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
accrual method adjustments aggregate allocation amount annuity contract annuity plan arm's length Assume attributable basis behalf beneficiary benefits billing-month bond calendar compensation computed December 31 described in section determined disposition distribution election employee's example excess contribution exer fair market value graph gross income gross profit includible in gross installment Internal Revenue Code January June justments liability meet the requirements ment method of accounting months option granted option is exercised option price owner-employee paid paragraph payments pension percent ployee pool poration Present value prior profit-sharing purposes of section pursuant qualified stock option requirements of section respect restricted stock option retirement revolving credit sale or exchange section 404 self-employed individual series E bond share of stock short period subdivision subpara subparagraph taxable income taxable years beginning taxpayer tion total unstated interest trade or business transfer treated tributions trust
Popular passages
Page 196 - If no method of accounting has been regularly used by the taxpayer, or if the method used does not clearly reflect income, the computation of taxable income shall be made under such method as, in the opinion of the Secretary or his delegate, does clearly reflect income.
Page 205 - BASIS. (a) DEALERS IN PERSONAL PROPERTY. — Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price.
Page 7 - ... (2) if under the trust instrument it is impossible, at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the trust, for any part of the corpus or income to be (within the taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of his employees or their beneficiaries...
Page 223 - 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...
Page 194 - Except for deviations permitted or required by such special accounting treatment, taxable income shall be computed under the method of accounting on the basis of which the taxpayer regularly computes his Income in keeping his books.
Page 7 - Neither shall a plan be considered discriminatory within the meaning of such provisions merely because the contributions or benefits of or on behalf of the employees under the plan bear a uniform relationship to the total compensation, or the basic or regular rate of compensation, of such employees, or merely because the contributions cr benefits based on that part of an employee's remuneration which Is excluded from "wages...
Page 203 - The basis of an installment obligation shall be the excess of the face value of the obligation over an amount equal to the income which would be returnable were the obligation satisfied in full.
Page 56 - ... securities of the employer corporation" includes securities of a parent or subsidiary corporation (as defined in subsections (e) and (f ) of section 425) of the employer corporation.
Page 110 - Individual upon his exercise of the option with respect to such share; (2) No deduction under section 162 (relating to trade or business expenses) shall be allowable at any time to the employer corporation, a parent or subsidiary corporation of such corporation, or a corporation issuing or assuming a stock option in a transaction to which section 425 (a) applies, with respect to the share so transferred...
Page 101 - SEC. 404. DEDUCTION FOR CONTRIBUTIONS OF AN EMPLOYER TO AN EMPLOYEES' TRUST OR ANNUITY PLAN AND COMPENSATION UNDER A DEFERRED-PAYMENT PLAN.