Internal Revenue Code of 1954, as Amended and in Force on January 3, 1961

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Contents

health plans
29
Improvements by lessee on lessors property
30
linquency amounts
31
Forces
32
National Red Cross
33
dividuals
35
Contributions to the capital of a corporation
36
Meals or lodging furnished for convenience of Sec 121 Cross references to other acts
37
Standard deduction for individuals Sec 141 Standard deduction
38
Cross reference
39
Dependent defined
41
Determination of marital status
42
Cross references
43
Interest
44
Taxes
45
Losses
47
Bad debts
48
Depreciation
49
Amortization of emergency facilities
51
Amortization of grainstorage facilities
55
Charitable etc contributions and gifts
57
Amortizable bond premium
62
Net operating loss deduction
64
Circulation expenditures
68
Soil and water conservation expenditures
70
Payments with respect to employees of certain foreign corporations Sec 177 Trademark and trade name expenditures
71
Depreciation or amortization of improvements made by lessee on lessors property
72
Additional firstyear depreciation allowance for small business
73
Expenditures by farmers for fertilizer
75
Corporate distributions and adjustments
92
Definitions constructive ownership of stock
107
companies
123
tions
131
Carryovers
139
Effective date of subchapter C
146
Normal Taxes and SurtaxesContinued
166
General rule for taxable year of deduction
175
taxpayers
181
504
182
Denial of exemption
189
Farmers cooperatives
199
holders
201
Foreign personal holding company income Pago
217
SUBCHAPTER H Banking institutions
226
1050
241
SUBCHAPTER J Estates trusts beneficiaries and decedents
245
SUBCHAPTER K Partners and partnerships
269
Payments to a retiring partner or a deceased Pago
275
Rules for allocation of basis
282
Normal Taxes and SurtaxesContinued
323
SUBCHAPTER N Tax based on income from sources within or without
337
Western Hemisphere trade corporations
347
Subpart E China Trade Act corporations
358
Normal Taxes and SurtaxesContinued
360
1052
378
1
396
Normal Taxes and SurtaxesContinued
414
War loss recoveries
424
Other limitations
431
Tax on SelfEmployment Income
443
Corporations and TaxFree Covenant Bonds
453
Rules Applicable to Recovery of Excessive Profits on Govern
457
Tax on Transfers to Avoid Income
463
SUBTITLE B Estate and Gift Taxes
473
Credits against tax
500
Gift
507
Deductions
516
Employment Taxes
521
SUBCHAPTER B Tax on employers
523
Rate of tax
545
Federal Unemployment Tax
553
Collection of Income Tax at Source on Wages
571
Tax on corporations
577
General Provisions Relating to Employment Taxes
587
Miscellaneous Excise Taxes
589
Luggage handbags
594
SUBCHAPTER A Automotive and related items
599
Entertainment equipment
606
SUBCHAPTER G Exemptions registration
616
Facilities and Services
623
SUBCHAPTER B Communications
631
Safe deposit boxes
639
SUBCHAPTER B Sales or transfers of capital stock and certificates
644
Conveyances
650
Taxes on Wagering
657
Certain Other Excise TaxesContinued
663
Sugar Coconut and Palm
669
Copper
675
SUBCHAPTER G Special provisions applicable to import taxes
682
SUBCHAPTER A Narcotic drugs and marihuana
683
657
695
Imposition of tax
707
Importation and exportation
708
Adulterated butter and filled cheese Part I Adulterated and process or renovated butter Sec 4811 Imposition of tax
709
Stamps
710
Requirements applicable to dealers
711
ated butter
713
Filled cheese Sec 4831 Imposition of tax
714
Stamps
715
Requirements applicable to wholesale and retail dealers
716
Cotton futures Part I General provisions Sec 4851 Imposition of tax
718
Spot cotton
719
Basis grade contracts
720
Tendered grade contracts
722
Administrative provisions Sec 4871 Method of payment
723
Liability of principal for acts of agent
724
SUBCHAPTER E Circulation other than of national banks Sec 4881 Imposition of tax
725
Exemptions
726
Estimation of outstanding circulation in de fault of return
727
Lien for tax
737
Persons liable for tax
738
Determination of tax
740
Collection of tax on distilled spirits
742
for loss or destruction of distilled spirits
743
Drawback
748
Tax on cordials and liqueurs containing wine
749
Determination and collection of rectification tax
751
Wines Sec 5041 Imposition and rate of tax
752
Exemption from tax
753
Refund of tax on unmerchantable wine
754
Definitions
755
Drawback of tax
756
Subpart E General provisions Sec 5061 Method of collecting tax
757
cordials and beer
758
Territorial extent of law
759
Subpart E Retail dealers
766
SUBCHAPTER B Qualification requirements for distilled spirits plants
772
Operation of distilled spirits plants
780
premises
787
Industrial use of distilled spirits
796
Bonded wine cellar
806
SUBCHAPTER G Breweries
817
General provisions relating to bonds
825
SUBCHAPTER J Penalties seizures and forfeitures relating to liquors
829
Penalty relating to return of materials used
834
Penalty seizure and forfeiture provisions common
842
Tobacco Cigars Cigarettes and Cigarette Papers and Tubes
849
tobacco materials
857
TubesContinued
862
Machine Guns and Certain Other Firearms
867
SUBCHAPTER B General provisions
871
SUBTITLE F Procedure and Administration
877
Place for filing returns or other documents
901
SUBCHAPTER B Miscellaneous provisions ments
902
trusts
904
cases
905
tion
906
Time and Place for Paying Tax SUBCHAPTER A Place and due date for payment of tax returns
907
Installment payments
908
tax by corporations
910
Tariff Act
911
SUBCHAPTER B Extensions of time for payment Sec 6161 Extension of time for paying tax
912
attributable to liquidation of personal hold ing companies
913
Extension of time for payment of taxes by corporations expecting carrybacks
914
Bonds where time to pay tax or deficiency has been extended
916
643
919
Assessment SUBCHAPTER A In general Sec 6201 Assessment authority
921
time of assessment
922
Special rules applicable to excessive cliams under sections 6420 and 6421
923
SUBCHAPTER B Deficiency procedures in the case of income estate and gift taxes Sec 6211 Definition of a deficiency
924
tion to Tax Court
925
Determinations by Tax Court
927
SUBCHAPTER A General provisions Page CHAPTER 64 Collection Sec 6301 Collection authority
929
Collection under the Tariff Act
930
Payment by check or money order
931
Fractional parts of a cent
932
Lien for taxes Sec 6321 Lien for taxes
933
Special liens for estate and gift taxes
934
erty
935
Cross references
936
Levy and distraint
937
Surrender of property subject to levy
938
Sale of seized property
939
Sale of perishable goods
941
Legal effect of certificate of sale of personal property and deed of real property
942
Records of sale
943
Authority to release levy
944
Abatements Credits and Refunds SUBCHAPTER A Procedure in general Sec 6401 Amounts treated as overpayments
945
Overpayment of installment
946
Prohibition of administrative review of deci sions
947
SUBCHAPTER B Rules of special application Sec 6411 Tentative carryback adjustments
948
Floor stocks refunds
949
Special rules applicable to certain employ ment taxes
951
Income tax withheld
953
Certain taxes on sales and services
954
Coconut and palm oil
960
Excise tax on wagering
961
Gasoline used for certain nonhighway pur poses or by local transit systems
963
Cross references
965
Conditions to allowance in the case of alcohol and tobacco taxes
966
Limitations
969
Limitations on credit or refund
975
Mitigation of effect of period of limitations
981
suit
987
iiiiiiii
991
SUBCHAPTER B Assessable penalties
998
Jeopardy Bankruptcy and Receiverships
1005
ferees
1015
Closing Agreements and Compromises
1021
Crimes Other Offenses and ForfeituresContinued
1023
SUBCHAPTER B Other offenses
1036
Miscellaneous penalty and forfeiture provisions
1047
SUBCHAPTER A Civil actions by the United States
1049
il
1055
Court review of Tax Court decisions
1065
Miscellaneous Provisions Pago
1071
Discovery of Liability and Enforcement of Title
1079
Possessions
1085
General Rules
1093
SUBCHAPTER B Effective date and related provisions
1097
SUBTITLE GTHE JOINT COMMITTEE ON INTERNAL
1103
697
1109
817
1114
780
1116
781
1125
353
1126
TABLE 2 Code Provisions Repealed
1147
23

Common terms and phrases

Popular passages

Page 397 - 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 568 - On a farm, in the employ of any person, in connection with cultivating the soil, or in connection with raising or harvesting any agricultural or horticultural commodity, including the raising, shearing, feeding, caring for, training, and management of livestock, bees, poultry, and fur-bearing animals and wildlife. (2) In the employ of the owner or tenant or other operator of a farm, in connection with the operation, management, conservation, improvement, or maintenance of such farm and its tools...
Page 135 - 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 181 - In any case of two or more organizations, trades, or businesses (whether or not incorporated, whether or not organized in the United States, and whether or not affiliated) owned or controlled directly or indirectly by the same interests, the Secretary or his delegate may distribute, apportion, or allocate gross income, deductions, credits, or allowances between or among such organizations, trades, or businesses.
Page 532 - The provisions of subparagraphs (A) and (B) shall not be deemed to be applicable with respect to service performed in connection with commercial canning or commercial freezing or in connection with any agricultural or horticultural commodity after its delivery to a terminal market for distribution for consumption...
Page 124 - 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 43 - A reasonable allowance for salaries or other compensation for personal services actually rendered; (2) Traveling expenses (including the entire amount expended for meals and lodging) while away from home In the pursuit of a trade or business; and (3) 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 86 - Premiums paid on any life insurance policy covering the life of any officer or employee, or of any person financially interested in any trade or business carried on by the taxpayer, when the taxpayer is directly or indirectly a beneficiary under such policy...
Page 291 - ... (2) General rule. — 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...
Page 547 - employer" shall not include any street, interurban, or suburban electric railway, unless such railway is operating as a part of a general steam-railroad system of transportation, but shall not exclude any part of the general steam-railroad system of transportation now or hereafter operated by any other motive power. The Interstate Commerce Commission is hereby authorized and directed upon request of the Board, or upon complaint of any party interested, to determine after hearing whether any line...

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