The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1982 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
30-percent capital gain acquisition activity adjusted basis adjusted gross income affiliated group allocated allowed under section amortization amounts paid apply assets attributable calendar capital gain property carryback charitable organization community trust computed considered contributed property contribution base corporation cost December 31 deduction allowable deduction under section depreciation described in section determined dividends duction earnings and profits election under section employee expenditures expenses paid fair market value filed graph income tax income tax return indebtedness individual interest Internal Revenue Code January joint return lease limitation ment net operating loss organization paid or incurred paragraph payer payment penses percent period person portion preferred stock principal place purposes of section qualify railroad relating respect ryover section 170 spouse subdivision subpara subparagraph taxable income taxable year ending taxable years beginning taxpayer term terminal tion trade or business treated as paid
Popular passages
Page 43 - The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.
Page 80 - ... an educational organization which normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of pupils or students in attendance at the place where its educational activities are regularly carried on...
Page 226 - In the case of property held by one person for life with remainder to another person, the deduction shall be computed as if the life tenant were the absolute owner of the property and shall be allowed to the life tenant...
Page 352 - As used in section 247 and this section, public utility means a corporation engaged in the furnishing of telephone service, or in the sale of electric energy, gas, or water if the rates charged by such corporation for such furnishing or sale, as the case may be, have been established or approved by a State or political subdivision thereof...
Page 144 - For the purposes of this subdivision, a fractional part of a month shall be disregarded unless it amounts to more than half of a month, in which case it shall be considered as a month.
Page 62 - Future interests" is a legal term, and includes reversions, remainders, and other interests or estates, whether vested or contingent, and whether or not supported by a particular interest or estate, which are limited to commence in use, possession, or enjoyment at some future date or time.
Page 373 - 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 for by the taxpayer) the interest on which is wholly exempt from taxation under this subtitle.
Page 81 - ... any trade or business the conduct of which is not substantially related (aside from the need of such organization for income or funds or the use it makes of the profits derived) to the exercise or performance by such organization of its charitable, educational, or other purpose or function constituting the basis for its exemption...
Page 193 - ... shall be substituted for the phrase 'more than 50 percent' each place it appears in such subsection.
Page 374 - See paragraph (a) for the disallowance of interest on indebtedness incurred or continued to purchase or carry obligations the interest on which is wholly exempt from tax under subtitle A of the Code. (4) Every financial institution claiming the benefits of the special rule for certain financial institutions contained in section 265(2) shall file with its return for the taxable year...