The Code of Federal Regulations of the United States of America
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
able additional adjusted agency allocated allowed amended amount apply asset attributable basis book income building calendar capital carried certificate claim Code computed considered construction corporation cost credit earned December 31 deduction defined Department depreciation described determined effect election employee ending energy equal equipment Example excess expenditures expenses facts Federal filed foreign gains graph housing credit imposed income tax increase incurred individual interest Internal Revenue Code investment issued items of tax January lease less liability limitation loss meaning ment mortgage Office operating paid paragraph partnership percent period person placed in service portion prior purchase qualified qualified investment reason reduced regulations rehabilitation relating requirements residence respect rules section 38 property separate share sources statement subparagraph taken into account tax preference taxable income taxpayer term tion transfer treated trust United wages
Page 115 - ... (B) who Is a child of the taxpayer and who (1) has not attained the age of 19 at the close of the calendar year in which the taxable year of the taxpayer begins, or (11) Is a student.
Page 73 - Earned income" means wages, salaries, professional fees, and other amounts received as compensation for personal services actually rendered, but does not include any amount not included in gross income, nor that part of the compensation derived by the taxpayer for personal services rendered by him to a corporation which represents a distribution of earnings or profits rather than a reasonable allowance as compensation...
Page 377 - ... 50 percent of the total value of the shares of all classes of stock of another corporation, then such person (or persons) shall be treated as in control of such other corporation.
Page 438 - ... there shall then be included in computing the taxable income and credits of the grantor or the other person those items of income, deductions, and credits against tax of the trust which are attributable to that portion of the trust to the extent that such items would be taken into account under this chapter in computing taxable income or credits against the tax of an individual.
Page xiii - Joint return with his spouse under section 6013 for the taxable year beginning in the calendar year in which the taxable year of the taxpayer begins. (3) Child defined. For purposes of paragraph (1) (B), the term "child...
Page 255 - For purposes of this section, the terms "controlled group of corporations" and "component member" of a controlled group of corporations shall have the same meaning assigned to those terms in section 1563 (a) and (b), except that the phrase "more than 50 percent" shall be substituted for the phrase "at least 80 percent" each place it appears in section 1563(a)(1).
Page 244 - Is used by transients. (4) Property used by certain tax-exempt organizations. Property used by an organization (other than a cooperative described In section 521) which Is exempt from the tax Imposed by this chapter...
Page 424 - If an option to which this part applies is exercised after the death of the employee by the estate of the decedent, or by a person who acquired the right to exercise such option by bequest or inheritance or by reason of the death of the decedent...
Page 242 - States; (vi) Any property (other than a vessel or an aircraft) of a US person which is used for the purpose of exploring for, developing, removing, or transporting resources from the outer Continental Shelf (within the meaning of section 2 of the Outer Continental Shelf Lands Act, as amended and supplemented; 43 USC, sec. 1331).
Page 178 - The taxpayer's cost of service, for ratemaking purposes or in its regulated books of account, is reduced by more than a ratable portion of such credit...