The Tax Reform Act of 1969 : Pamphlets, Volume 3Library, Internal Revenue, 1969 |
Common terms and phrases
accelerated depreciation adding Code Sec adding new Code adjusted gross income adjusted tax amending Code Sec amount April 22 assets basis beginning after December beneficiary Bill Sec bonds carrybacks carryover charitable contributions Committee Reports computed December 31 depletion distribution dividend effect election employee Example exceed exempt organization expenditures fair market value farm loss farm net loss farm recapture property franchise gift Hobby Losses holding period income averaging income tax incurred interest deduction Intermediate Tax Rate investment income July 25 limit on tax long-term capital gain long-term capital loss low income allowance method operating loss ordinary income paid percentage present law private foundation production payment qualify recapture rule received reduced restricted stock rule would apply self-dealing separate return short-term capital standard deduction surcharge tax preference items Tax Reform Bill taxable income taxable years beginning tion trade or business transaction transfer trust unrelated business income
Popular passages
Page 32 - In the case of a taxpayer engaged in a trade or business in which both personal services and capital are material income-producing factors...
Page 29 - Example (1). H maintains as his home a household which is the principal place of abode of himself and his two dependent children. H's wife died in 1953 and he has not remarried.
Page 140 - However, if property used in a trade or business or held for the production of income...
Page 82 - The bill corrects this inequity by allowing all of the ordinary and necessary expenses paid or Incurred for the production or collection of income or for the management, conservation, or maintenance of property held for the production of income.
Page 152 - ABC transaction. A carved-out production payment is created when the owner of a mineral property sells — or carves out — a portion of his future production. A carved-out production payment is usually sold for cash and, quite often, to a financial institution. Under present law, the amount received by the seller of the carved-out production payment generally is considered ordinary income subject to depletion in the year in which received.
Page 158 - ... with the date of original Issue and the corresponding day of each succeeding calendar month (or the last day of a calendar month In which there Is no corresponding day...
Page 41 - ... significant power, right, or continuing interest with respect to the subject matter of the franchise, trademark, or trade name. (b) Definitions. — For purposes of this section — (1) Franchise. — The term "franchise...
Page 67 - ... restriction which by its terms will never lapse) at the first time the rights of the person having the beneficial interest in such property are transferable or are not subject to a substantial risk of forfeiture, whichever occurs earlier, over (2) the amount (if any) paid for...
Page 188 - ... in which the income was earned by the trust. This is accomplished by including, for purposes of tentative computations, a fraction of the income received from the trust in the beneficiary's income for the current year and each of the...
Page 98 - ... includes any activity which is carried on for the production of income from the sale of goods or the performance of services. For purposes of the preceding sentence, an activity does not lose identity as a trade or business merely because it is carried on within a larger aggregate of similar activities or within a larger complex of other endeavors which may, or may not, be related to the exempt purposes of the organization.