Trust and Partnership Income Tax Revision Act of 1960: Hearings Before the Committee on Finance, United States Senate, 86th Congress, Second Session on H.R. 9662, an Act to Make Technical Revisions in the Income Tax Provisions of the Internal Revenue Code of 1954 Relating to Estates, Trusts, Partners, and Partnerships, and for Other Purposes, April 20, 21, 22, 1960U.S. Government Printing Office, 1960 - 209 էջ |
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Trust and Partnership Income Tax Revision Act of 1960 United States. Congress. Senate. Committee on Finance Ամբողջությամբ դիտվող - 1960 |
Common terms and phrases
accumulated income adjusted basis advisory group recommended allocated apply attributable basis of partnership beneficiary bill capital gain CHAIRMAN changes computing CONGRESS THE LIBRARY contributed property corpus created death deceased partner decedent deduction determined distributable net income distributive share election enactment estate or trust estate tax estates and trusts example existing law extent fair market value ficiary gain or loss gift GLASMANN grantor gross income income in respect income tax individual inter vivos trusts Internal Revenue Code limited multiple trusts ordinary income paragraph partner's interest partnership agreement partnership income partnership interest partnership property partnership provisions partnership taxable payments percent person present law problem proposed section purposes result retiring partner sale or exchange section 669 section 751 assets statute subpart subsection successor in interest tax avoidance taxable income taxation taxpayers testamentary trusts throwback rule tier tion transfer treated trust income trust instrument trust or estate unrealized receivables
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Էջ 1 - Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1954.
Էջ 32 - ... 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 5 - ... is during the taxable year paid or permanently set aside for the purposes and in the manner specified in section 23 (o), or is to be used exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals, or for the establishment, acquisition, maintenance or operation of a public cemetery not operated for profit...
Էջ 25 - ... a person shall be recognized as a partner for income tax purposes if he owns a capital interest in such a partnership whether or not such interest is derived by purchase or gift from any other person.
Էջ 1 - Where, on the lapse of time, on the occurrence of an event or contingency, or on the failure of an event or contingency to occur...
Էջ 15 - In the case of a taxpayer other than a corporation, if for any taxable year the net long-term capital gain exceeds the net short-term capital loss, 50 percent of the amount of such excess shall be a deduction from gross income. In the case of an estate or trust, the deduction shall be computed by excluding the portion (if any), of the gains for the taxable year from sales or exchanges of capital assets, which, under sections 652 and 662 (relating to inclusions of amounts in gross income of beneficiaries...
Էջ 20 - ... (c) Closing of partnership year. (1) General rule. Except in the case of a termination of a partnership and except as provided in paragraph (2) of this subsection, the taxable year of a partnership shall not close as the result of the death of a partner...
Էջ 8 - Subsection (a) shall not apply to a power which enables such person, in the capacity of trustee or co-trustee, merely to apply the income of the trust to the support or maintenance of a person whom the holder of the power is obligated to support or maintain except to the extent that such income is so applied.
Էջ 14 - ... on termination of the trust, or in conjunction with a distribution of corpus which is augmented by such accumulated income, to the current income beneficiaries in shares which have been irrevocably specified in the trust instrument.
Էջ 2 - Act is amended by striking out the second sentence and inserting in lieu thereof the following : "The...