Legislative History of the Internal Revenue Code of 1954: Covering All Changes Made in the Code from the Date of Its Enactment on August 16, 1954, to the End of the First Session of the 89th Congress in 1965-together with Effective Dates and Applicability, Pertinent Ancillary Provisions, Explanatory and Historical Notes, Tables and Appendixes, and a Cumulative Supplement, Volumes 8-11U.S. Government Printing Office, 1967 - 1374 pages |
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Page 39
... INTEREST RECEIVED BY INDIVIDUALS . " ( a ) IN GENERAL . - There shall be allowed to an individual , as a credit against the tax imposed by this subtitle for the taxable year , an amount equal to 3 percent of the amount received as interest ...
... INTEREST RECEIVED BY INDIVIDUALS . " ( a ) IN GENERAL . - There shall be allowed to an individual , as a credit against the tax imposed by this subtitle for the taxable year , an amount equal to 3 percent of the amount received as interest ...
Page 63
... interest on such obligation is excludable from gross income ; but such term does not include such an obligation if " ( A ) it is sold or otherwise disposed of by the taxpayer within 30 days after the date of its acquisition by him , or ...
... interest on such obligation is excludable from gross income ; but such term does not include such an obligation if " ( A ) it is sold or otherwise disposed of by the taxpayer within 30 days after the date of its acquisition by him , or ...
Page 76
... interest shall be paid or allowed on any overpayment resulting from the application of the preceding sentence . " See also Sec . 6511 , " ANCILLARY PROVISIONS , " P.L. 86-780 , § 5 , p . 1109 below . Oct. 16 , 1962 , H.R. 10650 , P.L. ...
... interest shall be paid or allowed on any overpayment resulting from the application of the preceding sentence . " See also Sec . 6511 , " ANCILLARY PROVISIONS , " P.L. 86-780 , § 5 , p . 1109 below . Oct. 16 , 1962 , H.R. 10650 , P.L. ...
Page 86
... interest on an indebtedness secured by a mortgage . " Effective Date and Applicability : " The amendments made by ... interest relating to tax - exempt income , see section 265 ( 2 ) . " ( 3 ) For disallowance of deduction for carrying ...
... interest on an indebtedness secured by a mortgage . " Effective Date and Applicability : " The amendments made by ... interest relating to tax - exempt income , see section 265 ( 2 ) . " ( 3 ) For disallowance of deduction for carrying ...
Page 102
... interest ( including interest equivalent ) on the bond which is attribut- able to any period before the making of the contribution and which is not ( under the taxpayer's method of accounting ) includible in the gross income of the ...
... interest ( including interest equivalent ) on the bond which is attribut- able to any period before the making of the contribution and which is not ( under the taxpayer's method of accounting ) includible in the gross income of the ...
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Common terms and phrases
78 Stat added by P.L. adjusted amended by P.L. Amended Sec Amended the table amounts paid Applicability apply with respect August 16 beginning after December certificate computed Cross references date of enactment December 31 deduction defined in section delegate described in section determined distribution Effective Date election employee end thereof exceed excess exempt filed follows 68A Stat foreign corporation gross income imposed by section IMPOSITION OF TAX individual inserting in lieu Internal Revenue Code January July June 21 June 30 lieu thereof originally read payment percent period personal holding company purposes read as follows redesignated regulations prescribed relating Repealed revised sale or exchange Secretary Sept service performed shareholder Social Security Act sold striking SUBCH Subchapter subparagraph Subpart table of sections tax imposed taxable income Taxable years beginning taxable years ending taxpayer term thereof the following tion trade or business trust United
Popular passages
Page 566 - ... (1) the possession or enjoyment of, or the right to the income from, the property, or (2) the right, either alone or in conjunction with any person, to designate the persons who shall possess or enjoy the property or the income therefrom; except in case of a bona fide sale for an adequate and full consideration in money or money's worth.
Page 127 - medical care" means amounts paid — (A) For the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body (including amounts paid for accident or health insurance) , or (B) For transportation primarily for and essential to medical care referred to in subparagraph (A).
Page 518 - The performance of service by a duly ordained, commissioned, or licensed minister of a church In the exercise of his ministry or by a member of a religious order in the exercise of duties required by such order...
Page 80 - Rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or Is not taking title or In which he has no equity.
Page 411 - Secretary or his delegate that he has been a bona fide resident of a foreign country or countries for an uninterrupted period which Includes an entire taxable year, amounts received from sources without the United States (except amounts paid by the United States or any agency thereof) if such amounts...
Page 183 - If an exchange would be within the provisions of subsection (b) (1) to (5), inclusive, of this section if it were not for the fact that the property received in exchange consists not only of property permitted by such paragraph to be received without the recognition of gain or loss, but also of other property or money, then no loss from the exchange shall be recognized.
Page 567 - ... where the enjoyment thereof was subject at the date of his death to any change through the exercise of a power, either by the decedent alone or in conjunction with any person, to alter, amend, or revoke, or where the decedent relinquished any such power in contemplation of his death. Except in the case of transfers made after June 22, 1936, no interest of the decedent of which he has made a transfer shall be included in the gross estate under paragraph (1) unless it is includible under this paragraph.
Page 602 - Service performed by a duly ordained, commissioned, or licensed minister of a church in the exercise of his ministry or by a member of a religious order in the exercise of duties required by such order...
Page 394 - ... engaged in trade or business within the United States, from sources within the United States as interest (except interest on deposits with persons carrying on the banking business), dividends, rents, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or determinable annual or periodical gains, profits, and income, a tax of 30...
Page 416 - States— (1) If 80 per centum or more of the gross income of such citizen or domestic corporation (computed without the benefit of this section) for the three-year period immediately preceding the close of the taxable year (or for such part of such period immediately preceding the close of such taxable year as may be applicable) was derived from sources within a possession of the United States...