The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1985 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 amortizable amortization amounts paid apply assets attributable calendar capital gain property carryback charitable organization clude computed considered 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 exceed expenditures expenses paid fair market value Federal filed graph income tax income tax return individual interest Internal Revenue Code January joint return lease limitation ment net operating loss organization paid or incurred partnership payer payment penditures penses percent period person portion preferred stock principal place purposes of section qualified railroad relating respect section 179 spect 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 234 - 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 41 - 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 79 - ... 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 233 - Every person, at his election, shall be entitled to a deduction with respect to the amortization of the adjusted basis (for determining gain) of any emergency facility (as defined in subsection (d)), based on a period of 60 months.
Page 167 - September 2, 1958, or within six months after such date, by the operation of any law or rule of law other than section 3760 of the Internal Revenue Code of 1939 or section 7121 of the Internal Revenue Code of 1954, relating to closing agreements, and other than section 3761 of the Internal Revenue Code of 1939 or section 7122 of the Internal Revenue Code of 1954, relating to compromises, refund or credit of such overpayment may, nevertheless, be made or allowed if claim therefor is filed on or before...
Page 208 - ... (A) the property is not acquired from a person whose relationship to the person acquiring it would result in the disallowance of losses under section 267 or...
Page 61 - 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 18 - ... an organization which normally receives a substantial part of Its support (exclusive of income received in the exercise or performance by such organization of its charitable, educational, or other purpose or function constituting the basis for its exemption under section 501 (a) ) from the United States or any State or political subdivision thereof or from direct or indirect contributions from the general public...
Page 16 - ... not exceed 10 percent of his adjusted gross income (computed without regard to any net operating loss carryback to the taxable year under section 172...
Page 152 - For the purposes of this paragraph a fractional part of a month shall be disregarded unless it amounts to more than half a month, in which case it shall be considered as a month.