The President's 1978 Tax Reduction and Reform Proposals: Hearings Before the Committee on Ways and Means, House of Representatives, Ninety-fifth Congress, Second Session ....
U.S. Government Printing Office, 1978
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Էջ 3347 - ... (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.
Էջ 2852 - Over and over again courts have said that there is nothing sinister in so arranging one's affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.
Էջ 3342 - The amount of any item of gross income shall be included in the gross income for the taxable year in which received by the taxpayer, unless, under the method of accounting used in computing taxable income, such amount is to be properly accounted for as of a different period.
Էջ 2839 - Be it enacted by the Senate and House of Representatives of the United States...
Էջ 3348 - 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 3349 - Income although not actually reduced to a taxpayer's possession is constructively received by him in the taxable year during which it is credited to his account, set apart for him, or otherwise made available so that he may draw upon it at any time, or so that he could have drawn upon it during the taxable year if notice of intention to withdraw had been given. However, income is not constructively received if the taxpayer's control of its receipt is subject to substantial limitations or restrictions.
Էջ 3340 - Except where such authority is expressly given by this title to any person other than an officer or employee of the Treasury Department, the Secretary or his delegate shall prescribe all needful rules and regulations for the enforcement of this title. including all rules and regulations as may be necessary by reason of any alteration of law in relation to internal revenue.
Էջ 2964 - tax expenditures" means those revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability; and the term "tax expenditures budget" means an enumeration of such tax expenditures.
Էջ 2976 - Investment purposes only and not for the active conduct of a business, or (2) For the Joint production, extraction, or use of property, but not for the purpose of selling services or property produced or extracted. If the Income of the members of the organization may be adequately determined without the computation of partnership taxable Income. (b) Partner. For purposes of this subtitle, the term "partner" means a member of a partnership.
Էջ 3349 - However, income is not constructively received if the taxpayer's control of its receipt is subject to substantial limitations or restrictions. Thus, if a corporation credits its employees with bonus stock, but the stock is not available to such employees until some future date, the mere crediting on the books of the corporation does not constitute receipt.