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Internal Revenue Service-Continued
Income and excess profits taxes regulations (1939 IRC)-Continued
Vessels—Continued
Construction reserve funds, establishment of, 26 Part 32—Continued
New vessels:
Basis for determining gain or loss and for depreciation of,

26 $ 32.26
Construction or acquisition by controlled corporation, 26

$ 32.25
Contracts obligating deposits, 26 $ 32.19
Period of construction, 26 g 32.20
Requirements concerning; documentation, financing, type,

etc., 26 $ 32.18
Noncompliance with requirements; effect of, on tax liability, 26

§ 32.21
Operating of vessels; requirements respecting, 26 32.3
Reimbursement, from fund; payments prior to establishment of

fund, 26 $ 32.7
Reports by taxpayers, 26 $ 32.24
Scope of statute, 26 $ 32.2
Securities:

Investment of funds in, 26 $ 32.8
Valuation of securities in fund for purposes of replacement,

etc., 26 $ 32.9
Withdrawals from fund; noncompliance with requirements, effect

on tax liability, 26 $ 32.10 Income from operation of, by nonresident aliens; taxation pursuant to

treaties with Canada, Denmark, France, Netherlands, Sweden,

United Kingdom. See Treaties and tax conventions, below.
Navy contracts for naval vessels; taxation of excess profits in connec-

tion with. See Excess profits. Income tax regulations (1954 IRC): Tax conventions with various countries respecting taxation of income.

See Treaties and tax conventions, below.
Taxable years beginning after December 31, 1953, 26 (1954) Part 1

See also Temporary Rules.
Accounting; methods and periods (fiscal year, calendar year, etc.) :
Deductions, taxable year for which taken; reserves for estimated

expenses, 26 $$ 1.462—1.462-7
Repeal; effect of, tax liability, statement requirements, waiver

of interest, extension of time for making certain payments,

etc., 26 $ $ 1.9000–141.9000–8 Gross income, taxable years for which items of included; prepaid

income, 26 $$ 1.452—1.452-8 Repeal; effect of, tax liability, filing of statements, waiver of

interest, extension of time for making certain payments,

etc., 26 $ $ 1.9000-1-1.9000-8
Computation of taxable income:

Awards and prizes, 26 $$ 1.74, 1.74–1
Bond premiums, treatment of, 26 $$ 1.75, 1.75-1
Child, services of, 26 $$ 1.73, 1.73-1
Commodity Credit Corporation loans; election to consider as in-

come, 26 $$ 1.77–1.77-2
Deductions; payments to employees of foreign corporations, 26

$ 1.176 Joint-stock land banks; mortgages made or obligations issued by,

26 $ 1.76 Prizes and awards, 26 $$ 1.74, 1.74-1 Securities, tax-exempt, dealers in; treatment of bond premiums,

26 $$ 1.75, 175–1
Consolidated returns of affiliated corporations, 26 38 1.1501-1.1552–1

Administrative provisions, 26 $ $ 1.1502–10—1.1502–19
Allocation of income and deductions for related trades or busi-

nesses; reference, 26 $ 1.1505

26

Internal Revenue Service-Continued
Income tax regulations (1954 IRC)-Continued
Taxable years beginning after December 31, 1953, 26 (1954) Part 1-Con.
Consolidated returns of affiliated corporations-Continued
Computation of tax, recognition of gain or loss, and basis, and pay-

ment of tax, 26 $$ 1.1502-30-1.1503-1
Definitions, 26 $ $ 1.1502–2, 1.1504—1.1504-1
Disallowance of surtax exemption and accumulated earnings credit

26 SS 1.1551, 1.1551-1
Earnings and profits, 26 $$ 1.1552, 1.1552–1

Suspension of statute of limitations; reference, 26 $ 1.1505
Corporate distributions and adjustments, 26 $$ 1.301-1.373, 1.391–1.395

Distributions, 26 $$ 1.30141.318-4
Effective date, 26 $$ 1.391–1.395-1
Insolvency reorganizations, 26 $$ 1.371–1.373-3
Liquidations, 26 $$ 1.331-1.346-3
Organizations and reorganizations, 26 $$ 1.351-1.368-3, 1.371–

1.373-3
Depreciation of property. See Property disposition.
Estimated expenses, reserves for; deductions. See Accounting.
Estimated tax; effect of repeal of certain sections of 1954 Code with

respect to accounting methods, 26 $ 1.9000-7
Gain or loss on disposition of property. See Property disposition.
Inventories, “lifo”; involuntary liquidation of, 26 $$ 1.1321–1.1321-1
Payments, time for making; extension of time where amount to be paid

is increased by reason of repeal of certain provisions respecting ac-
counting (prepaid income and reserves for estimated expenses),

$ 1.9000-8 Prepaid income. See Accounting. Property disposition, gain or loss on; depreciation, election as to

amounts allowed for, before 1952, 26 $ $ 1.1020, 1.1020-1
Securities and stocks:
Tax on transfers of stock or securities to avoid income tax, 26

$ $ 1.1491-1.1494-2
Foreign trust, definition of, 26 $$ 1.1493, 1.1493–1
Imposition of tax, 26 $$ 1.1491, 1.1491-1
Nontaxable transfers, 26 $ $ 1.1492, 1.1492–1

Returns, payment, and collection of tax, 26 $$ 1.1494-1.1494-2
Tax-exempt securities, dealers in; treatment of bond premiums, 26

$ $ 1.75, 1.75-1
Temporary Rules, 26 (1954):
Accounting periods and methods of accounting:
Prepaid income; manner of making election, change in methods,

etc., Temp. Rule 8
Real property taxes, accrual of; manner of making election, etc.,

Temp. Rule 9
Adjustments pursuant to determinations under income tax laws; agree-

ments treated as determinations, Temp. Rule 19
Agreements:

Definitions; agreements treated as determinations, Temp. Rule 19
Depreciation; agreements as to rate, etc., Temp. Rule 3
Personal holding company deficiency dividends; determination by

agreement other than closing agreement, Temp. Rule 12 Annuities, proceeds of endowment and life insurance contracts; exclu

sion from gross income, Temp. Rule 1
Actuarial tables, 1 (f)
Authority, delegation of; rules applicable to, Temp. Rule 22
Contributions and gifts, deductions for individuals, Temp. Rule 4
Corporations; unincorporated business enterprises, electing to be taxed

as domestic corporations, Temp. Rule 23
Credits for tax; foreign tax credit allowed to shareholders of regulated

investment company, election, etc., Temp. Rule 17
Deductions, in computation of taxable income:

Contributions and gifts, charitable, etc., Temp. Rule 4
Depreciation; agreements as to useful life and rate of, Temp. Rule 3
Internal Revenue Service-Continued
Income tax regulations (1954 IRC)-Continued
Temporary Rules, 26 (1954) - Continued
Deductions, in computation of taxable income-Continued

Estimated expenses, reserves for, Temp. Rule 10
Mineral interests, deductions for depletion, Temp. Rules 14 and 15
Organizational expenditures of corporations, Temp. Rule 7
Research and experimental expenditures, Temp. Rule 5
Soil and water conservation expenditures, not chargeable to capital

account, Temp. Rule 6
Definitions:

Agreements treated as determinations, Temp. Rule 19
Property, definition of; mineral interests, operating and non-

operating, Temp. Rules 14 and 15
Delegation of authority, rules applicable to, Temp. Rule 22
Depletion of natural resources, deductions for, Temp. Rules 14 and 15
Depreciation, deduction for; agreements as to rate, etc., Temp. Rule 3
Dividends; deduction for deficiency dividends of personal holding com-

panies, Temp. Rule 12
Estates, trusts, etc.:
Distributions by trusts in first 65 days of taxable year, Temp. Rule

16
Executor or receiver, notice of qualification as, Temp. Rule 20
Estimated expenses, reserves for; deductions, Temp. Rule 10
Exclusions from gross income:
Annuities, proceeds of endowment and life insurance contracts,

Temp. Rule 1
Discharge of indebtedness, income from, Temp. Rule 2
Executor or receiver, notice of qualification as, Temp. Rule 20
Expenditures, deductions for. See Deductions.
Filing of corporation returns. See Returns.
Foreign personal holding company, undistributed income of; tax on,

Temp. Rule 13
Foreign tax credit allowed regulated investment company shareholders,

Temp. Rule 17
Gain or loss on disposition of property; discharge of indebtedness,

Temp. Rule 18
Gifts, charitable, etc.; deductions for, Temp. Rule 4
Indebtedness, discharge of; income from:

Exclusion from gross income, Temp. Rule 2

Gain or loss, adjusted basis for determining, Temp. Rule 18
Information returns. See Returns.
Insurance, endowment and life, proceeds from; annuities, exclusion

from gross income, Temp. Rule 1
Actuarial tables, 1 (f)
Investment companies, regulated; foreign tax credit allowed share-

holders, Temp. Rule 17
Mineral interests, treatment of as one property:

Nonoperating mineral interests, Temp. Rule 15

Operating mineral interests, Temp. Rule 14
Mitigation of effect of limitations, etc.; agreements treated as deter-

minations, Temp. Rule 19
Organizational expenditures of corporations, special deductions for;

time and manner of making elections, Temp. Rule 7 Personal holding companies: Deduction for deficiency dividends; determination by agreements,

claim required, etc., Temp. Rule 12 Foreign personal holding company, undistributed income; elec

tion respecting taxes, Temp. Rule 13
Undistributed income of:

Deduction of taxes, election respecting, Temp. Rule 11
Lien in favor of United States, shareholders' election respect-

ing, Temp. Rule 11
Prepaid income; manner of making election, change in apportioning

income, etc., Temp. Rule 8

Internal Revenue Service Continued
Income tax regulations (1954 IRC)-Continued
Temporary Rules, 26 (1954)-Continued
Property, definition of; mineral interests, operating and nonoperating,

Temp. Rules 14 and 15
Real property taxes, accrual of; manner of making election, etc., Temp.

Rule 9
Receiver or executor, notice of qualification as, Temp. Rule 20
Regulated investment companies; foreign tax credit allowed share-

holders, Temp. Rule 17
Research and experimental expenditures; deductions for, Temp. Rule 5
Reserves for estimated expenses; deductions, Temp. Rule 10
Returns:
Corporation income tax returns; automatic extension of time for

filing, Temp. Rule 21
Information returns; notice of qualification as executor or re-

ceiver, Temp. Rule 20 Shareholders: Corporations used to avoid income tax on shareholders; personal

holding companies. See Personal holding companies. Investment company, regulated; foreign tax credit allowed to

shareholders of, Temp. Rule 17 Soil conservation expenditures, treated as expenses not chargeable to

capital account, Temp. Rule 6
Taxes, real property, accrual of; manner of making election, etc., Temp.

Rule 9
Trusts, distributions by (in first 65 days of taxable year), Temp. Rule 16
Unincorporated business enterprises, electing to be taxed as domestic

corporations, Temp. Rule 23
Water conservation expenditures, treated as expenses not chargeable to

capital account, Temp. Rule 6
Estimated expenses, reserves for; manner of making election, etc.,

Temp. Rule 10
Treaties and tax conventions with various countries respecting taxation of

income. See Treaties and tax conventions, below. Industrial alcohol; excise tax on. See Excise tax regulations. Information respecting violations of internal revenue laws, rewards for; admin

istrative provisions respecting, 26 $ 455.1 Initiation fees and dues, for membership in social, athletic and sporting clubs;

excise tax on, 26 $ $ 101.1, 101.22–101.44 Inner tubes; excise tax on sales by manufacturers, 26 $$ 316.30–316.32 Insolvent banks and trust companies; assessment and collection of taxes, 26

Part 464 Inspection of tax returns by various Congressional committees, agencies, etc.

See Administrative provisions; and Practice, procedure, and administration. Insurance, employment; tax on employers and employees for. See Employment

tax regulations. Insurance companies; income taxes. See Income and excess profits taxes regu

lations. Insurance policies, foreign, documentary stamp tax on, 26 $$ 113.100_113.110 Intoxicating liquors. See Liquors, distilled spirits, etc. Investment companies registered under Investment Company Act of 1940; in

come taxes. See Income and excess profits taxes regulations. Ireland, taxation pursuant to treaties with. See Treaties and tax conventions. Isonipecaine; excise tax on narcotics. See Excise tax regulations. Japan, taxation pursuant to convention with. See Treaties and tax conventions. Jewelry, etc.; excise tax on sales by retailers, 26 $$ 320.30-320.38 Judgments against United States, claims for payment of; administrative provi

sions respecting, 26 $ 459.1 Liens:

Collection of taxes; liens, 26 (1954) $$ 301.6321-301.6326
Estate tax; determination of tax liability, 26 $$ 81.85, 81.86

Federal tax liens, release of, 26 $$ 39.3670-39.3680, 453.1-453.8
Light bulbs and tubes, electric; excise tax on sales by manufacturers, 26

$$ 316.180, 316.181

Internal Revenue Service-Continued
Lighters, for cigars, cigarettes, etc.; excise tax on manufacturer's sales, 26

$$ 316.196-316.199, 320.75a Limitations, period of, in case of related income taxes; types of adjustment per

missible, ascertainment of amount of increase or decrease, application to

affiliated groups, etc., 26 Part 473 Liquors, distilled spirits, etc.:

Excise tax regulations. See Excise tax regulations, above.
Intoxicating liquors (distilled spirits, wines, and malt beverages); regula-

tions under Federal Alcohol Administration Act:
Advertising. See Labeling and advertising.
Basic permits for importers, producers, rectifiers, blenders, bottlers,

warehousemen, and wholesalers; issuance of permits, and proceed

ings to revoke, suspend, and annul, 27 Part 1 Bulk sales and bottling of distilled spirits, warehouse receipts, sales,

etc., 27 Part 3 Labeling and advertising: Distilled spirits, standards of identity, standards of fill, issuance of

certificates of exemption from, label approval, etc., 27 Part 5 Malt beverages; withdrawal of imported malt beverages from cus

toms custody and issuance of certificates of label approval and release and issuance of certificates of approval for malt bever

ages domestically bottled or packed, 27 Part 7 Wine; standards of fill for containers, issuance of certificates of,

and certificates of exemption from, label approval, etc., 27

Part 4
Nonindustrial use of distilled spirits and wine, 27 Part 2
Retailers of alcoholic beverages:

Credit period to be extended to, 27 Part 8
Inducements furnished to; regulations respecting furnishing of

equipment, fixtures, signs, supplies, money, services, or other
things of value to retailers of distilled spirits, wine, and malt
beverages, by other members of liquor industry (principally
venders), including furnishing of samples and advertising cuts,

27 Part 6 Luggage; excise tax on sales by manufacturers and retailers, 26 $$ 316.100–

316.103, 320.60, 320.61 Machine guns; excise tax on. See Excise tax regulations. Machines, business, office, and store; excise tax on sales by manufacturers, 26

$$ 316.140, 316.141 Malt beverages:

See also Liquors, distilled spirits, etc.

Excise tax on. See Excise tax regulations. Manufacturers' sales of various products; excise tax on. See Excise tax regula

tions. Marihuana Tax Act of 1937, excise tax regulations under, 26 Part 152 Marine glasses; excise tax on sales by retailers, 26 § 320.36 Matches; excise tax on. See Excise tax regulations. Medicinal vehicles made with alcohol, excise tax on sale for nonbeverage use,

26 $ 171.7 Military and naval forces, income tax on members of. See Income and excess

profits taxes regulations. Mines and mining: Corporations, mining; excess profits tax. See Income and excess profits

taxes regulations. Hydraulic mining in California, tax on debris, 26 Part 317 Mineral interests; treatment as one property in computation of taxable

income, 26 (1954) Temp. Rules 14, 15 Mines and other natural deposits; deductions for depletion, development,

exclusions from gross income, etc., 26 $$ 39.22 (b) (15)-1, 39.23
(m)-1-39.23 (m)-28, 39.23 (cc)-1, 39.23 (ff)-1; 26 (1954) Temp.

Rules 14, 15
Motor vehicle fuel, excise tax on:

Diesel fuel, 26 Part 324
Gasoline, 26 Part 314

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