The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1968 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
accumulation distribution adjusted basis allocable annuity apply attorney-in-fact beneficiary capital assets capital gains capital loss carryback company taxable income contracts corpus decedent December 31 defined in section depreciation described in section distributable net income distributive share dividends to policyholders duction estate or trust estate tax estates and trusts exceeds excess expenses gain or loss grantor graph gross income imposed by section included income in respect insurance company taxable insurance reserves Internal Revenue Code investment yield loss deduction loss from operations ment mutual insurance mutual insurance company nership operations loss ordinary income paid pany paragraph partner partnership property payment percent portion preceding taxable premiums provided in section provisions of section reinsured sale or exchange section 642 section 751 section 809 Statutory provisions subchapter subparagraph subpart taken into account tax imposed taxable investment income taxable year 1959 taxable years beginning term tion treated tributed trust instrument unused loss
Popular passages
Page 221 - ... (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 91 - Income 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...
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 377 - Title 48 — Trade Agreements and Adjustment Assistance Programs I Presidential Documents II Office of the Special Representative for Trade Negotiations III Department of Commerce IV Department of Labor V Automotive Agreement Adjustment Assistance Board...
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 41 - In the hands of the estate or trust. For this purpose, the amounts shall be treated as consisting of the same proportion of each class of Items entering into the computation of distributable net Income as the total of each class bears to the total distributable net Income of the estate or trust unless the terms of the governing instrument specifically allocate different classes of Income to different beneficiaries.
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 128 - In the case of any partnership interest created by gift, the distributive share of the donee under the partnership agreement shall be includible in his gross income, except to the extent that such share is determined without allowance of reasonable compensation for services rendered to the partnership by the donor, and except to the extent that the portion of such share attributable to donated capital is proportionately greater than the share of the donor attributable to the donor's capital.
Page 210 - 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...