The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1966 - Administrative law 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 3
... INCOME TAX ( continued ) 1 Income tax ; taxable years beginning after December 31 , 1953 ( continued ) ... foreign tax credit allowed to shareholders . 1.853-1 Foreign tax credit allowed to shareholders . 1.853-2 Effect of election . 1.853 ...
... INCOME TAX ( continued ) 1 Income tax ; taxable years beginning after December 31 , 1953 ( continued ) ... foreign tax credit allowed to shareholders . 1.853-1 Foreign tax credit allowed to shareholders . 1.853-2 Effect of election . 1.853 ...
Page 6
... 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 ... income and taxable income 6 Title 26 Chapter 1.
... 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 ... income and taxable income 6 Title 26 Chapter 1.
Page 26
... foreign country ) following the close of the regulated investment company's tax ... income made by the shareholder for his taxable year in which the amount of ... tax paid by the regu- lated investment company with respect to the undistributed ...
... foreign country ) following the close of the regulated investment company's tax ... income made by the shareholder for his taxable year in which the amount of ... tax paid by the regu- lated investment company with respect to the undistributed ...
Page 27
... foreign tax credit allowed to shareholders . SEC . 853. Foreign tax credit allowed to shareholders— ( a ) General ... income , war profits , and excess profits taxes described in section 901 ( b ) ( 1 ) , which are paid by the investment ...
... foreign tax credit allowed to shareholders . SEC . 853. Foreign tax credit allowed to shareholders— ( a ) General ... income , war profits , and excess profits taxes described in section 901 ( b ) ( 1 ) , which are paid by the investment ...
Page 33
... foreign tax credit , and section 854 ( b ) ( 2 ) and § 1.854-2 with respect to the amount of a distribution which ... income received , and the foreign tax paid , as received and paid , respec- tively , in the shareholder's taxable year ...
... foreign tax credit , and section 854 ( b ) ( 2 ) and § 1.854-2 with respect to the amount of a distribution which ... income received , and the foreign tax paid , as received and paid , respec- tively , in the shareholder's taxable year ...
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Common terms and phrases
adjusted basis allocated amount apply capital gains chain or group class of stock computed controlled foreign corporation Corporation's December 31 deductions deemed paid derived from sources described in section determined dividends domestic corporation earnings and profits election erty estate investment trust excluded export trade assets fair market value foreign base company foreign country foreign income tax foreign tax credit gain or loss gift tax graph gross income holding company income derived income from sources investments in less less developed country liability ment minimum distribution nonresident alien paid or accrued paragraph percent period poration Puerto Rico purchased qualified investments rata share real estate investment real property received respect sale or exchange section 959 Statutory provisions stock or securities subdivision subparagraph subpart F income subsection taxable income taxes paid taxpayer tion trade or business trolled foreign corporation United States dollar United States shareholder unused foreign tax
Popular passages
Page 57 - States, the net income may first be computed by deducting the expenses, losses or other deductions apportioned or allocated thereto and a ratable part of any expenses, losses or other deductions which cannot definitely be allocated to some items or class of gross income...
Page 437 - ... as is not in excess of his ratable share of the undistributed earnings and profits of the corporation accumulated after February 28, 1913. The remainder. if any, of the gain recognized under paragraph (1) shall be taxed as a gain from the exchange of property.
Page 376 - Gifts after December 31, 1920. If the property was acquired by gift after December 31, 1920, the basis shall be the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift...
Page 335 - February 28, 1913, or (2) out of the earnings or profits of the taxable year (computed as of the close of the taxable year without diminution by reason of any distributions made during the taxable year), without regard to the amount of the earnings and profits at the time the distribution was made.
Page 74 - 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.
Page 406 - Secretary, expended in the acquisition of other property similar or related in service or use to the property so converted, or in the acquisition of control of a corporation owning such other property, or in the establishment of a replacement fund, no gain shall be recognized, but loss shall be recognized. If any part of the money is not so expended...
Page 402 - If the property was acquired, after February 28, 1913, upon an exchange described in section 112 (b) to (e), inclusive, the basis shall be the same as in the case of the property exchanged, decreased in the amount of any money received by the taxpayer and increased in the amount of gain or decreased in the amount of loss to the taxpayer that was recognized upon such exchange under the law applicable to the year in which the exchange was made.
Page 57 - For gains, profits, and income from the sale of personal property, see subsection (e). "(b) NET INCOME FROM SOURCES IN UNITED STATES. — From the items of gross income specified in subsection (a) of this section there shall be deducted the expenses, losses, and other deductions properly apportioned or allocated thereto and a ratable part of any expenses, losses, or other deductions which cannot definitely be allocated to some item or class of gross income.
Page 407 - If property (as a result of its destruction in whole or in part, theft, seizure, or requisition or condemnation or threat or imminence thereof) is compulsorily or Involuntarily converted...
Page 122 - For purposes of this section, the term "earned income" means wages, salaries, or professional fees, and other amounts received as compensation for personal services actually rendered, but does not include 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 for the personal services actually rendered. In the case of a taxpayer engaged in...