Code of Federal Regulations: Containing a Codification of Documents of General Applicability and Future Effect as of December 31, 1948, with Ancillaries and IndexDivision of the Federal Register, the National Archives, 1972 Special edition of the Federal Register, containing a codification of documents of general applicability and future effect ... with ancillaries. |
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Common terms and phrases
accumulation distribution adjusted basis annuity apply attributable beneficiary capital gains capital loss carryback charitable contributions Code company taxable income contracts decedent December 31 deduction allowed deduction under section defined in section depreciation described in section distributable net income distributed currently duction election estate or trust estates and trusts exceeds excess expenses extent fair market value foreign trust created gain or loss grantor graph gross income imposed by section included income in respect insurance company taxable insurance reserves Internal Revenue Code liability loss carryover loss from operations ment mutual insurance mutual insurance company operating loss ordinary income paragraph partner partnership property payment percent pooled income fund portion preceding taxable premiums provided in section provisions of section reinsured sale or exchange section 642 section 809 special rules Statutory provisions subchapter subparagraph subpart taken into account tax imposed taxable years beginning term tion tributed trust instrument U.S. person undistributed unused loss
Popular passages
Page 27 - ... is during the taxable year paid or permanently set aside for the purposes and in the manner specified in section 23 (o), 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 199 - 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 237 - ... (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 193 - Life insurance companies issuing policies covering life, health, and accident insurance combined in one policy issued on the weekly premium payment plan, continuing for life and not subject to cancellation...
Page 102 - 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...
Page 89 - Income of a trust shall not be considered taxable to the grantor under subsection (a) or any other provision of this chapter merely because such income in the discretion of another person, the trustee, or the grantor acting as trustee or cotrustee, may be applied or distributed for the support or maintenance of a beneficiary (other than the grantor's spouse) whom the grantor is legally obligated to support or maintain, except to the extent that such income is so applied or distributed.
Page 105 - ... in respect of a decedent which is not properly allowable to the decedent in respect of the taxable period in which falls the date of his death, or a prior period, shall be allowed: (1) Expenses, interest, and taxes.
Page 78 - A power does not fall within the powers described in this paragraph if any person has a power to add to the beneficiary or beneficiaries or to a class of beneficiaries designated to receive the income or corpus except where such action is to provide for after-born or after-adopted children.
Page 206 - Though its name, charter powers, and subjection to State insurance laws are significant in determining the business which a corporation is authorized and intends to carry on, the character of the business actually done in the taxable year determines whether it is taxable as an insurance company under the Internal Revenue Code.
Page 59 - ... applicable local law. Items of gross Income constituting extraordinary dividends or taxable stock dividends which the fiduciary, acting In good faith, determines to be allocable to corpus under the terms of the governing Instrument and applicable local law shall not be considered Income. § 1.643 (b)-l Definition of "income". For purposes of subparts A through D, part I, subchapter J. chapter 1 of the Code, the term "income" when not preceded by the words "taxable", "distributable net", "undistributed...