The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1966 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
accumulated earnings acquired adjusted basis allocated allowed amended by T.D. amount apply assets bad debts bank beginning after December business lease cluded common trust fund computed consent corporation December 31 defined in section dends depletion described in section determined distribution duction earnings and profits election under section eral erty example fair market value filed foreign personal holding graph gross income holding company income included income tax indebtedness Internal Revenue Code losses on qualifying ment operating mineral interests operating unit ownership paragraph payer payment percent personal holding company poration portion prior provided in section purposes qualifying real property real property loans relating reserve for losses respect royalties section 503 separate operating mineral separate property share shareholder spect Statutory provisions subdivision subparagraph subsequent taxable tax imposed taxable year beginning taxpayer terest term thereof timber tion tract or parcel trade or business treated
Popular passages
Page 11 - ... Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, no substantial part of the activities of which is carrying on propaganda, or otherwise attempting, to influence legislation, and which does not...
Page 47 - 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) to the exercise or performance by such organization of its charitable, educational, or other purpose or function constituting the basis for its exemption under section 501...
Page 132 - The net income of the Common Trust Fund shall be computed in the same manner and on the same basis as in the case of an individual...
Page 20 - Benevolent life Insurance associations of a purely local character, mutual ditch or irrigation companies, mutual or cooperative telephone companies, or like organizations; but only if 85 percent or more of the Income consists of amounts collected from members for the sole purpose of meetIng losses and expenses.
Page 87 - Stock owned, directly or indirectly, by or for a corporation, partnership, estate, or trust shall be considered as being owned proportionately by its shareholders, partners, or beneficiaries. (2) Family and partnership ownership. An individual shall be considered as owning the stock owned, directly or indirectly, by or for his family or by or for his partner.
Page 11 - Corporations organized for the exclusive purpose of holding title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to an organization which itself is exempt from the tax imposed by this title...
Page 55 - The farmers' cooperatives exempt from taxation to the extent provided in subsection (a) are farmers', fruit growers', or like associations organized and operated on a cooperative basis (A) for the purpose of marketing the products of members or other producers, and turning back to them the proceeds of sales, less the necessary marketing expenses, on the basis of either the quantity or the value of the products furnished by them, or (B) for the purpose of purchasing supplies and equipment for the...
Page 162 - In the case of property held in trust, the allowable deduction shall be apportioned between the income beneficiaries and the trustee in accordance with the pertinent provisions of the instrument creating the trust, or, in the absence of such provisions, on the basis of the trust income allocable to each.
Page 56 - Exemption shall not be denied any such association because it has capital stock, if the dividend rate of such stock is fixed at not to exceed the legal rate of interest in the State of incorporation or 8 percent per annum, whichever is greater, on the value of the consideration for which the stock was issued...
Page 25 - ... 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.