Code of Federal Regulations: Containing a Codification of Documents of General Applicability and Future Effect as of December 31, 1948, with Ancillaries and IndexDivision of the Federal Register, the National Archives, 1963 - Administrative law |
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Common terms and phrases
accumulated earnings acquiring cor acquiring corporation adjusted gross income aggregate allowed amended by T.D. amount applies basis Bureau calendar capital loss carryovers charitable contributions corporate acquisitions Corporation's taxable date of distribution December 31 deemed deficit in accumulated Department described in section determined distribution or transfer distributor or trans distributor or transferor dividend carryover dividends paid deduction earnings and profits election employees Example exchange expenditure expenses fair market value feror corporation graph increase Internal Revenue Code January June 30 liability limitation loss corporation operating loss carryovers outstanding stock ownership paragraph payment percent percentage points persons poration provisions of section purchase purposes quiring railroad corporation relating reorganization respect second preceding taxable section 269 section 381 shareholder spouse Stat Statutory provisions subparagraph substantially taken into account taxable income taxable year beginning taxable year ending taxpayer tion trade or business transaction transferor corporation tribution Y Corporation
Popular passages
Page 105 - ... such corporation has not continued to carry on a trade or business substantially the same as that conducted before...
Page 24 - In subsection (a)) by the taxpayer or his tenant for the production of crops, fruits, or other agricultural products or for the sustenance of livestock. (c) Election. The election under subsection (a) for any taxable year shall be made within the time prescribed by law (Including extensions thereof) for filing the return for such taxable year. Such election shall be made In such manner as the Secretary or his delegate may by regulations prescribe.
Page 15 - The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.
Page 130 - Federal Credit Unions, Bureau of Federal Crop Insurance Corporation Federal Deposit Insurance Corporation Federal Home Loan Bank Board Federal Housing Administration Federal Maritime Commission Federal Mediation and Conciliation Service Federal National Mortgage Association Federal Power Commission Federal Prison Industries Federal Procurement Regulations Federal Procurement Regulations System Federal...
Page 50 - In order to qualify as a section 374 (a) reorganization, the transaction must satisfy the express statutory requirements as well as the underlying assumptions and purposes for which the exchange is excepted from the general rule requiring the recognition of gain or loss upon the exchange of property. (2) Section...
Page 41 - ... (1) out of its earnings or profits accumulated after February 28, 1913, or (2) out of the earnings or profits of the taxable year (computed as of the close of the taxable year without diminution by reason of any distributions made during the taxable year), without regard to the amount of the earnings and profits at the time the distribution was made.
Page 28 - For purposes of paragraphs (1) and (2), control means the ownership of stock possessing at least 50 percent of the total combined voting power of all classes of stock entitled to vote or at least 50 percent of the total value of shares of all classes of stock of the corporation.
Page 30 - October 8, 1940, directly or indirectly, control of a corporation, or (2) any corporation acquires, or acquired on or after October 8, 1940, directly or indirectly, property of another corporation, not controlled, directly or indirectly, immediately before such acquisition, by such acquiring corporation or its stockholders, the basis of which property, in the hands of the acquiring corporation, is determined by reference to the basis in the hands of the transferor corporation...
Page 9 - ... (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 30 - ... the principal purpose for which such acquisition was made is evasion or avoidance of Federal Income tax by securing the benefit of a deduction, credit, or other allowance which such person or corporation would not otherwise enjoy...