1.43-1 Earned income credit for taxable years beginning before January 1, 1979. 1.43-2 Earned income credit for taxable years beginning after December 31, 1978. 1.44-1 Allowance of credit for purchase of new principal residence after March 12, 1975, and before January 1, 1977. 1.44-2 Property to which credit for purchase of new principal residence applies. 1.44-3 Certificate by seller. 1.44-4 Recapture for certain dispositions. 1.44-5 Definitions. 1.44A-1 Expenses for household and dependent care services necessary for gainful employment. 1.44A-2 Limitations on amount creditable. 1.44A-3 Special rules applicable to married individuals. 1.44A-4 Other special rules relating to employment-related expenses. 1.44B-1 Credit for employment of certain new employees. RULES FOR COMPUTING CREDIT FOR INVESTMENT IN CERTAIN DEPRECIABLE PROPERTY 1.46-1 Determination of amount. 1.46-2 Carryback and carryover of unused credit. 1.46-3 Qualified investment. 1.46-4 Limitations with respect to certain persons. 1.46-5 Qualified progress expenditures. 1.46-6 Limitation in case of certain regulated companies. 1.46-7 Statutory provisions; plan requirements for taxpayers electing additional investment credit, etc. 1.46-8 Requirements for taxpayers electing additional one-percent investment credit (TRASOP'S). 1.46-9 Requirements for taxpayers electing an extra one-half percent additional investment credit. 1.46-11 Commuter highway vehicles. 1.47-1 Recomputation of credit allowed by section 38. 1.47-2 "Disposition” and “cessation”. 1.47-3 Exceptions to the application of § 1.47–1. 1.47-4 Electing small business corporation. 1.47-5 Estates and trusts. 1.47-6 Partnerships. 1.48-1 Definition of section 38 property. 1.48-2 New section 38 property. 1.48-3 Used section 38 property. 1.48-4 Election of lessor of new section 38 property to treat lessee as purchaser. 1.48-5 Electing small business corporations. 1.48-6 Estates and trusts. 1.48-7 Adjustment to basis. 1.48-8 Motion picture and television films and tapes. 1.48-9 Definition of energy property. 1.48-10 Single purpose agricultural or horticultural structures. 1.48-11 Qualified rehabilitated building; expenditures incurred before January 1, 1982. 1.48-12 Qualified rehabilitated building; expenditures incurred after December 31, 1981. 1.48-12T Tax-exempt entity leasing (temporary). 1.50-1 Restoration of credit. RULES FOR COMPUTING CREDIT FOR EXPENSES OF WORK INCENTIVE PROGRAMS 1.50A-3 Recomputation of credit allowed by section 40. 1.50A-4 Exceptions to the application of § 1.50A-3. 1.50A-5 Electing small business corporations. 1.50A-6 Estates and trusts. 1.50A-7 Partnerships. 1.50B-1 Definitions of WIN expenses and WIN employees. 1.50B-2 Electing small business corporations. 1.50B-3 Estates and trusts. 1.50B-4 Partnerships. 1.50B-5 Limitations with respect to certain persons. 1.51-1 Amount of credit. TAX SURCHARGE 1.52-1 Trades or businesses that are under common control. 1.52-2 Adjustments for acquisitions and dispositions. 1.52-3 Limitations with respect to certain persons. 1.53-1 Limitation based on amount of tax. 1.53-2 Carryback and carryover of unused credit. 1.53-3 Separate rule for pass-through of jobs credit. 1.56-0T Table of contents to § 1.56-1T, adjustment for book income of corporations (temporary). 1.56-1T Adjustment for the book income of corporations (temporary). 1.56A-1 Imposition of tax. 1.56A-2 Deferral of tax liability in case of certain net operating losses. 1.56A-3 Effective date. 1.56A-4 Certain taxpayers. 1.56A-5 Tax carryovers. 1.57-0 Scope. 1.57-1 Items of tax preference defined. 1.57-2-1.57-3 [Reserved] 1.57-4 Limitation on amounts treated as items of tax preference for taxable years beginning before January 1, 1976. 1.57-5 Records to be kept. 1.58-1 Minimum tax exemption. 1.58-2 General rules for conduit entities; partnerships and partners. 1.58-3 Estates and trusts. 1.58-3T Treatment of non-alternative tax itemized deductions by trusts and estates and their beneficiaries in taxable years beginning after December 31, 1982. 1.58-4 Electing small business corporations. 1.58-6 Regulated investment companies; real estate investment trusts. 1.58-7 Tax preferences attributable to foreign sources; preferences other than capital gains and stock options. 1.58-8 Capital gains and stock options. 1.58-9T Application of the tax benefit rule to the minimum tax for taxable years beginning prior to 1987 (Temporary). 1.59-1.60 [Reserved] AUTHORITY: Sec. 7805, 68A Stat. 917 (26 U.S.C. 7805), unless otherwise noted. § 1.23-1-1.23-6 also issued under 26 U.S.C. 23; 88 1.25-1T-1.25-8T also issued under 26 U.S.C. 25; § 1.28-0 also issued under 26 U.S.C. 28(d)(5); § 1.28-1 also issued under 26 U.S.C. 28(d)(5); §§ 1.42-1T and 1.42-2T also issued under 26 U.S.C. 42(m); § 1.46-5 also issued under 26 U.S.C. 46(d)(6) and 26 U.S.C. 47(a)(3)(C); § 1.46-6 also issued under 26 U.S.C. 46(f)(7); § 1.47-1 also issued under 26 U.S.C. 47(a); § 1.48-9 also issued under 26 U.S.C. 38(b) (as in effect before the amendments made by Subtitle F of the Tax Reform Act of 1984); §§ 1.50A-1.50B also issued under 85 Stat. 553 (26 U.S.C. 40(b)); § 1.52-1 also issued under 26 U.S.C. 52(b); § 1.56-1T also issued under 26 U.S.C. 56(f)(2)(H). § 1.58-9T also issued under 26 U.S.C. 58(h). SOURCE: T.D. 6500, 25 FR 11402, Nov. 26, 1960; 25 FR 14021, Dec. 21, 1960, unless otherwis noted. § 1.0-1 Internal Revenue Code of 1954 and regulations. (a) Enactment of law. The Internal Revenue Code of 1954 which became law upon enactment of Pub. L. 591, 83d Congress, approved August 16, 1954, provides in part as follows: Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) Citation. (1) The provisions of this Act set forth under the heading "Internal Revenue Title" may be cited as the "Internal Revenue Code of 1954" (2) The Internal Revenue Code enacted on February 10, 1939, as amended, may be cited as the "Internal Revenue Code of 1939". (b) Publication. This Act shall be published as volume 68A of the United States Statutes at Large, with a comprehensive table of contents and an appendix; but without an index or marginal references. The date of enactment, bill number, public law number, and chapter number, shall be printed as a headnote. (c) Cross reference. For saving provisions, effective date provisions, and other related provisions, see chapter 80 (sec. 7801 and following) of the Internal Revenue Code of 1954. (d) Enactment of Internal Revenue Title into law. The Internal Revenue Title referred to in subsection (a)(1) is as follows: In general, the provisions of the Internal Revenue Code of 1954 are applicable with respect to taxable years beginning after December 31, 1953, and ending after August 16, 1954. Certain provisions of that Code are deemed to be included in the Internal Revenue Code of 1939. See section 7851. (b) Scope of regulations. The regulations in this part deal with (1) the income taxes imposed under subtitle A of the Internal Revenue Code of 1954, and (2) certain administrative provisions contained in subtitle F of such Code relating to such taxes. In general, the applicability of such regulations is commensurate with the applicability of the respective provisions of the Internal Revenue Code of 1954 except that with respect to the provisions of the Internal Revenue Code of 1954 which are deemed to be included in the Internal Revenue Code of 1939, the regulations relating to such provisions are applicable to certain fiscal years and short taxable years which are subject to the Internal Revenue Code of 1939. Those provisions of the regulations which are applicable to taxable years subject to the Internal Revenue Code of 1939 and the specific taxable years to which such provisions are so applicable are identified in each instance. The regulations in 26 CFR (1939) Part 39 (Regulations 118) are continued in effect until superseded by the regulations in this part. See Treasury Decision 6091, approved August 16, 1954 (19 FR 5167, C.B. 1954-2, 47). §1.1-1 Normal Taxes and Surtaxes DETERMINATION OF TAX LIABILITY TAX ON INDIVIDUALS Income tax on individuals. (a) General rule. (1) Section 1 of the Code imposes an income tax on the income of every individual who is a citizen or resident of the United States and, to the extent provided by section 871(b) or 877(b), on the income of a nonresident alien individual. For optional tax in the case of taxpayers with adjusted gross income of less than $10,000 (less than $5,000 for taxable years beginning before January 1, 1970) see section 3. The tax imposed is upon taxable income (determined by subtracting the allowable deductions from gross income). The tax is determined in accordance with the table contained in section 1. See subparagraph (2) of this paragraph for reference guides to the appropriate table for taxable years beginning on or after January 1, 1964, and before January 1, 1965, taxable years beginning after December 31, 1964, and before January 1, 1971, and taxable years beginning after December 31, 1970. In certain cases credits are allowed against the amount of the tax. See Part IV (section 31 and following), Subchapter A, Chapter 1 of the Code. In general, the tax is payable upon the basis of returns rendered by persons liable therefor (Subchapter A (sections 6001 and following), Chapter 61 of the Code) or at the source of the income by withholding. For the computation of tax in the case of a joint return of a husband (ii) For taxable years beginning after December 31, 1970, the tax imposed by section 1(d), as amended by the Tax Reform Act of 1969, shall apply to the income effectively connected with the conduct of a trade or business in the United States by a married alien individual who is a nonresident of the United States for all or part of the taxable year or by a foreign estate or trust. For such years the tax imposed by section 1(c), as amended by such Act, shall apply to the income effectively connected with the conduct of a trade or business in the United States by an unmarried alien individual (other than a surviving spouse) who is a nonresident of the United States for all or part of the taxable year. See paragraph (b)(2) of § 1.871-8. (3) The income tax imposed by section 1 upon any amount of taxable income is computed by adding to the income tax for the bracket in which that amount falls in the appropriate table in section 1 the income tax upon the excess of that amount over the bottom of the bracket at the rate indicated in such table. (4) The provisions of section 1 of the Code, as amended by the Tax Reform Act of 1969, and of this paragraph may be illustrated by the following examples: Example (1). A, an unmarried individual, had taxable income for the calendar year |