The Code of Federal Regulations of the United States of AmericaU.S. Government Printing Office, 1993 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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accrual method adjustment allocation alternative minimum tax assets attributable basis calendar change in method cluding computed contract price controlled transaction December 31 deductions deferred described in paragraph determined district director Federal filing following example graph gross income gross profit income tax income tax return incurred installment Internal Revenue Service inventory January July July 18 July 24 justments LIFO look-back method loss meaning of paragraph ment method of accounting months nuclear decommissioning fund obligation participation partnership passive activity payer payment percent percentage personal service corporation production pursuant qualified settlement fund real property rental activity rental operations respect rules relating ruling amounts schedule of ruling section 444 election September 30 Special rule spect subparagraph taken into account tax liability taxable income taxable year beginning taxable year ending taxpay tion total contract total unstated interest trade or business transfer transferor treated uncon uncontrolled undertaking
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135. lappuse - 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.
94. lappuse - Stock owned, directly or indirectly, by or for any portion of a trust of which a person is considered the owner under subpart E of Part I of subchapter J (relating to grantors and others treated as substantial owners) shall be considered as...
170. lappuse - The method so elected, and the period selected by the taxpayer, shall be adhered to in computing taxable income for the taxable year for which the election is made and for all subsequent taxable years unless...
62. lappuse - ... (b) EXCEPTIONS. — If no method of accounting has been regularly used by the taxpayer, or if the method used does not clearly reflect income, the computation of taxable income shall be made under such method as, in the opinion of the Secretary or his delegate, does clearly reflect income.
131. lappuse - If the obligations received by the vendor have no fair market value, the payments in cash or other property having a fair market value shall be applied against and reduce the basis of the property sold and, if in excess of such basis, shall be taxable to the extent of the excess. Gain or loss is realized when the obligations are disposed of or satisfied, the amount thereof being the difference between the reduced basis as provided in the preceding sentence and the amount realized therefor. Only in...
132. lappuse - The basis of an installment 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.
167. lappuse - Non-interest-bearing obligations issued at a discount. If, in the case of a taxpayer owning any non-interest-bearing obligation issued at a discount and redeemable for fixed amounts Increasing at stated Intervals...
60. lappuse - In all cases in which the production, purchase or sale of merchandise of any kind is an income-producing factor inventories of the merchandise on hand (including finished goods, work in process, raw materials and supplies) should be taken at the beginning and end of the year and used in computing the net income of the year...
413. lappuse - Bona fide selling price means actual offering of goods during a period ending not later than 30 days after inventory date. The burden of proof will rest upon the taxpayer to show that such exceptional goods as are valued upon such selling basis come within the classifications indicated above, and he shall maintain such records of the disposition of the goods as will enable a verification of the Inventory to be made.
94. lappuse - ... trust under subpart E of part I of subchapter J (relating to grantors and others treated as substantial owners) shall be considered as owned by the trust.