The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1971 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
adjusted basis adjusted gross income allowed under section amended by T.D. amortization deduction amounts received annuity apply asset attributable beneficiary bond premium calendar carryback carryover charitable contribution có có có contract corporation cost credit earned December 31 deduction under section depreciation described in section determined dividends duction election employee erty excess excluded from gross exemptions expenditures expenses filed graph income tax individual interest Internal Revenue Code January joint return June 30 lease lessee lessor ment method net operating loss operating loss paragraph payer payments percent period placed in service portion prop purchase purposes of section qualified investment regulations thereunder respect section 167 section 38 property section 72 spect spouse standard deduction Stat Statutory provisions subdivision subparagraph subsection taken into account tax imposed taxable income taxable year ending taxable years beginning taxpayer tion trade or business treated weekly rate
Popular passages
Page 358 - A reasonable allowance for salaries or other compensation for personal services actually rendered; (2) Traveling expenses (including the entire amount expended for meals and lodging) while away from home In the pursuit of a trade or business; and (3) Rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or In which he has no equity.
Page 349 - ... his visual acuity is greater than 20/200 but is accompanied by a limitation in the fields of vision such that the widest diameter of the visual field subtends an angle no greater than 20 degrees.
Page 477 - ... an educational organization which normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of pupils or students in attendance at the place where its educational activities are regularly carried on...
Page 267 - If such transfer is to the insured, to a partner of the Insured, to a partnership in which the Insured is a partner, or to a corporation in which the Insured Is a shareholder or officer. (b) Employees' death benefits — (1) General rule.
Page 152 - SEC. 61. Gross income defined — (a) General definition. Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items: (1) Compensation for services, including fees, commissions, and similar items...
Page 358 - Trade or business expenses — (a) In general. There shall be allowed as a deduction all the ordinary and necessary expenses paid or Incurred during the taxable year In carrying on any trade or business, Including — (1) A reasonable allowance for salaries or other compensation for personal services actually rendered...
Page 409 - Legal action not required, where the surrounding circumstances indicate that a debt is worthless and uncollectible and that legal action to enforce payment would in all probability not result in the satisfaction of execution on a judgment...
Page 264 - If such contract or interest therein has a basis for determining gain or loss In the hands of a transferee determined In whole or In part by reference to such basis of such contract or Interest therein In the hands of the...
Page 421 - Secretary or his delegate, under any of the following methods: (1) the straight line method, (2) the declining balance method, using a rate not exceeding twice the rate which would have been used had the annual allowance been computed under the method described in paragraph (1...
Page 310 - In such cases, the amount of any income of the taxpayer attributable to any unamortized premium (computed as of the first day of the taxable year in which such discharge occurred) with respect to such Indebtedness shall not be Included in gross income, and the amount of the deduction attributable •to any unamortized discount (computed as of the first day of the taxable year in which such discharge occurred) with respect to such indebtedness shall not be allowed as a deduction.