The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1967 - 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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Common terms and phrases
accumulation distribution adjusted basis apply attributable basis of partnership beneficiary capital assets capital gains capital loss carryback company taxable income contributed property credited decedent December 31 defined in section described in section distributable net income distributed currently distributive share dividends duction estate or trust estate tax estates and trusts exceeds excess expenses fair market value gain or loss grantor graph gross income included income in respect insurance company taxable insurance reserves Internal Revenue Code inventory items investment yield loss from operations ment mutual insurance mutual insurance company nership ordinary income owner paid paragraph partner partnership interest partnership property payment percent portion preceding taxable premiums provided in section reinsured rules sale or exchange section 642 section 809 special basis adjustment Statutory provisions subchapter subparagraph subpart taken into account tax imposed tax-exempt interest taxable investment income taxable years beginning term tion treated tributed trust instrument undistributed
Popular passages
Page 321 - All interest paid or accrued within the taxable year on indebtedness, except on indebtedness Incurred or continued to purchase or carry obligations (other than obligations of the United States Issued after September 24, 1917, and originally subscribed for by the taxpayer) the Interest upon which is wholly exempt from the taxes Imposed by this title.
Page 214 - ... (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 18 - Income, without limitation, which pursuant to the terms of the governing Instrument is, during the taxable year, paid or permanently set aside for a purpose specified In section 170 (c), or Is to be used exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals, or for the establishment, acquisition, maintenance or operation of a public cemetery not operated for profit.
Page 360 - gross income" means the sum of — (A) the combined gross amount earned during the taxable year, from investment income and from underwriting income as provided in this subsection, computed on the basis of the underwriting and investment exhibit of the annual statement approved by the National Convention of Insurance Commissioners...
Page 258 - ... loss year") shall be carried to the earliest of the taxable years to which (by reason of paragraph (1)) such loss may be carried. The portion of such loss which shall be carried to each of the other taxable years shall be the excess, if any, of the amount of such loss over the sum of the taxable income for each of the prior taxable years to which such loss may be carried.
Page 91 - In the discretion of another person, the trustee, or the grantor acting as trustee or co-trustee, may be applied or distributed for the support or maintenance of a beneficiary whom the grantor Is legally obligated to support or maintain, except to the extent that such Income is so applied or distributed. In cases where the amounts so applied or distributed are paid out of corpus or out of other than Income for the taxable year, such amounts shall be considered to be an amount paid or credited within...
Page 96 - ... such creator or person through the ownership, directly or indirectly, of 50 percent or more of the total combined voting power of all classes of stock entitled to vote or 50 percent or more of the total value of shares of all classes of stock of the corporation.
Page 119 - The character of any item of income, gain, loss, deduction, or credit included in a partner's distributive share under paragraphs (1) through (8) of subsection (a) shall be determined as if such item were realized directly from the source from which realized by the partnership, or incurred in the same manner as incurred by the partnership.
Page 103 - ... (B) the person who, by reason of the death of the decedent, acquires the right to receive the amount, if the right to receive the amount is not acquired by the decedent's estate from the decedent; or (C) the person who acquires from the decedent the right to receive the amount by bequest, devise, or inheritance, if the amount is received after a distribution by the decedent's estate of such right.
Page 182 - partnership" includes a syndicate group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this title, a trust or estate or a corporation; and the term "partner" includes a member in such a syndicate, group, pool, joint venture, or organization.