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able accumulation adjusted adjusted basis allocable allowed amount annuity apply assets Assume attributable basis beneficiary capital carried chapter charitable Code computed considered contracts contributions corpus death decedent December 31 deduction deemed defined in section Department depreciation determined distributed dividends effect election equal example exceeds excess exchange excluded expenses extent filed gain grantor graph gross income held illustrated included increase insurance company interest investment income January less liability limitation loss means ment method mutual insurance operations owner paid paragraph partner partnership payment percent period person policyholders portion preceding premiums provided in section reason received reduced referred regard regulations reinsured relating reserves respect rules section 751 separate share ship specified Statutory provisions subchapter subparagraph surplus tax imposed taxable income term termination tion treated tributed trust trust instrument
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.