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" All interest paid or accrued within the taxable year on indebtedness, except on indebtedness incurred or continued to purchase or carry obligations (other than obligations of the United States issued after September 24, 1917, and originally subscribed... "
Statistics of Income - Page 259
by United States. Internal Revenue Service - 1951
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Reports of the United States Tax Court, Volume 64

United States. Tax Court - 1975
...TAX-EXEMPT INCOME. No deduction shall be allowed for— * * * (2) INTEREST. — Interest on indebtedness incurred or continued to purchase or carry obligations...originally subscribed for by the taxpayer) the interest on which is wholly exempt from the taxes imposed by this subtitle. * * * Levitt v. United States, 517...
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Code of Federal Regulations: Containing a Codification of Documents of ...

1972
...taxable year on udebtedness. except on indebtedness inurred or continued to purchase or carry obll;atlons (other than obligations of the United States Issued after September 24. 1917. and inglnally subscribed for by the taxpayer) be Interest on which is wholly exempt from axation under...
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General Tax Reform (testimony from Administration and Public Witnesses ...

United States. Congress. House. Committee on Ways and Means - 1973
...wholly exempt from the taxes imposed by this subtitle. (2) INTE»EST. — Interest on indebtedness incurred or continued to purchase or carry obligations...and originally subscribed for by the taxpayer) the 722 CCH— Standard Federal Tax Reports Cede $265 U 2226 92-606 O - 73 - pt. 10 -- 25 EXHIBIT B 2 7,...
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Code of Federal Regulations: Containing a Codification of Documents of ...

1974
...accrued) wholly exempt from the taxes imposed by this subtitle. (2) Interest. Interest on Indebtedness Incurred or contInued to purchase or carry obligations...originally subscribed for by the taxpayer) the Interest on which is wholly exempt from the taxes imposed by this subtitle. In applyIng the precedIng sentence...
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Public Law 94-455 94th Congress: Tax Reform Act of 1976

United States - 1976 - 415 pages
...SECTION 822. — (A) Section 822(c) (5) (relating to deduction of interest) is amended by striking out "(other than obligations of the United States issued...1917, and originally subscribed for by the taxpayer) ". (B) The last" sentence of section 822(d) (2) (relating to amortization of premium and accrual of...
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General Explanation of the Tax Reform Act of 1976: (H.R. 10612, 94th ...

United States. Congress. Joint Committee on Taxation - 1976 - 682 pages
...relating to tax-exempt income This amendment strikes out an obsolete reference to tax-exempt interest from obligations of the United States issued after September...1917, and originally subscribed for by the taxpayer. No such obligations paying tax-exempt interest are outstanding. Sec. 1901 (a) (38) (amends sec. 269...
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Code of Federal Regulations

1968
..."interest paid" as used in section 805(e) means the sum of— (1) All interest for the taxable year on indebtedness, except on indebtedness incurred or continued to purchase or carry obligations the interest on which is wholly exempt from tax under chapter 1 of the Code. Indebtedness does not...
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Code of Federal Regulations: Containing a Codification of Documents of ...

1970
...any taxable year is the sum of — (1) Interest on indebtedness. All interest for the taxable year on indebtedness, except on indebtedness incurred or continued to purchase or carry obligations the interest on which is wholly exempt from taxation under this chapter. (2) Amounts in the nature...
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Code of Federal Regulations

1966
...taxable year is the sum of — ( 1 ) Interest on indebtedness. All interest for the taxable year on indebtedness, except on indebtedness incurred or continued to purchase or carry obligations the interest on which is wholly exempt from taxation under this chapter. (2) Amounts in the nature...
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Code of Federal Regulations: Containing a Codification of Documents of ...

1973
...any taxable year Is the sum of — (1) Interest on indebtedness. All Interest for the taxable year on Indebtedness, except on Indebtedness Incurred or continued to purchase or carry obligations the Interest on which is wholly exempt from taxation under this chapter. (2) Amounts in the nature...
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