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able accumulation adjusted basis allocated allowed amount annuity apply assets assumed attributable beneficiary carried chapter charitable Code computed considered contracts contributions corpus death decedent December 31 deduction deemed defined in section depreciable determined distributable net income dividends effect election equal example exceeds excess excluded expenses extent filed gain grantor graph gross income held illustrated included increase insurance company interest Internal Revenue Code inventory investment income less liability limited loss means ment method mutual nership operations owner paid paragraph partner partnership partnership property payment percent period person policyholders portion preceding premiums prior reason received reduced regard relating reserves respect rules sale or exchange section 666 section 751 separate share ship specified Statutory provisions subchapter subparagraph tax imposed taxable income term termination tion transfer treated tributed trust instrument
Page 321 - All interest paid or accrued within the taxable year on indebtedness, except on indebtedness Incurred or continued to purchase or carry obligations (other than obligations of the United States Issued after September 24, 1917, and originally subscribed for by the taxpayer) the Interest upon which is wholly exempt from the taxes Imposed by this title.
Page 214 - ... (2) General rule. — If, during the taxable year, the recognized gains upon sales or exchanges of property used in the trade or business, plus the recognized gains from the compulsory or involuntary conversion (as a result of 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 18 - Income, without limitation, which pursuant to the terms of the governing Instrument is, during the taxable year, paid or permanently set aside for a purpose specified In section 170 (c), or Is to be used exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals, or for the establishment, acquisition, maintenance or operation of a public cemetery not operated for profit.
Page 360 - gross income" means the sum of — (A) the combined gross amount earned during the taxable year, from investment income and from underwriting income as provided in this subsection, computed on the basis of the underwriting and investment exhibit of the annual statement approved by the National Convention of Insurance Commissioners...
Page 258 - ... loss year") shall be carried to the earliest of the taxable years to which (by reason of paragraph (1)) such loss may be carried. The portion of such loss which shall be carried to each of the other taxable years shall be the excess, if any, of the amount of such loss over the sum of the taxable income for each of the prior taxable years to which such loss may be carried.
Page 91 - In the discretion of another person, the trustee, or the grantor acting as trustee or co-trustee, may be applied or distributed for the support or maintenance of a beneficiary whom the grantor Is legally obligated to support or maintain, except to the extent that such Income is so applied or distributed. In cases where the amounts so applied or distributed are paid out of corpus or out of other than Income for the taxable year, such amounts shall be considered to be an amount paid or credited within...
Page 96 - ... such creator or person through the ownership, directly or indirectly, of 50 percent or more of the total combined voting power of all classes of stock entitled to vote or 50 percent or more of the total value of shares of all classes of stock of the corporation.
Page 119 - The character of any item of income, gain, loss, deduction, or credit included in a partner's distributive share under paragraphs (1) through (8) of subsection (a) shall be determined as if such item were realized directly from the source from which realized by the partnership, or incurred in the same manner as incurred by the partnership.
Page 103 - ... (B) the person who, by reason of the death of the decedent, acquires the right to receive the amount, if the right to receive the amount is not acquired by the decedent's estate from the decedent; or (C) the person who acquires from the decedent the right to receive the amount by bequest, devise, or inheritance, if the amount is received after a distribution by the decedent's estate of such right.
Page 182 - 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.