Federal Income, Estate and Gift Tax Laws, Correlated |
From inside the book
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Page 20
... section 13 ) the tax hereinafter in this section specified . Sec . 14. ( a ) Imposition of tax.- There shall be ... provided in section 27 , ( B ) the credit pro- vided in section 26 ( c ) relating to restrictions on pay- ment of ...
... section 13 ) the tax hereinafter in this section specified . Sec . 14. ( a ) Imposition of tax.- There shall be ... provided in section 27 , ( B ) the credit pro- vided in section 26 ( c ) relating to restrictions on pay- ment of ...
Page 26
... provided in section 26 ( h ) . For the purposes of this sub- section dividends received on the preferred stock of a public utility shall be disregarded in computing the credit for dividends received provided in section 26 ( b ) ...
... provided in section 26 ( h ) . For the purposes of this sub- section dividends received on the preferred stock of a public utility shall be disregarded in computing the credit for dividends received provided in section 26 ( b ) ...
Page 58
... provided in section shareholders as provided in section shareholders as provided in section 115 . 115 . Sec . 22. ( f ) Determination of Sec . 22. ( f ) Determination of gain or loss . In the case of a sale gain or loss . In the case of ...
... provided in section shareholders as provided in section shareholders as provided in section 115 . 115 . Sec . 22. ( f ) Determination of Sec . 22. ( f ) Determination of gain or loss . In the case of a sale gain or loss . In the case of ...
Page 59
... provided in section 111 . as provided in section 111 . Sec . 22. ( g ) Gross income from sources within and without United States.- For computation of gross in- come from sources within and without the United States , see section 119 ...
... provided in section 111 . as provided in section 111 . Sec . 22. ( g ) Gross income from sources within and without United States.- For computation of gross in- come from sources within and without the United States , see section 119 ...
Page 114
... section 114 ( b ) ( 2 ) , ( 3 ) , under section 114 ( b ) ( 2 ) , ( 3 ) , under section 114 ( b ) ( 2 ) , ( 3 ) , or ... provided in section 122 shall not be allowed . exempt obligations . ( C ) For the purposes of this paragraph , the ...
... section 114 ( b ) ( 2 ) , ( 3 ) , under section 114 ( b ) ( 2 ) , ( 3 ) , under section 114 ( b ) ( 2 ) , ( 3 ) , or ... provided in section 122 shall not be allowed . exempt obligations . ( C ) For the purposes of this paragraph , the ...
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Common terms and phrases
able years beginning accrued Act makes amendment added to I. R. C. adjusted basis allowed amended by Sec amendment applicable amount applicable to taxable approval basic surtax credit beginning after Dec Beginning before 1939 Beginning in 1943 centum chapter Commissioner computed consent dividends consent stock corporation December 31 deduction dends depletion determined distribution divi earnings or profits Eighth Edition erty exceed excess exempt fair market value February 28 filed foreign gain or loss gross income I. R. C. by Sec included installment language in italics liability liquidation ment month paragraph payer payment period personal holding company poration prior prop provided in section purposes quired received respect Revenue Act sale or exchange Secretary section 102 section 23 shareholder spect Stat stock or securities stricken through type Subchapter subsection supra surtax net incomes tax imposed Taxable Years Beginning taxpayer term thereof tion trade or business United
Popular passages
Page 299 - capital assets" means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Page 140 - The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect the income...
Page 281 - If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend...
Page 80 - 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. In the case of property held in trust the allowable deduction shall be apportioned between the income beneficiaries and the trustee in accordance with the pertinent provisions of the instrument creating the trust, or, in the absence of such provisions, on the basis of the trust income...
Page 314 - If, during the taxable year, the recognized gains upon sales or exchanges of property used in the trade or business, plus the recognized gains from the compulsory or involuntary conversion (as a result of destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation or the threat or imminence thereof) of property used in the trade or business and capital assets held for more than 6 months into other property or money, exceed the recognized losses from...
Page 268 - The allowance for depletion under section 23 (m) shall be, in the case of coal mines, 5 per centum, in the case of metal mines, 15 per centum, and, in the case of sulphur mines or deposits, 23 per centum, of the gross income from the property during the taxable year, excluding from such gross income an amount equal to any rents or royalties paid or incurred by the taxpayer in respect of the property.
Page 424 - There shall be allowed as an additional deduction in computing the net income of the estate or trust the amount of the income of the estate or trust for Its taxable year which is to be distributed currently...
Page 225 - If an exchange would be within the provisions of subsection (b) (1), (2), (3), or (5) 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, but also of other property or money, then the gain, if any, to the recipient shall be recognized, but in an amount not in excess of the sum of such money and the fair market value of such other property.
Page 227 - If the corporation receiving such other property or money does not distribute It in pursuance of the plan of reorganization, the gain, if any, to the corporation shall be recognized, but in an amount not in excess of the sum of such money and the fair market value of such other property so received, which is not so distributed.
Page 502 - The income of a nonresident alien individual which consists exclusively of earnings derived from the operation of a ship or ships documented under the laws of a foreign country which grants an equivalent exemption to citizens of the United States and to corporations organized in the United States shall not be included in gross income and shall be exempt from taxation under this chapter.