The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1988 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
additional depreciation adjusted basis allowed amount of gain amount realized apply attributable basis of property bond capital asset carryback carryover computed December 31 determined disposition distribution earnings and profits election under section erty fair market value filed gain or loss gain realized gain recognized gift gift tax graph gross income held holding period income under section Internal Revenue Code January justment long-term capital gain long-term capital loss ment mixed straddle non-section 1256 position obligation option ordinary income original issue discount paid paragraph payment percent PFIC portion property acquired purchase purposes of section pursuant put option qualified reacquisition real property recognized under section relating respect sale or exchange section 1250 property section 1256 contract series E bonds shareholder short-term capital loss sold spect stock or securities subdivision subpara subparagraph taken into account taxable income taxable years beginning taxpayer tier corporation tion transaction transfer treated
Popular passages
Page 46 - If the property was acquired by gift after December 31, 1920, the basis shall be the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift...
Page 313 - It has been established to the satisfaction of the Secretary or his delegate that such exchange Is not In pursuance of a plan having as one of Its principal purposes the avoidance of Federal Income taxes.
Page 64 - Whenever it appears that the basis of property in the hands of the taxpayer is a substituted basis, then the adjustments provided in paragraph (1) of this subsection shall be made after first making in respect of such substituted basis proper adjustments of a similar nature in respect of the period during which the property was held by the transferor, donor, or grantor, or during which the other property was held by the person for whom the basis is to be determined. A similar rule shall be applied...
Page 77 - One year after the close of the first taxable year in which any part of the gain upon the conversion is realized...
Page 142 - This paragraph shall not apply to property acquired by a corporation by the Issuance of Its stock or securities as the consideration In whole or In part for the transfer of the property to It; "(7) Transfers to corporation where control of property remains In same persons.
Page 69 - ... bonds, notes, choses in action, certificates of trust or beneficial interest, or other securities or evidences of indebtedness or interest) is exchanged solely for property of a like kind to be held either for productive use in trade or business or for investment.
Page 59 - ... or were applicable in reduction of basis (not including distributions made by a corporation, which was classified as a personal service corporation under the provisions of the Revenue Act of 1918, Feb.
Page 48 - If the property was acquired after December 31, 1920, by a transfer in trust (other than by a transfer in trust by a bequest or devise) the basis shall be the same as it would be in the hands of the grantor, increased in the amount of gain or decreased in the amount of loss recognized to the grantor upon such transfer under the law applicable to the year in which the transfer was made.
Page 76 - ... at least 80 percent of the total combined voting power of all classes of stock entitled to vote, and at least 80 percent of the total number of shares of all other classes of stock (except nonvoting stock which is limited and preferred as to dividends...
Page 124 - PROPERTY ACQUIRED DURING AFFILIATION. — In the case of property acquired by a corporation, during a period of affiliation, from a corporation with which it was affiliated, the basis of such property, after such period of affiliation, shall be determined, in accordance with regulations prescribed by the Commissioner with the approval of the Secretary, without regard to inter-company transactions in respect of which gain or loss was not recognized.