The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1984 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
accrual accrued benefit adjustments aggregate allocated amount annuity contract assets base basis behalf beneficiary calendar compensation computed corporation cost December 31 deduction defined benefit plan defined contribution plan described in section determined distribution election employee employee's employer contributions Example exceed exercise fair market value graph gross income income tax individual retirement account Internal Revenue Code inventory January justments liability LIFO ment method of accounting months nonforfeitable normal retirement age option granted option price owner-employee paid participant participant's payments pension percent percentage period ployee prior purposes of section pursuant qualified plan qualified stock option regulations thereunder requirements of section respect restricted stock option rules relating satisfy the requirements scribed section 483 self-employed individual share special rules spect subdivision subpara subparagraph taken into account taxable income taxable years beginning taxpayer termination tion total unstated interest trade or business transfer treated trust
Popular passages
Page 267 - 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 505 - Whenever in the opinion of the Commissioner the use of inventories is necessary in order clearly to determine the income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the...
Page 123 - ... taxable year of the distributee on account of the employee's death or other separation from the service, or on account of the death of the employee after his separation from the service, the amount of such distribution...
Page 505 - Any goods in an inventory which are unsalable at normal prices or unusable in the normal way because of damage, Imperfections, shop wear, changes of style, odd or broken lots, or other similar causes...
Page 33 - Commissioner not to be discriminatory in favor of employees who are officers, shareholders, persons whose principal duties consist in supervising the work of other employees, or highly compensated employees; and (4) if the contributions or benefits provided under the plan do not discriminate in favor of employees who are officers, shareholders, persons whose principal duties consist in supervising the work of other employees, or highly compensated employees.
Page 59 - Under section 401 (a) (2) a trust is not qualified unless under the trust instrument it is impossible (in the taxable year and at any time thereafter before the satisfaction of all liabilities to employees or their beneficiaries covered by the trust) for any part of the trust corpus or income to be used for, or diverted to, purposes other than for the exclusive benefit of such employees or their beneficiaries.
Page 39 - Neither shall a plan be considered discriminatory within the meaning of such provisions merely because the contributions or benefits of or on behalf of the employees under the plan bear a uniform relationship to the total compensation, or the basic or regular rate of compensation, of such employees, or merely because the contributions or benefits based on that part of an employee's remuneration which is excluded from "wages...
Page 447 - BASIS. (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 22 - ... effect, if all provisions of the plan which are necessary to satisfy such requirements are In effect by the end of such period and have been made effective for all purposes with respect to the whole of such period.
Page 148 - Any amount paid in a taxable year in excess of the amount deductible in such year under the foregoing limitations shall be deductible in the succeeding taxable years in order of time to the extent of the difference between the amount paid and deductible in each such succeeding year and the maximum amount deductible for such year in accordance with the foregoing limitations. (2) Employees