The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1995 - 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
activity bond limit adjusted gross income aggregate aircraft alimony allocable amounts received Annual Lease Value apply arbitrage automobile beneficiary calendar ceived cluded combat zone compensation computed condition fringe contributions corporation cost December 31 deduction described in section determined election employee's escrow Example excludable from gross exempt expenses facility fair market value flight fringe benefit fund governmental unit graph gross income group-term life insurance includible in gross indebtedness individual interest Internal Revenue Code issue date issuer itemized deductions January June 30 line of business loan meals ment obligations payments percent period ployee portion present value prior issue private activity bond purposes of section pursuant qualified reasonable refunding issue reimbursement relating REMIC respect retirement special rules spect spouse standard deduction subdivision subparagraph substantial taxable taxpayer term term life insurance tion trade or business transfer treated vehicle vided yield
Popular passages
Page 332 - ... (1) LIFE INSURANCE. — Amounts received under a life insurance contract paid by reason of the death of the insured, whether in a single sum or otherwise (but if such amounts are held by the insurer under an agreement to pay interest thereon, the interest payments shall be included in gross income); (2) ANNUITIES, ETC.
Page 640 - ... visual acuity is greater than 20/200 but is accompanied by a limitation in the fields of vision such that the widest diameter of the visual field subtends an angle no greater than 20 degrees.
Page 45 - Included in income for the year of receipt regardless of the period covered or the method of accounting employed by the taxpayer. An amount received by a lessor from a lessee for cancelling a lease constitutes gross income for the year in which it is received, since it is essentially a substitute for rental payments. As to amounts received by a lessee for the cancellation of a lease, see section 1241 and the regulations thereunder. (c) Expenditures by lessee. As a general rule, if a lessee pays any...
Page 644 - For purposes of determining the existence of any of the relationships specified in section 152 (a) or (b) (1), a legally adopted child of an individual shall be treated as a child of such individual by blood.
Page 470 - institution of higher education" means an educational institution in any State which — (1) admits as regular students only individuals having a certificate of graduation from a high school, or the recognized equivalent of such a certificate...
Page 468 - ... (C) service performed by an individual under the age of 22 who is enrolled at a nonprofit or public educational institution which normally maintains a regular faculty and curriculum and normally has a regularly organized body of students in attendance at the place where its educational activities are carried on...
Page 328 - The aggregate amounts excludable under paragraph (1) with respect to the death of any employee shall not exceed $5,000. (B) Nonforfeitable rights. Paragraph (1) shall not apply to amounts with respect to which the employee possessed, immediately before his death, a nonforfeitable right to receive the amounts while living.
Page 466 - In any taxable year shall be limited to an amount equal to $300 times the number of months for which the recipient received amounts under the scholarship or fellowship grant during such taxable year...
Page 469 - Amounts paid as compensation for services or primarily for the benefit of the grantor. (1) Except as provided in paragraph (a) of §§1.117-2 and 1.117-5, any amount paid or allowed to, or on behalf of, an individual to enable him to pursue studies or research, if such amount represents either compensation for past, present, or future employment services or represents payment for services which are subject to the direction or supervision of the grantor.
Page 343 - Interest upon United States obligations in the case of nonresident aliens and foreign corporations, not engaged in business in the United States. By virtue of section 4 of the Victory Liberty Loan Act of March 3, 1919 (31 USC 750), amending section 3 of the Fourth Liberty Bond Act of July 9, 1918 (31 USC 750). the interest received on and after March 3, 1919, on bonds, notes, and certificates of indebtedness of the United States while beneficially owned by a nonresident alien individual, or a foreign...