Internal Revenue Code of 1954, as Amended and in Force on January 3, 1961

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Contributions by employer to accident and health plans
29
Improvements by lessee on lessors property
30
Recovery of bad debts prior taxes and de linquency amounts
31
Certain combat pay of members of the Armed Forces
32
Sports programs conducted for the American National Red Cross
33
Partial exclusion of dividends received by in dividuals
35
Contributions to the capital of a corporation
36
Cross references to other acts
37
Standard deduction for individuals Sec 141 Standard deduction
38
Cross reference
39
Dependent defined
41
Determination of marital status
42
Cross references
43
Interest
44
Taxes
45
Losses
47
Bad debts
48
Depreciation
49
Amortization of emergency facilities
51
Amortization of grainstorage facilities
55
Charitable etc contributions and gifts
57
Amortizable bond premium
62
Net operating loss deduction
64
Circulation expenditures
68
Soil and water conservation expenditures
70
Payments with respect to employees of certain oreign corporations
71
Depreciation or amortization of improvements made by lessee on lessors property
72
Additional firstyear depreciation allowance for small business
73
Expenditures by farmers for fertilizer etc
75
Normal Taxes and SurtaxesContinued
92
Deferred compensation
150
Normal Taxes and SurtaxesContinued
166
SUBCHAPTER F Exempt organizations
182
SUBCHAPTER G Cºns used to avoid income tax on share oldiers
201
SUBCHAPTER H Banking institutions
226
SUBCHAPTER J Estates trusts beneficiaries and decedents
245
Deductions for estates and trusts accumulating Page income or distributing corpus
250
sº rules applicable to sections 661 and
252
Treatment of excess distributions by trusts Sec 665 Definitions applicable to subpart D
253
ceding years
254
Denial of refund to trusts
255
Subpart E Grantors and others treated as substantial owners Sec 671 Trust income deductions and credits attrib utable to grantors and others as substa...
256
Person other than grantor treated as substan tial owner
261
Subpart F Miscellaneous Sec 681 Limitation on charitable deduction Sec 682 Income of an estate or trust in case of divorce etc Sec 683 Applicabilit...
262
Income in respect of decedents Sec 691 Recipients of income in respect of decedents Sec 692 Income taxes of members of Armed Forces
265
SUBCHAPTER K Partners and partnerships Part I Determination of tax liability Sec 701 Partners not partnership subject to tax Sec 702 Income and c...
269
Subpart A Contributions to a partnership Sec 721 Nonrecognition of gain or loss on contribution
275
money
276
Basis of distributee partners interest
277
Character of gain or loss on disposition
278
Rules for allocation of basis
282
Normal Taxes and SurtaxesContinued SUBCHAPTER M Regulated investment companies and real estate investment trusts Part I Regulated Investme...
323
and their shareholders
326
Foreign tax credit allowed to shareholders
328
Limitations applicable to dividends received from regulated investment company
329
Dividends paid by regulated investment company after close of taxable year
330
Taxation of real estate investment trusts and their beneficiaries
333
Dividends paid by real estate investment trust after close of taxable year
335
SUBCHAPTER N Tax based on income from sources within or without the United States Part I Determination of sources of income Sec 861 Income ...
337
Subpart A Nonresident alien individuals Sec 871 Tax on nonresident alien individuals Sec 872 Gross income Sec 873 Deductions Sec 874 Allow...
340
Tax on foreign corporations not engaged in business in United States Sec 882 Tax on resident foreign corporations Sec 883 Exclusions from gross in...
344
Miscellaneous provisions Sec 891 Doubling of rates of tax on citizens and cor porations of certain foreign countries
346
Income exempt under treaty
347
Earned income from sources without
353
SUBCHAPTER O Gain or loss on disposition of property
360
Wash sales of stock or securities
387
SUBCHAPTER P Capital gains and losses
396
Part II
414
substantial amount held under claim
429
SUBCHAPTER S Election of certain small business corporations
435
Subtitle A Income Taxes 1
443
Withholding of Tax on Nonresident Aliens and Foreign Corporations and TaxFree Covenant Bonds
453
Rules Applicable to Recovery of Excessive Profits on Government Contracts
457
Mitigation of effect of renegotiation of gov ernment contracts
458
to price redeterminations
460
Tax on Transfers to Avoid Income Tax
463
Consolidated Returns
465
Definitions
469
SUBCHAPTER B Related rules Sec 1551 Disallowance of surtax exemption and accu mulated earnings credit
470
SUBTITLE B Estate and Gift Taxes
473
Credit for State death taxes Sec 2012 Credit for gift tax Sec 2013 Credit for tax on prior transfers Sec 2014 Credit for foreign death taxes Sec 2015 C...
474
Gross estate Sec 2031 Definition of gross estate Sec 2032 Alternate valuation Sec 2033 Property in which the decedent had an inter est Sec 2034 Do...
481
Taxable estate Sec 2051 Definition of taxable estate Sec 2052 Exemption Sec 2053 Expenses indebtedness and taxes Sec 2054 Losses Sec 2055 Tran...
490
2208
504
Gift Tax
507
Transfers in general
511
Employment Taxes
521
Declaration of estimated income tax
523
Railroad Retirement Tax Act
543
SUBCHAPTER B Tax on employee representatives Sec 3211 Rate of tax Sec 3212 Determination of compensation
545
Tax on employers Sec 3221 Rate of tax
546
General provisions Sec 3231 Definitions Sec 3232 Court jurisdiction Sec 3233 Short title
547
Federal Unemployment Tax Act
553
Collection of Income Tax at Source on Wages
571
General Provisions Relating to Employment Taxes
587
Miscellaneous Excise Taxes
589
SUBCHAPTER B Furs Sec 4011 Imposition of tax Sec 4012 Definitions Sec 4013 Exemption of certain auction sales
592
Toilet preparations Sec 4021 Imposition of tax Sec 4022 Exemptions
593
Luggage handbags etc Sec 4031 Imposition of tax
594
SUBCHAPTER E Special fuels Sec 4041 Imposition of tax Sec 4042 Cross reference
595
SUBCHAPTER F Special provisions applicable to retailers tax Sec 4051 Definition of price Sec 4052 Lease considered sale Sec 4053 Computation of...
597
Manufacturers Excise Taxes
599
SUBCHAPTER E Other items
609
SUBCHAPTER G Exemptions registration etc Page
616
Facilities and Services
623
SUBCHAPTER B Communications
631
Regulatory TaxesContinued
635
Safe deposit boxes
639
Documentary Stamp Taxes
641
SUBCHAPTER B Sales or transfers of capital stock and certificates of indebtedness of a corporationContinued Part II Sales or transfers of certificates ...
644
Imposition of tax
645
Cross references
646
Transfers by operation of law
647
Exemption certificates
648
Cross references
649
Conveyances Sec 4361 Imposition of tax
650
Policies issued by foreign insurers Sec 4371 Imposition of tax
651
Exemptions
652
SUBCHAPTER E Miscellaneous provisions applicable to documentary stamp taxes Sec 4381 Definitions
653
505
654
Liability for tax
655
Taxes on Wagering
657
Record requirements
658
SUBCHAPTER B Occupational tax Sec 4411 Imposition of tax
659
Miscellaneous provisions Sec 4421 Definitions
660
Certain Other Excise Taxes
661
Stamps
662
SUBCHAPTER B Occupational tax on coinoperated devices Sec 4461 Imposition of tax Sec 4462 Definition of coinoperated amusement or gaming ...
663
9 ational tax on bowling alleys billiard and pool tables Sec 4471 Imposition of tax Sec 4472 Definitions Sec 4473 Exemptions Sec 4474 Cross refere...
665
Tax on use of certain vehicles Sec 4481 Imposition of tax Sec 4482 Definitions Sec 4483 Exemptions Sec 4484 Cross reference
666
Sugar Coconut and Palm Oil
669
SUBCHAPTER F Oleomargarine Sec 4591 Imposition of tax
679
SUBCHAPTER G Special provisions applicable to import taxes Sec 4601 Applicability of tariff provisions Sec 4602 Certain taxes not to contravene t...
682
Regulatory Taxes
683
Imposition of tax Sec 4712 Stamps Sec 4713 Manufacturers Sec 4714 Forfeiture Sec 4715 Cross references Sec 4716 Application to Guam
689
Occupational tax Sec 4721 Imposition of tax Sec 4722 Registration Sec 4723 Possession by person not registered Sec 4724 Unlawful acts in case of f...
690
General provisions relating to narcotic drugs Sec 4731 Definitions Sec 4732 Records statements and returns Sec 4733 Confiscation and disposal of se...
693
Marihuana Subpart A Tax on transfers Sec 4741 Imposition of tax Sec 4742 Order forms Sec 4743 Affixing of stamps Sec 4744 Unlawful possessio...
697
Imposition of tax Sec 4752 Computation and liability for tax Sec 4753 Registration Sec 4754 Returns Sec 4755 Unlawful acts in case of failure to reg...
700
General provisions relating to marihuana Sec 4761 Definitions Sec 4762 Administration in insular possession
703
Miscellaneous provisions relating to narcotic drugs and marihuana Sec 4771 Stamps Sec 4772 Exemption from tax and registration
704
Inspection of returns order forms and pre scriptions Sec 4774 Territorial extent of law
705
List of special taxpayers Sec 4776 Cross references
706
Sec 4804
707
Cotton futures
718
SUBCHAPTER F Silver bullion Page Sec 4891 Imposition of tax
728
Liability for tax
729
Applicability
730
CHAPTER40 General Provisions Relating to Occupational Taxes
731
same ownership and location
732
SUBTITLE E Alcohol Tobacco and Certain Other Excise Taxes
733
Definitions
735
Cross references to exemptions etc
736
Lien for tax
737
Persons liable for tax
738
Determination of tax
740
Collection of tax on distilled spirits
742
Abatement remission refund and allowance for loss or destruction of distilled spirits
743
Drawback
748
Tax on cordials and liqueurs containing wine
749
Determination and collection of rectification tax
751
Wines Sec 5041 Imposition and rate of tax
752
Exemption from tax
753
Refund of tax on unmerchantable wine
754
Definitions
755
Drawback of tax
756
Subpart E General provisions Sec 5061 Method of collecting tax
757
cordials and beer
758
Territorial extent of law
759
Subpart A Rectifier c 5081 Imposition and rate of tax 5082 Definition of rectifier 5083 Exemptions 5084 Cross references Subpart B Brewer
760
Imposition and rate of tax 5092 Definition of brewer 5093 Cross references C Manufacturers of stills 5101 Imposition and rate of tax 5102 Definitio...
761
Wholesale dealers Sec 5111 Imposition and rate of tax Sec 5112 Definitions Sec 5113 Exemptions Sec 5114 Records Sec 5115 Sign required on pre...
762
Subpart E Retail dealers Sec 5121 Imposition and rate of tax Sec 5122 Definitions Sec 5123 Exemptions Sec 5124 Records Sec 5125 Cross references
766
Subpart F Nonbeverage domestic drawback claimants Sec 5131 Eligibility and rate of tax Sec 5132 Registration and regulation Sec 5133 Investigatio...
768
Subpart G General provisions Sec 5141 Registration Sec 5142 Payment of tax Sec 5143 Provisions relating to liability for occupa tional taxes Sec 51...
769
SUBCHAPTER B Qualification requirements for distilled spirits plants Sec 5171 Establishment Sec 5172 Application Sec 5173 º bonds 5174 Withdra...
772
operation of distilled spirits plants Part I General provisions Sec 5201 Regulation of operations Sec 5202 Supervision of operations
780
Industrial use of distilled spirits
796
Distilled Spirits Wines and BeerContinued SUBCHAPTER F Bonded and taxpaid wine premises Part I Establishment Page Sec 5351 Bonded wine cell...
806
General provisions relating to bonds
807
Standard wine premises
809
Insurance coverage etc
810
Cellar treatment and classification of wine Sec 5381 Natural wine
811
natural grape wines
812
Amelioration and sweetening limitations for natural fruit and berry wines
813
Specially sweetened natural wines
814
Agricultural wines
815
Definitions
816
SUBCHAPTER G Breweries Part I Establishment Sec 5401 Qualifying documents
817
Use of brewery
818
Records and returns
819
SUBCHAPTER H Miscellaneous plants and warehouses Part I Vinegar plants Sec 5501 Establishment
820
of provisions of this chapter
821
Volatile fruitflavor concentrate plants Sec 5511 Establishment and operation
822
turing bonded warehouses
823
Special provisions relating to distilled spirits and wines rectified in manufacturing
824
CHAPTER 51 Distilled Spirits Wines and BeerContinued
825
SUBCHAPTER J Penalties seizures and forfeitures relating to liquors
829
Tobacco Cigars Cigarettes and Cigarette Papers and Tubes
849
SUBCHAPTER B Qualification requirements for manufacturers
857
TubesContinued
862
Machine Guns and Certain Other Firearms
867
SUBCHAPTER B General provisions
871
SUBTITLE F Procedure and Administration
877
6033
887
Cross references
893
SUBCHAPTER B Miscellaneous provisions
902
Time and Place for Paying Tax
907
SUBCHAPTER B Extensions of time for payment
912
Assessment
921
Collection
929
6332
937
Abatements Credits and Refunds
945
Limitations
969
SUBCHAPTER B Limitations on credit or refund
975
c
981
Interest
985
SUBCHAPTER B Interest on overpayments
988
Gasoline used for certain nonhighway pur
989
Additions to the Tax Additional Amounts and Assess able Penalties
991
SUBCHAPTER B Assessable penalties
998
General Provisions Relating to Stamps
1001
Jeopardy Bankruptcy and Receiverships
1005
Transferees and Fiduciaries
1013
Bonds
1019
Crimes Other Offenses and ForfeituresContinued SUBCHAPTER A CrimesContinued Part II Penalties applicable to certain taxesContinued
1023
Failure to register or give bond or false state
1030
adulterated butter operations
1031
Violation of laws relating to adulterated but ter and process or renovated butter
1032
Violation of laws relating to narcotic drugs and to marihuana
1033
Violation of laws relating to opium for smok 108
1034
Violations of laws relating to white phos phorus matches
1035
SUBCHAPTER B other offenses Sec 7261 Representation that retailers excise tax is excluded from price of article
1036
relating to renovated or adulterated utter
1037
Offenses relating to white phosphorus matches
1038
Possession with intent to sell in fraud of law 1039 Sec 7269 Failure to produce records
1039
Penalty for failure to register
1040
forfeitures Part I Property subject to forfeiture Sec 7301 Property subject to tax
1041
Penalty for fraudulently claiming drawback
1043
Miscellaneous penalty and forfeiture provisions Sec 7341 Penalty for sales to evade tax Sec 7343 Definition of term person Sec 7344 Extended appl...
1047
United States
1049
SUBCHAPTER B Proceedings by taxpayers Sec 7421 Prohibition of suits to restrain assessment or Sec 7422 Civil actions for refund Sec 7423 Repay...
1052
The Tax Court Part I Organization and jurisdiction Sec 7441 Status Sec 7442 Jurisdiction Sec 7443 Membership Sec 7444 Organization Sec 7445 Of...
1055
Fee for filing petition Sec 7452 Representation of parties Sec 7453 Rules of practice procedure and evidence Sec 7454 Burden of proof in fraud and ...
1060
Miscellaneous provisions Sec 7471 Employees Sec 7472 Expenditures Sec 7473 Disposition of fees Sec 7474 Fee for transcript of record
1064
Court review of Tax Court decisions Sec 7481 Date when Tax Court decision becomes final Sec 7482 Courts of review Sec 7483 Petition for review ...
1065
SUBCHAPTER E Miscellaneous provisions Sec 7491 Burden of proof of exemptions in case of marihuana offenses Sec 7492 Enforceability of cotto...
1069
Liability for taxes withheld or collected Sec 7502 Timely mailing treated as timely filing Sec 7503 Time for performance of acts where last da Sec 7...
1071
Discovery of Liability and Enforcement of Title SUBCHAPTER A Examination and inspection Sec 7601 Canvass of districts for taxable persons and ...
1079
SUBCHAPTER B General powers and duties Sec 7621 nternal revenue districts Sec 7622 Authority to administer oaths and certify Sec 7623 Expense...
1083
Supervision of operations of certain manufacturers Sec 7641 Supervision of operations of certain manu acturers
1084
Possessions Sec 7651 Administration and collection of taxes in ossessions Sec 7652 Shipments to the United States Sec 7653 Shipments from the Unit...
1085
Definitions Sec 7701 Definitions
1089
General Rules SuechAPTER A Application of Internal Revenue laws Sec 7801 Authority of Department of the Treasury Sec 7802 Commissioner of I...
1093
SUBCHAPTER B Effective date and related provisions
1097
SUBTITLE GTHE JOINT COMMITTEE ON INTERNAL
1103
Extension of time for filing returns
1107
APPENDIX
1109
427
1113
411
1123
Code Provisions Repealed
1147

Common terms and phrases

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Էջ 399 - Stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Էջ 570 - On a farm, in the employ of any person, in connection with cultivating the soil, or in connection with raising or harvesting any agricultural or horticultural commodity, including the raising, shearing, feeding, caring for, training, and management of livestock, bees, poultry, and fur-bearing animals and wildlife. (2) In the employ of the owner or tenant or other operator of a farm, in connection with the operation, management, conservation, improvement, or maintenance of such farm and its tools...
Էջ 137 - If It were not for the fact that the property received In exchange consists not only of property permitted by such paragraph to be received without the recognition of gain, but also of other property or money, then the gain, If any, to the recipient shall be recognized, but In an amount not In excess of the sum of such money and the fair market value of such other property.
Էջ 183 - In any case of two or more organizations, trades, or businesses (whether or not incorporated, whether or not organized in the United States, and whether or not affiliated) owned or controlled directly or indirectly by the same interests, the Secretary or his delegate may distribute, apportion, or allocate gross income, deductions, credits, or allowances between or among such organizations, trades, or businesses.
Էջ 534 - The provisions of subparagraphs (A) and (B) shall not be deemed to be applicable with respect to service performed in connection with commercial canning or commercial freezing or in connection with any agricultural or horticultural commodity after its delivery to a terminal market for distribution for consumption...
Էջ 126 - No gain or loss shall be recognized If property is transferred to a corporation by one or more persons solely In exchange for stock or securities in such corporation, and Immediately after the exchange such person or persons are in control of the corporation...
Էջ 45 - A reasonable allowance for salaries or other compensation for personal services actually rendered; (2) Traveling expenses (including the entire amount expended for meals and lodging) while away from home In the pursuit of a trade or business; and (3) Rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or In which he has no equity.
Էջ 88 - Premiums paid on any life insurance policy covering the life of any officer or employee, or of any person financially interested in any trade or business carried on by the taxpayer, when the taxpayer is directly or indirectly a beneficiary under such policy...
Էջ 293 - ... (2) General rule. — If, during the taxable year, the recognized gains upon sales or exchanges of property used in the trade or business, plus the recognized gains from the compulsory or involuntary conversion (as a result of destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation or the threat or imminence thereof...
Էջ 549 - employer" shall not include any street, interurban, or suburban electric railway, unless such railway is operating as a part of a general steam-railroad system of transportation, but shall not exclude any part of the general steam-railroad system of transportation now or hereafter operated by any other motive power. The Interstate Commerce Commission is hereby authorized and directed upon request of the Board, or upon complaint of any party interested, to determine after hearing whether any line...

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