, or payments for the use or occupancy of space in parking lots, warehouses, or storage garages, do not constitute rentals from real estate; consequently, such payments are included in determining net earnings from self-employment.
Page 363 - NET EARNINGS FROM SELF-EMPLOYMENT. — The term "net earnings from self-employment" means the gross income derived by an individual from any trade or business carried on by such individual, less the deductions allowed by this...
Page 374 - ... except that the preceding provisions of this paragraph shall not apply to any income derived by the owner or tenant of land if (A) such income is derived under an arrangement, between the owner or tenant and another individual, which provides that such other individual shall produce agricultural or horticultural commodities (including livestock, bees, poultry, and fur-bearing animals and wildlife) on such land, and that there shall be material participation by the owner or tenant in the production...
Page 446 - The amount of the tax previously determined shall be the excess of — (1) the sum of (A) the amount shown as the tax by the taxpayer upon his return (determined as provided in section 271 (b) (1) and (3)), if a return was made by the taxpayer and an amount was...
Page 32 - ... such property has, for the purpose of determining gain or loss from a sale or exchange, the same basis in whole or in part in his hands as it would have in the hands of such other person.
Page 209 - ... which is included In the gross income of any individual shall not be greater than the aggregate of the taxes attributable to such part had It been Included In the gross income of such individual ratably over that part of the period which precedes the date of such receipt or accrual.