The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1998 - 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
accrual method adjustment allocation alternative minimum tax apply assets basis calendar cluded Commissioner computed contract costs contract price controlled taxpayer December 31 deductions described in paragraph determined district director filing following examples graph gross income gross profit income tax income tax return incurred intangible intangible property interest Internal Revenue Service inventory January justment LIFO long-term contract look-back method loss meaning of paragraph ment method of accounting nuclear decommissioning fund nuclear power plant participant partnership passive activity payer payment percent percentage performance poration production pursuant qualified settlement fund real property rental activity rental operations rental real estate respect ruling amounts schedule of ruling section 444 election sells September 30 Special rule spect subparagraph taken into account tax liability taxable income taxable year beginning taxable year ending tion tivity trade or business treated trolled uncon uncontrolled transactions undertaking
Popular passages
Page 153 - BASIS. (a) DEALERS IN PERSONAL PROPERTY. — Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price.
Page 152 - As used in this section the term "initial payments" means the payments received in cash or property other than evidences of indebtedness of the purchaser during the taxable period in which the sale or other disposition is made.
Page 155 - The basis of the obligation shall be the excess of the face value of the obligation over an amount equal to the income which would be returnable were the obligation satisfied in full.
Page 22 - At least 80% of the corporation's assets must be used in the active conduct of a qualified trade or business, or in the start-up of a future qualified trade or business. • A qualified trade or business is any business other than one involving the performance of services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, or any other trade or business where the principal asset of...
Page 422 - For the purposes of this section, a dealer in securities is a merchant of securities, whether an individual, partnership, or corporation, with an established place of business, regularly engaged in the purchase of securities and their resale to customers; that is, one who as a merchant buys securities and sells them to customers with a view to the gains and profits that may be derived therefrom. If such business is simply a branch of the activities carried on by such person, the securities inventoried...
Page 480 - ... be accompanied by a statement specifying the classes of items differently treated under the two methods and specifying all amounts which would be duplicated or entirely omitted as a result of the proposed change. Permission to change the method of accounting will not be granted unless the taxpayer and the Commissioner agree to the terms and conditions under which the change will be effected.
Page 200 - ... (4) Period to which election applies. An election under this section shall be effective for the taxable year with respect to which it is first made and for all subsequent taxable years, unless the taxpayer secures the consent of the Secretary or his delegate to the revocation of such election.
Page 282 - ... for the taxable year, but not including the accumulated earnings tax imposed by section 531, the personal holding company tax imposed by section 541, or the taxes imposed by corresponding sections of a prior income tax law.
Page 13 - fiscal year" means an accounting period of twelve months ending on the last day of any month other than December. The term "taxable year...
Page 117 - Family — (A) In General — An individual shall be considered as owning the stock owned, directly or indirectly, by or for — (i) his spouse (other than a spouse who is legally separated from the individual under a decree of divorce or separate maintenance), and (ii) his children, grandchildren, and parents.