Federal Income, Estate and Gift Tax Laws, Correlated: Being a Correlation of the Income, Estate and Gift Tax Provisions of the Internal Revenue Code Currently in Effect During Each of the Years 1944 to 1949, Inclusive, with Amendments

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Tax Law Publishing Company, 1950 - 893 pages
 

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Contents

Distributions by corporations
115
Exclusions from gross income
116
Capital gains and losses
117
Loss from wash sales of stock or securities
118
Income from sources within United States
119
Unlimited deduction for charitable and other contributions
120
Deduction of dividends paid on certain pre ferred stock of certain corporations
121
Net operating loss deduction
122
Commodity credit loans
123
Amortization deduction
124
Amortizable bond premium
125
Income in respect of decedents
126
War losses
127
Recovery of unconstitutional federal taxes
128
Acquisitions made to evade or avoid income or excess profits tax SUPPLEMENT CREDITS AGAINST
129
Limitation on deductions allowable to indi viduals in certain cases
130
Taxes of foreign countries and possessions
131
United States
140
124k
147
Partnership not taxable
181
Tax of partners Computation of partnership income Credits against net income
182
Earned income
185
Taxes of foreign countries and possessions of United States
186
Partnership returns
187
Different taxable years of partner and partner ship
188
Net operating losses
189
Allowance of amortization deduction SUPPLEMENT INSURANCE COMPANIES
190
Life insurance companies
201
Adjusted normaltax net income
202
Adjusted corporation surtax net income
203
Insurance companies other than life or mutual
204
Taxes of foreign countries and possessions of United States
205
Computation of gross income
206
Mutual insurance companies other than life or marine
207
Tax on nonresident alien individuals
211
Gross income
212
Deductions
213
Credits against net income
214
Allowance of deductions and credits
215
Credits against
216
Returns
217
Payment of
218
Partnerships
219
Tax on foreign corporations
231
Deductions
232
Allowance of deductions and credits
233
Credits against
234
Returns
235
Payment of
236
Foreign insurance companies
237
1
259
Bankruptcy and receiverships
274
Period of limitation upon assessment and collection
275
SameExceptions
276
Suspension of running of statute
277
new
294
303a
303
SEC
311
207a
316
1941
319
Corporation income taxed to United States shareholders
337
Information returns by officers and directors
338
Information returns by shareholders
339
Penalties
340
Effec
347
SUPPLEMENT REGULATED INVESTMENT COMPANIES 361 Definition
361
Tax on regulated investment companies
362
Surtax on regulated investment companies
363
826c
365
220
383
SUPPLEMENT DRETURNS AND PAYMENT OF TAX 141 Consolidated returns
450
Fiduciary returns
458
Withholding of tax at source
469
Payment of corporation income tax at source
471
Penalties 146 Closing by Commissioner of taxable year
475
Addition to the tax in case of delinquent re 1025 Transferred assets
476
Information at source
478
Information by corporations
481
Returns of brokers
484
Collection of foreign items 151 Foreign personal holding companies SUPPLEMENT EESTATES AND TRUSTS 161 Imposition of
486
Net income
491
Credits against net income
498
Different taxable years
500
Employees trusts
507
Revocable trusts
508
Income for benefit of grantor
510
Taxes of foreign countries and possessions of United States
512
Common trust funds
517
Net operating losses
518
171
520
Income of an estate or trust in case of divorce
521
731
554
SUPPLEMENT JPOSSESSIONS OF THE UNITED STATES 251 Income from sources within possessions of the United States
586
Citizens of possessions of United States SUPPLEMENT KCHINA TRADE ACT CORPORATIONS 261 Taxation in general 262 Credit against net inc...
594
Credits against the
598
SUPPLEMENT LASSESSMENT AND COLLECTION OF DEFICIENCIES
599
9b
623
SUPPLEMENT MINTEREST AND ADDITIONS TO THE TAX 291 Failure to file return
626
780b
628
Interest on deficiencies
629
Additions to the tax in case of deficiency
630
Additions to the tax in case of nonpayment
632
Time extended for payment of tax shown on return 296 Time extended for payment of deficiency 297 Interest in case of jeopardy assessments
642
Bankruptcy and receiverships 299 Removal of property or departure from United States SUPPLEMENT REXCHANGES AND DISTRIBUTIONS IN ...
644
131b1
646
Notice of fiduciary relationship 313 Cross reference
650
SUPPLEMENT STAX OF SHAREHOLDERS OF PERSONAL SERVICE CORPORATIONS 391 Applicability of Supplement 392 Undistributed Sup...
670
Imposition of
672
Definition of surtax exemption 402 Manner and effect of election
673
111
674
Meaning of terms used 508 Administrative provisions 509 Improper accumulation of surplus
699
Subchapter BDeclared Value ExcessProfits
701
SUPPLEMENT AEXCESS PROFITS CREDIT BASED
708
Excess profits creditBased on invested cap
714
Oct 25 Dec
718
Abnormalities in income in taxable period
720
39
738
Classification of provisions
745
Executors notice
757
131f1
759
Definition of deficiency 272 Procedure in general
762
Additions to the tax in case of deficiency 1027 Refunds and credits
765
Cross references
768
Definition of deficiency
781
Interest on jeopardy assessments
785
Part IINTRODUCTORY PROVISIONS
787
CHAPTER 5BOARD OF TAX APPEALS
791
Declared value
796
Subchapter DCollection of Income Tax at Source
798
Net income
799
Returns executed by taxpayer mony and certify
806
Other laws applicable
807
Effect of certificates of release or partial dis
815
Credits after periods of limitation 3779 Extension of time for payment of taxes
821
781c
822
SUBTITLE EPERSONNEL
832
Authorization 5003 Appointment and compensation of staff
834
SUBPART COMPUTATION OF
837
Publicity of returns
840
Claims in abatement
843
Incometax taxable year of less than twelve months
844
Authority to distrain
853
Application of subchapter
855
Authority to make abatements credits and 3772 Suits for refund
859
Cross reference
865
781a1
875
112e
877
Interest on overpayments
883
Jurisdiction
888
476
936b1
1
1943
2
735a8
8
1943
9
10b
10
1625a
13
12f
16
Special classes of taxpayers
22
Feb
26
12g
31
25b
34
125
39
new
42
Returns for a period of less than twelve months
47
Definitions Part VRETURNS AND PAYMENT OF
48
936b3
50
Individual returns
51
Corporation returns
52
Time and place for filing returns
53
Records and special returns
54
Publicity of returns
55
Payment of
56
Examination of return and determination of
57
Additions to tax and penalties 58 Declaration of estimated tax by individuals
58
Administrative proceedings 59 Payment of estimated
59
Cross references 60 Special rules for application of sections 58
60
Laws made applicable
61
Rules and regulations
62
Publication of statistics
63
Definitions
64
142a
66
404
67
1200
68
Declared value
74
51a
78
812a
80
142a
85
12h
89
239
95
1943
96
Imposition of
1
Also applicable to taxable years beginning in 1945
9
Effective on various dates and with respect to decedents
10
Normal tax on individuals
11
Surtax on individuals
12
Tax on corporations in general
13
Tax on special classes of corporations Corporate taxes effective for two taxable years
14
Surtax on corporations PART IICOMPUTATION OF NET INCOME 21 Net income
16
Gross income
17
Deductions from gross income
23
Items not deductible
24
Credits of individual against net income
25
Credits of corporations
26
Corporation dividends paid credit
27
Consent dividends credit
28
Taxes of foreign countries and possessions of United States
31
Taxes withheld at source
32
Credit for overpayments
33
Credits against victory
34
Credit for tax withheld on wages
35
TAA Dec
36
PART IVACCOUNTING PERIODS AND METHODS OF ACCOUNTING 41 General rule
41
Period in which items of gross income included
42
Period for which deductions and credits taken
43
Installment basis
44
Allocation of income and deductions
45
Change of accounting period Subchapter CSupplemental Provisions SUPPLEMENT ARATES OF
46
201
89
Fiscal year taxpayers 109 Western Hemisphere Trade Corporations
90
1945

Common terms and phrases

Popular passages

Page 827 - partnership" includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this title, a trust or estate or a corporation; and the term "partner" includes a member in such a syndicate, group, pool, Joint venture, or organization.
Page 347 - capital assets" 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 153 - BASIS. (a) Dealers in personal property. Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price.
Page 262 - ... if it were not for the fact that the property received in exchange consists not only of property permitted by such paragraph or by subsection (1) to be received without the recognition of gain, but also of other property or money, then the gain, if any, to the recipient shall be recognized, but in an amount not in excess of the sum of such money and the fair market value of such other property.
Page 823 - Sec. 3226. No suit or proceeding shall be maintained in any court for the recovery of any internal- revenue tax alleged to have been erroneously or illegally assessed or collected, or of any penalty claimed to have been collected without authority, or of any sum alleged to have been excessive or in any manner wrongfully collected until a claim for refund or credit has been duly filed with the Commissioner of Internal Revenue, according to the provisions of law in that regard, and the regulations...
Page 156 - Secretary or his delegate may distribute, apportion, or allocate gross income, deductions, credits, or allowances between or among such organizations, trades, or businesses, if he determines that such distribution, apportionment, or allocation is necessary in order to prevent evasion of taxes or clearly to reflect the income of any of such organizations, trades, or businesses.
Page 475 - ... any person who willfully attempts in any manner to evade or defeat any tax imposed by this chapter or the payment thereof, shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, be fined not more than $10,000, or imprisoned for not more than five years, or both, together with the costs of prosecution.
Page 318 - dividend" when used in this title (except in section 203 (a) (3^ and section 207 (c) ( 1) , relating to insurance companies) means any distribution made by a corporation to its shareholders, whether in money or in other property, (1) out of its earnings or profits accumulated after February 28, 1913, or (2) out of the earnings or profits of the taxable year (computed as of the close of the taxable year without diminution by reason of any distributions made during the taxable year) , without regard...
Page 286 - ... (B) as paid-in surplus or as a contribution to capital, then the basis shall be the same as it would be in the hands of the transferor, increased in the amount of gain or decreased in the amount of loss recognized to the transferor upon such transfer under the law applicable to the year in which the transfer was made.
Page 148 - The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; but if no such method of accounting has been so employed or if the method employed does not clearly reflect the income...

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