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. |
Contents
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Common terms and phrases
adjusted basis adjusted gross income amended by T.D. amortization amounts received annuity asset guideline class attributable beginning after December beneficiary benefits calendar carryback child có có có computed contributions corporation cost credit earned death December 31 depreciation reserve described in section determined employee erty excess excluded from gross exemptions expenditures expenses facility following examples graph household includible in gross income tax individual Internal Revenue Code January joint return lease lessee lessor ment method paid paragraph payer payments percent period person placed in service portion prop purposes of section qualified investment regulations thereunder respect retirement income return income ard salvage value section 151 section 38 property section 72 separate return special rules spect standard deduction Stat Statutory provisions subdivision subparagraph subsection taken into account tax imposed taxable income taxable years beginning taxpayer trade or business treated unused credit vintage account weekly rate
Popular passages
Page 527 - A cemetery company owned and operated exclusively for the benefit of its members, or any corporation chartered solely for burial purposes as a cemetery corporation and not permitted by its charter to engage in any business not necessarily Incident to that purpose...
Page 408 - ... central visual acuity of the individual for whom the exemption is claimed did not exceed 20/200 in the better eye with correcting lenses or (ii) such individual's visual acuity was accompanied by a limitation in the fields of vision such that the widest diameter of the visual field subtends an angle no greater than 20 degrees.
Page 440 - 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 317 - 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 525 - ... unrelated trade or business" means, in the case of any organization subject to the tax imposed by section 511, any trade or business the conduct of which is not substantially related (aside from the need of such organization for income or funds or the use it makes of the profits derived...
Page 421 - 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 195 - SEC. 61. Gross income defined — (a) General definition. Except as otherwise provided In this subtitle, gross Income means all Income from whatever source derived. Including (but not limited to) the following Items: (1) Compensation for services, Including fees, commissions, and similar Items...
Page 418 - Trade or business expenses — (a) In general. There shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including — (1) A reasonable allowance for salaries or other compensation for personal services actually rendered...
Page 527 - Territory, the District of Columbia, or any possession of the United States; (B) Organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes or for the prevention of cruelty to children or animals...
Page 200 - As used in this section, the term "farm" embraces the farm in the ordinarily accepted sense, and Includes stock, dairy, poultry, fruit, and truck farms; also plantations, ranches, and all land used for farming operations. All individuals, partnerships, or corporations that cultivate, operate, or manage farms for gain or profit, either as owners or tenants, are designated as farmers. For more detailed rules with respect to the determination of whether or not an individual is engaged in farming, see...