The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1978 - 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
adjusted basis aggregation allocated allowed amount apply assets bad debts beginning after December business taxable income capital cluded computing corporation costs December 31 dends depletion deposit described in section determined distribution dividends dividends paid duction earnings and profits election under section eral Example exploration expenditures fair market value filed foreign personal holding graph gross income holding company income included income tax indebtedness Internal Revenue Code Internal Revenue Service lease losses on loans losses on qualifying ment mineral property nization nonmining operating mineral interest orga organiza organization described outstanding paragraph percent period personal holding company porting organization prior private foundation production payment pursuant qualifying real property quired real property loans relating rents reserve for losses respect shareholder spect Statutory provisions subdivision subpara subparagraph tax imposed taxable years beginning taxpayer term timber tion trade or business transfer treated United unrelated business taxable zation
Popular passages
Page 15 - ... Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, no substantial part of the activities of which is carrying on propaganda, or otherwise attempting, to influence legislation, and which does not...
Page 23 - Fraternal beneficiary societies, orders, or associations, (A) operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system...
Page 25 - Exemption shall not be denied any such association because it has capital stock, if the dividend rate of such stock is fixed at not to exceed the legal rate of interest in the State of incorporation or 8 per centum per annum, whichever is greater, on the value of the consideration for which the stock was issued...
Page 208 - For purposes of section 532, the fact that the earnings and profits of a corporation are permitted to accumulate beyond the reasonable needs of the business shall be determinative of the purpose to avoid the Income tax with respect to shareholders, unless the corporation by the preponderance of the evidence shall prove to the contrary.
Page 161 - UNRELATED TRADE OR BUSINESS (a) GENERAL RULE.— The term "unrelated trade or business" means, in the case of any organization subject to the tax imposed by section 511, any trade or business the conduct of which is not substantially related (aside from the need of such organization for income or funds or the use it makes of the profits derived) to the exercise or performance by such organization of its charitable, educational, or other purpose or function constituting the basis for its exemption...
Page 202 - Patronage dividends, refunds, and rebates to patrons with respect to their patronage in the same or preceding years (whether paid in cash, merchandise, capital stock, revolving fund certificates, retain certificates, certificates of indebtedness, letters of advice, or in some other manner that discloses to each patron the dollar amount of such dividend, refund, or rebate) shall be taken into account in computing taxable income in the same manner as in the case of a cooperative organization not exempt...
Page 22 - It is an organization of the same general class as a chamber of commerce or board of trade. Thus, its activities should be directed to the improvement of business conditions of one or more lines of business as distinguished from the performance of particular services for individual persons.
Page 347 - In any case in which it is ascertained as a result of operations or of development work that the recoverable units are greater or less than the prior estimate thereof, then such prior estimate (but not the basis for depletion) shall be revised and the allowance under this section for subsequent taxable years shall be based on such revised estimate.
Page 453 - In the case of expenditures paid or incurred during the taxable year for the purpose of ascertaining the existence, location, extent, or quality of any deposit of ore or other mineral, and paid or incurred before the beginning of the development stage of the mine or deposit...
Page 39 - ... or (3) Which is the selling of merchandise, substantially all of which has been received by the organization as gifts or contributions. (b) Special rule for trusts. The term "unrelated trade or business...