Statistics of Income: Fiduciary income tax returnsU.S. Treasury Department, 1957 |
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Common terms and phrases
alternative tax Amount Number amount on line amount shown Amount Thousand dollars Balance line capital assets charitable deduction Classifications and Terms computing depreciation distributable net income distributions to beneficiaries dividends received estate or trust estate tax excess exempt Explanation of Classifications fiduciary income tax fiduciary returns Fiduciary's share gain from sales gain or loss gains and losses governing instrument gross amount gross income Gross profit included INCOME AND LOSS income of fiduciary income tax returns Internal Revenue Code Limitations of Data line 11 long-term capital gain loss from sales nonresident alien normal tax Number of returns percent rents and royalties returns Amount Thousand sale or exchange sales of capital Sample and Limitations Schedule G short-term capital gain shown on line simple trust sources of income specific instruction Table tax credit tax rates taxable and nontaxable taxable income taxpayer tion total income classes total of column trade or business trust instrument
Popular passages
Page 35 - All interest paid or accrued within the taxable year on indebtedness, except on indebtedness incurred or continued to purchase or carry obligations or securities (other than obligations of the United States issued after September 24, 1917, and originally subscribed for by the taxpayer) the interest upon which is wholly exempt from taxation under this title...
Page 35 - Issued by a government or political subdivision thereof), but does not Include any such obligation which constitutes stock In trade of the taxpayer or any such obligation of a kind which would properly be Included In the Inventory of the taxpayer if on hand at the close of the taxable year, or any such obligation held by the taxpayer primarily for sale to customers In the ordinary course of his trade or business.
Page 33 - ... (B) the period between each such distribution to such beneficiary is 4 years or more, and (C) as of January 1, 1954, such distributions are required by the specific terms of the governing instrument; and (4) amounts properly paid or credited to a beneficiary as a final distribution of the trust if such final distribution is made more than 9 years after the date of the last transfer to such trust. (c) TAXES IMPOSED ON THE TRUST.
Page 32 - ... on or before the 15th day of the 4th month following the close of such short period.
Page 33 - ... rent, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or determinable gains, profits, and income...
Page 36 - Any amount which, under the terms of the governing instrument, is properly paid or credited as a gift or bequest of a specific sum of money...
Page 36 - ... trustee in accordance with the pertinent provisions of the instrument creating the trust, or, in the absence of such provisions, on the basis of the trust income allocable to each. In the case of an estate, the allowable deduction shall be apportioned between the estate and the heirs, legatees and devisees on the basis of the income of the estate allocable to each.
Page 33 - Interest on — (1) the obligations of a State, a Territory, or a possession of the United States, or any political subdivision of any of the foregoing, or of the District of Columbia ; 1 Sec.
Page 35 - States, as is allowed as a credit under section 222, (C) taxes assessed against local benefits of a kind tending to increase the value of the property assessed, and (D) taxes imposed upon the taxpayer upon his interest as shareholder of a corporation, which are paid by the corporation without reimbursement from the taxpayer.
Page 38 - Accounts or notes receivable acquired In the ordinary course of trade or business for services rendered...