The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1960 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
adjusted basis adjusted gross income allocable amortization deduction amounts received annuity apply assets attributable August 16 beneficiary bond premium calendar carryback carryover ceived cluded có có có computed contract contributions cost December 31 deduction under section depreciation determined distribution dividends duction earnings and profits election employee excess excluded from gross exempt expenditures expenses fair market value filed following examples gain or loss graph included in gross income tax individual interest Internal Revenue Code joint return June 22 limitation liquidation ment method operating loss paragraph payments percent period person poration preferred stock prior provided in section provisions of section purchase purposes of section real property tax regulations thereunder relating reorganization respect retirement income section 404 section 72 shareholder special rule standard deduction Statutory provisions subparagraph tax imposed taxable income taxable year beginning taxpayer tion trade or business treated trust
Popular passages
Page 264 - 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 193 - A reasonable allowance for salaries or other compensation for personal services actually rendered; (2) Traveling expenses (including the entire amount expended for meals and lodging) while away from home in the pursuit of a trade or business; and (3) Rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity.
Page 543 - (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 446 - ... (B) as paid-in surplus or as a contribution to capital, then the basis shall be the same as it would be in the hands of the transferor, increased in the amount of gain or decreased in the amount of loss recognized to the transferor upon such transfer under the law applicable to the year in which the transfer was made.
Page 446 - If the corporation receiving such other property or money does not distribute It in pursuance of the plan of reorganization, the gain, if any, to the corporation shall be recognized, but in an amount not in excess of the sum of such money and the fair market value of such other property so received, which is not so distributed.
Page 445 - No gain or loss shall be recognized If a corporation a party to a reorganization exchanges property, in pursuance of the plan of reorganization, solely for stock or securities in another corporation a party to the reorganization.
Page 266 - ... 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 544 - If an installment obligation is satisfied at other than its face value or distributed, transmitted, sold, or otherwise disposed of, gain or loss shall result to the extent of the difference between the basis of the obligation...
Page 152 - ... (4) Amounts received as a pension, annuity or similar allowance for personal injuries or sickness resulting from active service in the armed forces of any country...
Page 537 - 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.