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. |
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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 subsection 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 - An obligation of the United States or any of its possessions, or of a State or Territory, or any political subdivision thereof, or of the District of Columbia, issued on or after March 1, 1941, on a discount basis and payable without interest at a fixed maturity date not exceeding one year from the date of issue. [TD 6500, 25 FR 12003, Nov. 26, 1960] §1.1221—1 Meaning of terms. (a) The term "capital assets" includes all classes of property not specifically excluded by section 1221.
Page 374 - ... (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 or the management of the production of such agricultural or horticultural commodities, and (B) there is material participation...
Page 434 - Person" includes an individual, a corporation, a partnership, a trust or estate, a joint-stock company, an association, or a syndicate, group, pool, joint venture or other unincorporated organization or group, through or by means of which any business, financial operation or venture is carried on. (c) "Contract...
Page 31 - In determining the period for which the taxpayer has held stock or securities the acquisition of which (or the contract or option to acquire which) resulted in the nondeductibility (under section...
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 the property exchanged...
Page 28 - 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...
Page 247 - In computing the amount of an adjustment under this part there shall first be ascertained the tax previously determined for the taxable year with respect to which the error was made. 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...
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. (b) Definition of an employment. For purposes of this section, the term "an employment...
Page 404 - Income is fixed when it is to be paid in amounts definitely predetermined. Income is determinable whenever there is a basis of calculation by which the amount to be paid may be ascertained. The income need not be paid annually if it is paid periodically ; that is to say, from time to time, whether or not at regular intervals. That the length of time during which the payments are to be made may be increased or diminished in accordance with someone's will or with the happening of an event does not...
Page 70 - General. A transfer (other than by gift, inheritance, or devise) of property consisting of all substantial rights to a patent, or an undivided interest therein which includes a part of all such rights, by any holder shall be considered the sale or exchange of a capital asset held for more than 6 months, regardless of whether or not payments in consideration of such transfer are— ( 1 ) Payable periodically over a period generally coterminous with the transferee's use of the patent, or (2) Contingent...