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, 1974 Special edition of the Federal Register, containing a codification of documents of general applicability and future effect ... with ancillaries. |
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Common terms and phrases
additional depreciation adjusted basis affiliated group allowed amended by T.D. apply April 15 attributable beginning after December calendar capital asset carryback common parent computed 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 included income tax Internal Revenue Code January justments long-term capital loss ment nonresident alien notice of allocation operating loss ordinary income paid paragraph partnership payment percent poration portion prior taxable pursuant refund relating respect sale or exchange section 1250 property separate return shareholder short-term capital loss small business corporation spect Statutory provisions subdivision subpara subparagraph subsection taken into account tax imposed taxable income taxable year ending taxable years beginning taxpayer tier corporation tion trade or business transaction treated
Popular passages
Page 363 - 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 373 - 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 44 - property used in the trade or business" means property used in the trade or business, of a character which is subject to the allowance for depreciation provided In section 167, held for more than 6 months, and real property used in the trade or business...
Page 381 - Service performed 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 445 - The Commissioner, with the approval of the Secretary, shall prescribe such regulations as he may deem necessary in order that the tax liability of any affiliated group of corporations making a consolidated return and of each corporation in the group, both during and after the period of affiliation, may be returned, determined, computed, assessed, collected, and adjusted, in such manner as clearly to reflect the excess profits tax liability and the various factors necessary for the determination of...
Page 37 - For purposes of this subtitle, the term "capital asset" means property held by the taxpayer (whether or not connected with his trade or business ) , but does not Include — ( 1 ) 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...
Page 393 - Who is a member of a recognized religious sect or division thereof and (2) Who is an adherent of established tenets or teachings of such sect or division and by reason thereof is conscientiously opposed to acceptance of the benefits of any private or public insurance which makes payments in the event of death, disability, old age, or retirement or makes payments toward the cost of, or provides services for, medical care (including the benefits of any insurance system established by the Social Security...
Page 375 - Except as provided in paragraph (c)( 3) of this section, service performed by a minister in the exercise of his ministry includes the ministration of sacerdotal functions and the conduct of religious worship, and the control, conduct, and maintenance of religious organizations (including the religious boards, societies, and other integral agencies of such organizations), under the authority of a religious body constituting a church or church denomination.
Page 38 - ... (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 354 - ... derived from a trade or business (other than a trade or business carried on by a partnership) is community income under community property laws applicable to such income, all of the gross income and deductions attributable to such trade or business shall be treated as the gross income and deductions of the husband unless the wife exercises substantially all of the management and control of such trade or business, in which case all of such gross income and deductions shall be treated as the gross...