Committee PrintsU.S. Government Printing Office, 1963 |
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Page 3
... rule only where the life interest was retained in other than the donor ) . ( 20 ) Section 210 : Expropriation losses . Businesses which have sustained substantial " foreign expropriation losses " after 1958 are permitted to carry such ...
... rule only where the life interest was retained in other than the donor ) . ( 20 ) Section 210 : Expropriation losses . Businesses which have sustained substantial " foreign expropriation losses " after 1958 are permitted to carry such ...
Page 4
... rule adopted in 1962 which disallows a portion of travel expenses for certain business trips com- bined with a vacation is repealed . ( This is a committee amendment . ) ( 29 ) Section 219 : Reorganizations . - Tax - free status is ...
... rule adopted in 1962 which disallows a portion of travel expenses for certain business trips com- bined with a vacation is repealed . ( This is a committee amendment . ) ( 29 ) Section 219 : Reorganizations . - Tax - free status is ...
Page 5
... rules which are substantially the same as under present law . ( 33 ) Section 223 : Revolving credit . Installment sales treatment , under which the income is reported as the installment is received , is fully extended to revolving ...
... rules which are substantially the same as under present law . ( 33 ) Section 223 : Revolving credit . Installment sales treatment , under which the income is reported as the installment is received , is fully extended to revolving ...
Page 6
... rule providing for the deduction of certain distributions in 1958 through 1961 to shareholders pursuant to " mutualizations " of stock life insurance companies are extended to cover distributions in 1962 ; ( b ) The requirement of ...
... rule providing for the deduction of certain distributions in 1958 through 1961 to shareholders pursuant to " mutualizations " of stock life insurance companies are extended to cover distributions in 1962 ; ( b ) The requirement of ...
Page 2
... rules for deduction of transportation expenses when outside " duty area " on business , and for deduction of meals and lodging while away from duty area more than 16 hours and makes certain other modifications . E. EXCLUSIONS 1. Group ...
... rules for deduction of transportation expenses when outside " duty area " on business , and for deduction of meals and lodging while away from duty area more than 16 hours and makes certain other modifications . E. EXCLUSIONS 1. Group ...
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Common terms and phrases
50 percent additional adjusted gross income agricultural allowed amendments amount apply assets attributable basis beginning after December bracket calendar capital losses charitable contribution committee computed corporation cost December 31 depreciation dividend employee European Economic Community exceed excess exclusion existing law export extent fair market value filing gross income class group-term life insurance holding company income House bill income tax increase individual insurance protection interest investment credit itemized deductions joint return less long-term capital gains married couple medical expenses million minimum standard deduction moving expenses net income option price ordinary income paid payments personal holding company poultry poultry industry premiums present law proposed provides purchase rate reduction received reimbursed residence respect restricted stock result retirement income credit rule Secretary FREEMAN Section Senator BYRD single persons spouse surtax exemption tax liability taxable income taxable years beginning taxpayer tion Total trade treated as ordinary Virginia
Popular passages
Page 9 - For the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body...
Page 50 - Secretary or his delegate under this subtitle corresponding to the regulations which granted the option to deduct as expenses intangible drilling and development costs in the case of oil and gas wells and which were recogmzed and approved by the Congress in House Concurrent Resolution 50, Seventy-ninth Congress.
Page 6 - ... (3) losses of property not connected with a trade or business, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft...
Page 13 - A reasonable allowance for salaries or other compensation for personal services actually rendered; (2) Traveling expenses (including amounts expended for meals and lodging other than amounts which are lavish or extravagant under the circumstances) while away from home in the pursuit of a trade or business...
Page 27 - Commissioner is authorized to distribute, apportion, or allocate gross income, deductions, credits, or allowances between or among such organizations, trades, or businesses, if he determines that such distribution, apportionment, or allocation is necessary in order to prevent evasion of taxes or clearly to reflect the income of any of such organizations, trades, or businesses.
Page 49 - However, if property used in a trade or business or held for the production of income...
Page 27 - In the hands of the transferor corporation, and the principal purpose for which such acquisition was made Is evasion or avoidance of Federal Income tax by securing the benefit of a deduction, credit, or other allowance which such person or corporation would not otherwise enjoy, then such deduction, credit, or other allowance shall not be allowed.
Page 50 - If the stock options do not qualify as restricted, then the difference between the option price and the value of the stock at the time...
Page 7 - The recipient organization must be one which normally receives a substantial portion of its support from the United States or any State or political subdivision thereof or from direct or indirect contributions from the general public, or from a combination of two or more of such sources.
Page 95 - Effective date This provision applies to taxable years beginning after December 31, 1963.