The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1990 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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Page 12
... percent limitation shall apply only to the partial tax computed on the taxable income reduced by 50 per- cent of the excess of net long - term capital gains over net short - term cap- ital losses . Where , for purposes of computations ...
... percent limitation shall apply only to the partial tax computed on the taxable income reduced by 50 per- cent of the excess of net long - term capital gains over net short - term cap- ital losses . Where , for purposes of computations ...
Page 17
... percent rate bracket and the personal exemptions is reflected in the tax liability of the child . Q - 21 . For purposes of calculating a parent's tax liability or the allocable parental tax imposed on a child , are other phase - outs ...
... percent rate bracket and the personal exemptions is reflected in the tax liability of the child . Q - 21 . For purposes of calculating a parent's tax liability or the allocable parental tax imposed on a child , are other phase - outs ...
Page 25
... percent standard deduction for married per- sons filing separate returns ) or Table V ( relating to the minimum standard deduction for married persons filing separate returns ) of section 3 ( a ) , and ( ii ) For a taxable year ...
... percent standard deduction for married per- sons filing separate returns ) or Table V ( relating to the minimum standard deduction for married persons filing separate returns ) of section 3 ( a ) , and ( ii ) For a taxable year ...
Page 26
... percent of so much of the taxable income as does exceed $ 25,000 and is applied to the taxable income for the taxable year . ( d ) The surtax is at the rate of 26 percent and is upon the taxable income ( computed without regard to the ...
... percent of so much of the taxable income as does exceed $ 25,000 and is applied to the taxable income for the taxable year . ( d ) The surtax is at the rate of 26 percent and is upon the taxable income ( computed without regard to the ...
Page 27
... percent of $ 70,000 ) ... 16,000 70,000 15,400 COMPUTATION OF SURTAX Taxable income . Add : Amount of partially tax - exempt interest deducted in computing taxable income 5,000 Taxable income subject to surtax .. Less : Exemption from ...
... percent of $ 70,000 ) ... 16,000 70,000 15,400 COMPUTATION OF SURTAX Taxable income . Add : Amount of partially tax - exempt interest deducted in computing taxable income 5,000 Taxable income subject to surtax .. Less : Exemption from ...
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Common terms and phrases
adjusted basis adjusted gross income amended amount applicable financial statement apply apportioned asset attributable book income building calendar capital gains carryback carryover Code computed cost credit allowed credit earned December 31 deduction depreciation determined earned income electing small business energy credit equipment estate or trust Example excess Federal filed film foreign tax credit graph gross income housing credit allocation income tax individual Internal Revenue Code itemized deductions items of tax January lease lessee limitation ment minimum tax mortgage credit certificate net book income operating loss paid or incurred partnership percent period placed in service portion progress expenditures purposes qualified investment qualified rehabilitation recomputed reduced relating renewable energy requirements research expenses respect section 38 property shareholder spect subdivision subparagraph taken into account tax imposed tax liability tax preference taxable income taxable year ending taxable years beginning taxpayer trade or business TRASOP treated United unused wages WIN expenses
Popular passages
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 9 - 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...