Alternative Mortgage Instruments Research Study, Հատոր 1

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Common terms and phrases

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Էջ V-17 - 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...
Էջ V-17 - The amount of all such items shall be included in the gross income for the taxable year in which received by the taxpayer, unless, under methods of accounting permitted under subdivision (b) of section 212, any such amounts are to be properly accounted for as of a different period...
Էջ V-17 - Under an accrual method of accounting, an expense is deductible for the taxable year in which all the events have occurred which determine the fact of the liability and the amount thereof can be determined with reasonable accuracy.
Էջ V-18 - ... method of accounting if, in the case of compensation for services, no determination can be made as to the right to such compensation or the amount thereof until the services are completed, the amount of compensation is ordinarily income for the taxable year in which the determination can be made. Under the cash receipts and disbursements method of accounting, such an amount is includible in gross income when actually or constructively received.
Էջ V-17 - The amount of any deduction or credit allowed by this subtitle shall be taken for the taxable year which Is the proper taxable year under the method of accounting used In computing taxable Income.
Էջ V-18 - With respect to the accrual basis taxpayer, all the events that fix the right to receive income occur when (1) the required performance occurs, (2) payment therefor is due, or, (3) payment therefor is made, whichever happens earliest. In applying this rule to the accrual of interest income, performance occurs when the lender allows the borrower to use the lender's money.
Էջ V-17 - ... are to be included for the taxable year in which actually or constructively received. Expenditures are to be deducted for the taxable year in which actually made.
Էջ V-6 - Secretary may insure on an experimental basis under any provision of this title mortgages and loans with provisions of varying rates of amortization corresponding to anticipated variations in family income to the extent he determines such mortgages or loans (1) have promise for expanding housing opportunities or meet special needs, (2) can be developed to include any safeguards for mortgagors or purchasers that may be necessary to offset special risks of such mortgages, and (3) have a potential for...

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