The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1968 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
adjusted basis affiliated group allowable amended apply attributable base period calendar capital asset carryback classes of stock common parent component member computed consolidated net operating consolidated return controlled foreign corporation controlled group December 31 deduction defined in section described in section determined distribution dividends duction earnings and profits Example excess exemption fair market value foreign corporation gain or loss graph gross income income tax individual Internal Revenue Code joint return ment nonresident alien notice of allocation operating loss ordinary income paragraph partnership payment percent poration portion prescribed prior taxable provisions of section pursuant refund regulations relating respect rules sale or exchange separate return shareholder short sale small business corporation spect spouse Statutory provisions subdivision subparagraph subsidiary taken into account tax imposed tax paid taxable income taxable year ending taxable years beginning taxpayer tier corporation tion trade or business treated written notice
Popular passages
Page 308 - 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 31 - ... 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 81 - Personal property, or (B) Other property (not Including a building or its structural components) but only If such other property Is tangible and has an adjusted basis In which there are reflected adjustments described In paragraph (2) for a period in which such property (or other property...
Page 28 - ... (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 158 - ... 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.
Page 32 - Stat. 197)), there shall be included the period for which he held the stock or securities in the distributing corporation before the receipt of the stock or securities on such distribution. (d...
Page 345 - If any tax required under this section to be deducted and withheld Is paid by the recipient of the Income, It shall not be re-collected from the withholding agent; nor In cases In which the tax Is so paid shall any penalty be Imposed upon or collected from the recipient of the Income or the withholding agent for failure to return or pay the same, unless such failure was fraudulent and for the purpose of evading payment.
Page 34 - Such term also Includes livestock, regardless of age, held by the taxpayer for draft, breeding, or dairy purposes, and held by him for 12 months or more from the date of acquisition. Such term does not Include poultry. (4) Unharvested crop. In the case of an unharvested crop on land used in the trade or business...
Page 351 - ... (b) Regulations. 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...
Page 31 - If under the provisions of section 113, the property received 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 the property exchanged.