Code of Federal Regulations: Containing a Codification of Documents of General Applicability and Future Effect as of December 31, 1948, with Ancillaries and IndexDivision of the Federal Register, the National Archives, 1970 Special edition of the Federal Register, containing a codification of documents of general applicability and future effect ... with ancillaries. |
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Page 20
... calendar year and if such person does not make a joint re- turn with his spouse for the taxable year beginning in such calendar year . The taxpayer may not be considered to be a head of a household by reason of any person for whom a ...
... calendar year and if such person does not make a joint re- turn with his spouse for the taxable year beginning in such calendar year . The taxpayer may not be considered to be a head of a household by reason of any person for whom a ...
Page 35
... calendar year 1954 and his wife has no gross income the tax on a joint return basis would be $ 647 ( assuming he is en- titled to only two exemptions ) . If H files a separate return , claiming two ex- emptions ( himself and his wife ) ...
... calendar year 1954 and his wife has no gross income the tax on a joint return basis would be $ 647 ( assuming he is en- titled to only two exemptions ) . If H files a separate return , claiming two ex- emptions ( himself and his wife ) ...
Page 36
... calendar year ; and one exemption for each dependent whose gross income for the calendar year in which the tax- able year of the taxpayer begins is less than $ 600 . No exemption is allowed for any dependent who has made a joint re ...
... calendar year ; and one exemption for each dependent whose gross income for the calendar year in which the tax- able year of the taxpayer begins is less than $ 600 . No exemption is allowed for any dependent who has made a joint re ...
Page 39
... calendar year 1955. The gross income includes interest of $ 5,000 on United States obligations for which a deduction under section 242 is allowable in determining tax- It able income subject to the normal tax . has other deductions of ...
... calendar year 1955. The gross income includes interest of $ 5,000 on United States obligations for which a deduction under section 242 is allowable in determining tax- It able income subject to the normal tax . has other deductions of ...
Page 42
... calendar year basis , has taxable income for the calendar year 1955 , in the amount of $ 22,000 which includes $ 4,000 representing 50 percent of a long - term cap- ital gain of $ 8,000 . Assume , for the purpose of this example , that ...
... calendar year basis , has taxable income for the calendar year 1955 , in the amount of $ 22,000 which includes $ 4,000 representing 50 percent of a long - term cap- ital gain of $ 8,000 . Assume , for the purpose of this example , that ...
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Common terms and phrases
adjusted basis adjusted gross income affiliated group allowed under section amended by T.D. amounts received annuity starting date apply asset basis or cost beneficiary benefits calendar carryback có có có contributions credit allowed death December 31 depreciation described in section dividends dividends received electing small business employee erty estate or trust excluded from gross expected return filing graph includible in gross income tax individual interest Internal Revenue Code investment with respect item of section January joint return June 30 lessee lessor ment nonresident alien number of exemptions paid paragraph partner partnership payments percent period person placed in service premiums property with respect recomputed credit earned regulations thereunder section 38 property section 72 shareholder spect standard deduction Statutory provisions subdivision subparagraph subsection surviving spouse taken into account tax imposed taxable income taxable year 1962 taxable year beginning taxpayer trade or business treated unused credit weekly rate wife
Popular passages
Page 341 - 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 423 - 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. In the case of property held in trust the allowable deduction shall be apportioned between the income beneficiaries and the trustee in accordance with the pertinent provisions of the instrument creating the trust, or, in the absence of such provisions, on the basis of...
Page 255 - If such transfer is to the insured, to a partner of the Insured, to a partnership in which the Insured is a partner, or to a corporation in which the Insured Is a shareholder or officer.
Page 103 - Except as provided in this subsection, the term "section 38 property" means— (A) Tangible personal property, or (B) Other tangible property (not including a building and its structural components) but only if such property...
Page 348 - ... (3) In any event the allowance for the compensation paid may not exceed what is reasonable under all the circumstances. It is, in general, just to assume that reasonable and true compensation is only such amount as would ordinarily be paid for like services by like enterprises under like circumstances. The circumstances to be taken into consideration are those existing at the date when the contract for services was made, not those existing at the date when the contract is questioned.
Page 376 - ... (c) Limitation on losses of individuals. In the case of an individual, the deduction under subsection (a) shall be limited to — (1) Losses incurred in a trade or business...
Page 333 - For purposes of this subsection, an individual is blind only If his central visual acuity does not exceed 20/200 in the better eye with correcting lenses, or If his visual acuity is greater than 20/200 but Is accompanied by a limitation In the fields of vision such that the widest diameter of the visual field subtends an angle no greater than 20 degrees.
Page 157 - In general, installment payments discharging a part of an obligation the principal sum of which is, in terms of money or property, specified in the decree, instrument, or agreement are not considered "periodic payments" and therefore are not to be included under section 71 (a) in the wife's income.
Page 300 - Gross income does not include income attributable to the recovery during the taxable year of a bad debt, prior tax. or delinquency amount, to the extent of the amount of the recovery exclusion with respect to such debt, tax, or amount. (b) Definitions. For purposes of subsection (a) — (1) Bad debt. The term "bad debt...
Page 445 - For purposes of this section, the term "charitable contribution" means a contribution or gift to or for the use of — (1) A State, a Territory, a possession of the United States, or any political subdivision of any of the foregoing, or the United States or the District of Columbia, but only if the contribution or gift is made for exclusively public purposes. (2) A corporation, trust, or community chest, fund, or foundation...