Regulations 74 Relating to the Income Tax Under the Revenue Act of 1928 |
From inside the book
Results 1-5 of 87
Page 6
... tax on corporations which accumulate surplus to evade surtax on stockholders , see section 104 . ART . 21. Surtax . - In addition to the normal tax imposed by sections 11 and 211 ( see articles 11-14 and 1021 ) a surtax is imposed at ...
... tax on corporations which accumulate surplus to evade surtax on stockholders , see section 104 . ART . 21. Surtax . - In addition to the normal tax imposed by sections 11 and 211 ( see articles 11-14 and 1021 ) a surtax is imposed at ...
Page 8
... tax imposed by the Act is upon income . In the computation of the tax various classes of income must be considered : ( a ) Income ( in the broad sense ) , meaning all wealth which flows in to the taxpayer other than as a mere return of ...
... tax imposed by the Act is upon income . In the computation of the tax various classes of income must be considered : ( a ) Income ( in the broad sense ) , meaning all wealth which flows in to the taxpayer other than as a mere return of ...
Page 24
... taxation now or hereafter imposed by the United States , any State , or any of the possessions of the United States , or by any local taxing authority , except ( a ) estate or inheritance taxes , and ( b ) surtaxes and excess - profits ...
... taxation now or hereafter imposed by the United States , any State , or any of the possessions of the United States , or by any local taxing authority , except ( a ) estate or inheritance taxes , and ( b ) surtaxes and excess - profits ...
Page 25
United States. Internal Revenue Service. gations is exempt from the surtax imposed by section 12. Interest in excess of the interest on an aggregate of not exceeding $ 5,000 prin- cipal amount of such obligations is subject to surtax and ...
United States. Internal Revenue Service. gations is exempt from the surtax imposed by section 12. Interest in excess of the interest on an aggregate of not exceeding $ 5,000 prin- cipal amount of such obligations is subject to surtax and ...
Page 41
... taxes imposed by the authority of any foreign country or possession of the United States as is allowed as a credit against the tax under section 131 ; and ( 3 ) taxes assessed against local benefits of a kind tending to increase the ...
... taxes imposed by the authority of any foreign country or possession of the United States as is allowed as a credit against the tax under section 131 ; and ( 3 ) taxes assessed against local benefits of a kind tending to increase the ...
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Common terms and phrases
acquired affiliated group allocated amount applicable assessment assets basic date basis beneficiary Board bonds calendar capital net gain cent centum certificates China Trade Act citizen claim collector Commissioner consolidated return cost December 31 deductible from gross deficiency depletion depreciation determined distraint distribution dividends domestic corporation employees entitled estate or trust exceed excess exchange expenses fair market value February 28 fiduciary filed fiscal foreign corporation foreign country gain or loss gross income income from sources income tax installment insurance companies interest internal revenue inventory liability Liberty bonds mineral nonresident alien individual notice and demand paragraph partnership payment period preferred stock prescribed prior provided in section provisions of section purchase purpose received reorganization resident respect Revenue Act section 112 section 23 shareholder stock or securities surtax tax imposed taxable taxpayer thereof tion trade or business trust instrument United
Popular passages
Page 171 - 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...
Page 173 - No gain or loss shall be recognized if property held for productive use in trade or business or for investment (not including stock in trade or other property held primarily for sale, nor stocks, bonds, notes, choses in action, certificates of trust or beneficial interest, or other securities or evidences of indebtedness or interest) is exchanged solely for property of a like kind to be held either for productive use in trade or business or for investment.
Page 171 - No gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock or securities in such corporation, and immediately after the exchange such person or persons are in control of the corporation...
Page 177 - ... a transfer by a corporation of all or a part of its assets to another corporation if immediately after the transfer the transferor or its stockholders or both are in control of the corporation to which the assets are transferred, or (C) a recapitalization, or (D) a mere change in identity, form, or place of organization, however effected. (2) The term "a party to a reorganization...
Page 153 - 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 424 - All transfers and assignments made of any claim upon the United States, or of any part or share thereof, or Interest therein, whether absolute or conditional, and whatever may be the consideration therefor, and all powers of attorney, orders, or other authorities for receiving payment of any such claim, or of any part or share thereof,,, shall be absolutely null and void, unless;* they are freely made and executed* in the* presence of at least two attesting witnesses, after the allowance of such...
Page 34 - ... 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 181 - ... shall be the same as it would be in the hands of the transferor, increased in the amount of gain or decreased in the amount of loss recognized to the transferor upon such transfer under the law applicable to the year in which the transfer was made.
Page 172 - 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 68 - In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case...