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Sec.
1.902–5 Effective dates for the application of section 902 (as amended by Revenue

Act of 1962).
1.903 Statutory provisions; credit for taxes in lieu of income, etc., taxes.
1.903–1 Definition of taxes in lieu of income, war profits, or excess profits taxes.
1.904 Statutory provisions; limitation on credit.
1.904-1 Limitation on credit for foreign taxes.
1.904–2 Carryback and carryover of unused foreign tax.
1904–3 Carryback and carryover of unused foreign tax by husband and wife.
1.905 Statutory provisions; applicable rules.
1.905–1 When credit for taxes may be taken.
1.905-2 Conditions of allowance of credit.
1.905-3 Redetermination of the tax when credit proves incorrect.
1.90544 Credit for taxes accrued but not paid.
1.905–5 Credit for United Kingdom income taxes paid with respect to royalties.

EARNED INCOME OF CITIZENS OF UNITED STATES 1.911 Statutory provisions; earned income from sources without the United States. 1.911–1 Earned income from sources without the United States attributable to sery

ices performed before 1963. 1.911-2 Earned income from sources without the United States attributable to serv

ices performed after 1962. 1.912 Statutory provisions; exemption for certain allowances. 1.912-1 Exclusion of certain cost-of-living allowances. 1.912–2 Exclusion of certain allowances of Foreign Service personnel.

WESTERN HEMISPHERE TRADE CORPORATIONS 1.921 Statutory provisions; definition of Western Hemisphere trade corporations. 1.921-1 Definition of Western Hemisphere trade corporation. 1.922 Statutory provisions; special deduction. 1.922–1 Special deduction of Western Hemisphere trade corporation.

POSSESSIONS OF THE UNITED STATES 1.931 Statutory provisions; income from sources within possessions of the United

States. 1.931-1 Citizens of the United States and domestic corporations deriving income

from sources within a certain possession of the United States. 1.932 Statutory provisions; taxation of citizens of possessions of the United States. 1.932–1 Status of citizens of United States possessions. 1.933 Statutory provisions; income from sources within Puerto Rico. 1.933–1 Exclusion of certain income from sources within Puerto Rico. 1.934 Statutory provisions; limitation on reduction in income tax liability incurred

to the Virgin Islands. 1.934–1 Limitation on reduction in income tax liability incurred to the Virgin Islands.

CHINA TRADE ACT CORPORATIONS 1.941 Statutory provisions; special deduction for China Trade Act corporations. 1.941–1 Special deduction for China Trade Act corporations. 1.941–2 Meaning of terms used in connection with China Trade Act corporations. 1.941–3 Illustration of principles. 1.942 Statutory provisions; disallowance of foreign tax credit. 1.943 Statutory provisions; exclusion of dividends to residents of Formosa or Hong

Kong. 1.943-1 Withholding by a China Trade Act corporation.

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CONTROLLED FOREIGN CORPORATIONS 1.951 Statutory provisions; amounts included in gross income of United States

shareholders. 1.951–1 Amounts included in gross income of United States shareholders. 1.951–2 Coordination of subpart F with election of a foreign investment company

to distribute income. 1.951-3 Coordination of subpart F with foreign personal holding company pro

visions. 1.952 Statutory provisions; subpart Fincome defined. 1.952–1 Subpart F income defined.

Sec. 1.952–2 Determination of gross income and taxable income of a foreign corpora

tion. 1.953 Statutory provisions; income from insurance of United States risks. 1.953–1 Income from insurance of United States risks. 1.953-2 Actual United States risks. 1.953-3 Risks deemed to be United States risks. 1.953-4 Taxable income to which section 953 applies. 1.953-5 Corporations not qualifying as insurance companies. 1.953–6 Relationship of sections 953 and 954. 1.954 Statutory provisions; foreign base company income. 1.954–1 Foreign base company income. 1.954–2 Foreign personal holding company income. 1.954-3 Foreign base company sales income. 1.954 4 Foreign base company services income. 1.954-5 Increase in qualified investments in less developed countries. 1.955 Statutory provisions; withdrawal of previously excluded subpart F income

from qualified investment. 1.955–1 Shareholder's pro rata share of amount of previously excluded subpart F

income withdrawn from investment in less developed countries. 1.955–2 Amount of a controlled foreign corporation's qualified investments in less

developed countries. 1.955–3 Election as to date of determining qualified investments in less developed

countries. 1.955–4 Definition of less developed country. 1.955–5 Definition of less developed country corporation. 1.955–6 Gross income from sources within less developed countries. 1.956 Statutory provisions; investment of earnings in United States property. 1.956–1 Shareholders pro rata share of a controlled foreign corporation's in

crease in earnings invested in United States property. 1.956–2 Definition of United States property. 1.957 Statutory provisions; controlled foreign corporations; United States persons. 1.957–1 Definition of controlled foreign corporation. 1.957—2 Controlled foreign corporation deriving income from insurance of United

States risks. 1.957–3 Corporations organized in United States possessions. 1.9574 United States person defined. 1.958 Statutory provisions; rules for determining stock ownership. 1.958-1 Direct and indirect ownership of stock. 1.958–2 Constructive ownership of stock. 1.959 Statutory provisions; exclusion from gross income of previously taxed earn

ings and profits. 1.959–1 Exclusion from gross income of United States persons of previously taxed

earnings and profits. 1.959–2 Exclusion from gross income of controlled foreign corporations of previ

ously taxed earnings and profits. 1.959–3 Allocation of distributions to earnings and profits of foreign corporations. 1.959-4 Distributions to United States persons not counting as dividends. 1.961 Statutory provisions; adjustments to basis of stock in controlled foreign

corporations and of other property. 1.961-1 Increase in basis of stock in controlled foreign corporations and of other

property. 1.961-2 Reduction in basis of stock in foreign corporations and of other property. 1.962 Statutory provisions; election by individuals to be subject to tax at corporate

rates. 1.962–1 Limitation of tax for individuals on amounts included in gross income

under section 951(a). 1.962–2 Election of limitation of tax for individuals. 1.962–3 Treatment of actual distributions. 1.962–4 Transitional rules for certain taxable years. 1.963 Statutory provisions; receipt of minimum distributions by domestic corpo

rations. 1.963–1 Exclusion of subpart F income upon receipt of minimum distribution. 1.963–2 Determination of the amount of the minimum distribution. 1.963–3 Distributions counting toward a minimum distribution. 1.963-4 Limitations on minimum distribution from a chain or group.

Sec.
1.963–5 Foreign corporations with variation in foreign tax rate because of

distributions.
1.963–6 Deficiency distribution.
1.963–7 Transitional rules for certain taxable years.
1.964 Statutory provisions; miscellaneous provisions.
1.964–1 Determination of the earnings and profits of a foreign corporation.
1.964–2 Treatment of blocked earnings and profits.
1.964–3 Records to be provided by United States shareholders.
1.964-4 Verification of certain classes of income.

EXPORT TRADE CORPORATIONS 1.970 Statutory provisions; reduction of subpart F income of export trade

corporations. 1.970-1 Export trade corporations. 1.970–2 Elections as to date of determining investments in export trade assets. 1.970–3 Effective date of subpart G. 1.971 Statutory provisions; definitions. 1.971–1 Definitions with respect to export trade corporations. 1.972 Statutory provisions; consolidation of group of export trade corporations. 1.972–1 Consolidation of group of export trade corporations.

GAIN OR LOSS ON DISPOSITION OF PROPERTY DETERMINATION OF AMOUNT OF AND RECOGNITION OF GAIN OR LOSS 1.1001 Statutory provisions; determination of amount of and recognition of gain

or loss. 1.1001-1 Computation of gain or loss. 1.1002 Statutory provisions; recognition of gain or loss. 1.1002–1 Sales or exchanges.

BASIS RULES OF GENERAL APPLICATION 1.1011 Statutory provisions; adjusted basis for determining gain or loss. 1.1011-1 Adjusted basis. 1.1012 Statutory provisions; basis of property-cost. 1.1012–1 Basis of property. 1.1012–2 Transfers in part a sale and in part a gift. 1.1013 Statutory provisions; basis of property included in inventory. 1.1013–1 Property included in inventory. 1.1014 Statutory provisions; basis of property acquired from a decedent. 1.1014_1 Basis of property acquired from a decedent. 1.1014–2 Property acquired from a decedent. 1.1014-3 Other basis rules. 1.1014–4 Uniformity of basis; adjustment to basis. 1.1014-5 Gain or loss. 1.1014–6 Special rule for adjustments to basis where property is acquired from a

decedent prior to his death. 1.1014–7 Example applying rules of $$ 1.1014–4 through 1.1014–6 to case involving

multiple interests. 1.1014–8 Bequest, devise, or inheritance of a remainder interest. 1.1015 Statutory provisions; basis of property acquired by gifts and transfers in

trust. 1.1015-1 Basis of property acquired by gift after December 31, 1920. 1.1015-2 Transfer of property in trust after December 31, 1920. 1.1015-3 Gift or transfer in trust before January 1, 1921. 1.1015-4 Transfers in part a gift and in part a sale. 1.1015–5 Increased basis for gift tax paid. 1.1016 Statutory provisions; adjustments to basis. 1.1016-1 Adjustments to basis; scope of section. 1.1016-2 Items properly chargeable to capital account. 1.1016–3 Exhaustion, wear and tear, obsolescence, amortization, and depletion for

periods since February 28, 1913. 1.1016-4 Exhaustion, wear and tear, obsolescence, amortization, and depletion;

periods during which income was not subject to tax. 1.1016–5 Miscellaneous adjustments to basis. 1.1016–6 Other applicable rules. 1.1016–7 Adjusted basis; cancellation of indebtedness under Bankruptcy Act.

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Sec. 1.1016–8 Adjusted basis; cancellation of indebtedness; special cases. 1.1016–9 Adjusted basis; mutual savings banks, building and loan associations, and

cooperative banks. 1.1016-10 Substituted basis. 1.1017 Statutory provisions; discharge of indebtedness. 1.1017–1 Adjusted basis; discharge of indebtedness; general rule. 1.1017-2 Adjusted basis; discharge of indebtedness; special cases. 1.1018 Statutory provisions; adjustment of capital structure before September 22,

1938. 1.1018–1 Adjusted basis; exception to section 270 of the Bankruptcy Act, as

amended. 1.1019 Statutory provisions; property on which lessee has made improvements. 1.1019–1 Property on which lessee has made improvements. 1.1020 Statutory provisions; election in respect of depreciation, etc., allowed

before 1952. 1.1020-1 Election as to amounts allowed in respect of depreciation, etc., before 1952. 1.1021 Statutory provisions; sale of annuities. 1.1021-1 Sale of annuities. 1.1022 Statutory provisions; cross references.

COMMON NONTAXABLE EXCHANGES 1.1031(a) Statutory provisions; exchange of property held for productive use or

investment; nonrecognition of gain or loss from exchanges solely in kind. 1.1031(a)-1 Property held for productive use in trade or business or for investment. 1.1031(b) Statutory provisions; exchange of property held for productive use or

investment; gain from exchanges not solely in kind. 1.1031(b)-1 Receipt of other property or money in tax-free exchange. 1.1031(c) Statutory provisions; exchange of property held for productive use or

investment; loss from exchanges not solely in kind. 1.1031(c)-1 Nonrecognition of loss. 1.1031 (d) Statutory provisions; exchange of property held for productive use or

investment; basis. 1.1031(d)-1 Property acquired upon a tax-free exchange. 1.1031(d)-2 Treatment of assumption of liabilities. 1.1032 Statutory provisions; exchange of stock for property. 1.1032–1 Disposition by a corporation of its own capital stock. 1.1033(a) Statutory provisions; involuntary conversions; general rule. 1.1033(a)-1 Involuntary conversions; nonrecognition of gain. 1.1033(a)-2 Involuntary conversion where disposition of the converted property

occurred after December 31, 1950. 1.1033(a)-3 Involuntary conversion where disposition of the converted property

occurred before January 1, 1951. 1.1033(a)-4. Replacement funds where disposition of the converted property oc

curred before January 1, 1951. 1.1033(b) Statutory provisions; involuntary conversions; residence of taxpayer. 1.1033(b)-1 Involuntary conversion of principal residence. 1.1033(c) Statutory provisions; involuntary conversions; basis of property acquired

through involuntary conversion. 1.1033(c)-1 Basis of property acquired as a result of an involuntary conversion. 1.1033(d) Statutory provisions; involuntary conversions; property sold pursuant

to reclamation laws. 1.1033(d)-1 Disposition of excess property within irrigation project deemed to be

involuntary conversion. 1.1033(e) Statutory provisions; involuntary conversions; livestock destroyed by

disease. 1.1033(e)-1 Destruction or disposition of livestock because of disease. 1.1033(f) Statutory provisions; livestock sold on account of drought. 1.1033(f)-1 Sale or exchange of livestock solely on account of drought. 1.1033(g) Statutory provisions; involuntary conversions; condemnation of real

property held for productive use in trade or business or for investment. 1.1033(g)-1 Condemnation of real property held for productive use in trade or

business or for investment. 1.1033(h) Statutory provisions; involuntary conversions; cross references. 1.1033(h)-1 Effective date. 1.1034 Statutory provisions; sale or exchange of residence.

Sec. 1.1034_1 Sale or exchange of residence. 1.1035 Statutory provisions; certain exchanges of insurance policies. 1.1035-1 Certain exchanges of insurance policies. 1.1036 Statutory provisions; stock for stock of same corporation. 1.1036–1 Stock for stock of the same corporation. 1.1037 Statutory provisions; certain exchanges of United States obligations. 1.1037-1 Certain exchanges of United States obligations. 1.1038 Statutory provisions; certain reacquisitions of real property. 1.1038-1 Reacquisitions of real property in satisfaction of indebtedness. 1.1038-2 Reacquisition and resale of property used as a principal residence. 1.1038–3 Election to have section 1038 apply for taxable years beginning after December 31, 1957.

SPECIAL RULES 1.1051 Statutory provisions; property acquired during afiliation. 1.1051-1 Basis of property acquired during affiliation. 1.1052 Statutory provisions; basis established by the Revenue Act of 1932 or 1934

or by the Internal Revenue Code of 1939. 1.1052–1 Basis of property established by Revenue Act of 1932. 1.1052–2 Basis of property established by Revenue Act of 1934. 1.1052–3 Basis of property established by the Internal Revenue Code of 1939. 1.1053 Statutory provisions; basis of property acquired before March 1, 1913. 1.1053–1 Property acquired before March 1, 1913. 1.1054 Statutory provisions; certain stock of Federal National Mortgage Associa

tion. 1.1054-1 Certain stock of Federal National Mortgage Association. 1.1055 Statutory provisions; redeemable ground rents. 1.1055–1 General rule with respect to redeemable ground rents. 1.1055–2 Determination of amount realized on the transfer of the right to hold

real property subject to liabilities under a redeemable ground rent. 1.1055–3 Basis of real property held subject to liabilities under a redeemable

ground rent. 1.1055-4 Basis of redeemable ground rent reserved or created in connection with

transfers of real property before April 11, 1963. 1.1056 Statutory provisions; cross references.

CHANGES TO EFFECTUATE F.C.C. POLICY 1.1071 Statutory provisions; gain from sale or exchange to effectuate policies of

Federal Communications Commission. 1.1071-1 Gain from sale or exchange to effectuate policies of Federal Communica

tions Commission. 1.1071-2 Nature and effect of election. 1.1071-3 Reduction of basis of property pursuant to election under section 1071. 1.1071-4 Manner of election.

EXCHANGES IN OBEDIENCE TO S.E.C. ORDERS 1.1081 Statutory provisions; exchanges and distributions in obedience to orders

of the Securities and Exchange Commission; nonrecognition of gain or loss. 1.1081-1 Terms used. 1.1081-2 Purpose and scope of exception. 1.1081-3 Exchanges of stock or securities solely for stock or securities. 1.1081-4 Exchanges of property for property by corporations. 1.1081-5 Distribution solely of stock or securities. 1.1081-6 Transfers within system group. 1.1081–7 Sale of stock or securities received upon exchange by members of system

group. 1.1081-8 Exchanges in which money or other nonexempt property is received. 1.1081–9 Requirements with respect to order of Securities and Exchange Com

mission. 1.1081-10 Nonapplication of other provisions of the Internal Revenue Code of

1954. 1.1081-11 Records to be kept and information to be filed with returns. 1.1082 Statutory provisions; basis of property acquired in exchanges and distribu

tions made in obedience to orders of the Securities and Exchange Commission. 1.1082–1 Basis for determining gain or loss. 1.1082—2 Basis of property acquired upon exchanges under section 1081 (a) or (e).

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