Federal Income, Estate, and Gift Tax Laws, Correlated: Being a Correlation of the Income, Estate, and Gift Tax Provisions of the Internal Revenue Code Currently in Effect During Each of the Years 1950, 1951, and 1952, with AmendmentsTax Law Publishing Company, 1953 - 640 pages |
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Common terms and phrases
acquiring corporation Act makes amendment added to I. R. C. adjusted basis allowed amended by Sec amendment applicable applicable to taxable assessment average base period Beginning in 1950 centum chapter Commissioner component corporation computed credit or refund decedent December 31 deduction deficiency defined in section determined distraint distribution dividends duction employee ending after June EPTA exceed excess profits credit exempt filed gross estate gross income I. R. C. by Sec included interest Internal Revenue Code June 30 liability March 31 ment months nonresident alien normal-tax number of days operating loss paid paragraph payer payment period net income poration prior profits net income provided in section purposes regulations prescribed respect Revenue Act sale or exchange Secretary section 23 shareholders spect spouse subchapter subparagraph subsection Supplement supra tax imposed Taxable Years Beginning taxable years ending taxpayer term thereof tion trade or business transaction transfer trust United
Popular passages
Page 195 - In the case of oil and gas wells the allowance for depletion under section 23 (m) shall be 27 '/2 per centum of the gross Income from the property during the taxable year, excluding from such gross Income an amount equal to any rents or royalties paid or incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 per centum of the net Income of the taxpayer (computed without allowance for depletion) from the property, except that in no case shall the depletion allowance...
Page 154 - No gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock or securities in such corporation, and immediately after the exchange such person or persons are in control of the corporation...
Page 21 - State, or any political subdivision thereof, or any agency or instrumentality of any one or more of the foregoing), of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income derived...
Page 503 - To the extent of the interest therein held as joint tenants by the decedent and any other person, or as tenants by the entirety by the decedent and spouse, or deposited, with any person carrying on the banking business, in their joint names and payable to either or the survivor, except such part thereof as may be shown to have originally belonged to such other person and never to have been received or acquired by the latter from the decedent for less than an adequate and full consideration in money...
Page 196 - The allowance for depletion under section 23 (m) shall be, in the case of coal mines, 5 per centum, in the case of metal mines, 15 per centum, and, in the case of sulphur mines or deposits, 23 per centum, of the gross income from the property during the taxable year, excluding from such gross income an amount equal to any rents or royalties paid or incurred by the taxpayer in respect of the property.
Page 118 - ... it shall be unlawful for any person to print or publish in any manner whatever not provided by law any income return or any part thereof or source of income, profits, losses, or expenditures appearing in any income return...
Page 95 - The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer ; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect the income...
Page 53 - In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case...
Page 154 - No gain or loss shall be recognized if stock or securities in a corporation a party to a reorganization are, in pursuance of the plan of reorganization, exchanged solely for stock or securities in such corporation or in another corporation a party to the reorganization.
Page 576 - partnership" Includes a syndicate, group, pool, Joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this title, a trust or estate...