Statistics of Income

Front Cover
U.S. Government Printing Office, 1952
 

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Page 491 - 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 28 - A corporation entitled to the benefits of section 931, by reason of receiving a large percentage of its gross income from sources within a possession of the United States...
Page 491 - Is subject to the allowance for depreciation provided in section 23 (1), or 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, or real property used in the trade or business of the taxpayer; (2) Short-term capital gain.
Page 493 - States, for exclusively public purposes; or (2) A corporation, trust or community chest, fund, or foundation, created or organized in the United States or in any possession thereof or under the law of the United States...
Page 28 - Effective foreign tax rate. For purposes of this section, the term "effective foreign tax rate" means (1) With respect to a single controlled foreign corporation, the percentage which (A) The income, war profits, or excess profits taxes paid or accrued to foreign countries or possessions of the United States by...
Page 7 - The common parent corporation owns directly stock possessing at least 80 percent of the voting power of all classes of stock and at least 80 percent of each class of the nonvoting stock of at least one of the other Includlble corporations. As used in this subsection, the term "stock" does not include nonvoting stock which is limited and preferred as to dividends. (3) The term "affiliated group...
Page 491 - As used in this subsection, the term "security" means any bond, debenture, note, or certificate or other evidence of indebtedness, issued by any corporation (Including...
Page 41 - January 1, 1934, if such amounts are reasonable with reference to the size and terms of such indebtedness.
Page 493 - 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 chapter.
Page 449 - ... 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. SEC. 1222. OTHER TERMS RELATING TO CAPITAL GAINS AND LOSSES. For purposes of this subtitle (1) SHORT-TERM CAPITAL GAIN. The term "short-term capital gain...

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