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

Front Cover
U.S. Government Printing Office, 1961 - Taxation - 1148 pages
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Contents

Amortizable bond premium
62
Circulation expenditures
68
Expenditures by farmers for fertilizer etc
75
SUBTITLE E Alcohol Tobacco and Certain Other Excise Taxes
85
Corporate distributions and adjustments
92
Deferred compensation
150
Normal Taxes and SurtaxesContinued
166
SUBCHAPTER F Exempt organizations
182
SUBCHAPTER G Corporations used to avoid income tax on share
201
SUBCHAPTER H Banking institutions
226
SUBCHAPTER J Estates trusts beneficiaries and decedents
245
SUBCHAPTER K Partners and partnerships
269
Insurance companies
285
Normal Taxes and SurtaxesContinued
323
Dividends paid by real estate investment trust
335
Normal Taxes and SurtaxesContinued
337
SUBCHAPTER O Gain or loss on disposition of property
360
SUBTITLE G The Joint Committee on Internal Revenue Taxation
388
SUBCHAPTER P Capital gains and losses
396
Normal Taxes and SurtaxesContinued
414
SUBCHAPTER R Election of certain partnerships and proprietorships
432
Tax on SelfEmployment Income
443
Miscellaneous provisions
451
Corporations and TaxFree Covenant Bonds
453
Rules Applicable to Recovery of Excessive Profits on Govern
457
Tax on Transfers to Avoid Income
463
SUBCHAPTER B Related rules
470
SUBTITLE B Estate and Gift Taxes
473
73
474
Tax imposed
500
Taxable estate____
501
Miscellaneous Sec 2201 Members of the Armed Forces dying during an induction period____
504
Reimbursement out of estate
505
Certain residents of possessions considered citizens of the United States
506
Gift Tax SUBCHAPTER A Determination of tax liability Sec 2501 Imposition of tax
507
Taxable gifts
509
SUBCHAPTER B Transfers Sec 2511 Transfers in general
511
Powers of appointment
512
Tenancies by the entirety
514
Certain annuities under qualified plans
515
Deductions Sec 2521 Specific exemption
516
Gift to spouse
518
Extent of deductions__
520
SUBTITLE CEMPLOYMENT TAXES CHAPTER 21 Federal Insurance Contributions Act SUBCHAPTER A Tax on employees Sec 3101 Rate of tax
521
Rate of tax
523
General provisions Sec 3121 Definitions
524
Federal service
540
Deductions as constructive payments
541
Returns in the case of governmental employ ees in Guam and American Samoa__
542
Railroad Retirement Tax Act__
543
Rate of tax
546
Federal Unemployment Tax
553
Collection of Income Tax at Source on Wages
571
75
578
General Provisions Relating to Employment Taxes
587
Manufacturers Excise Taxes
589
Toilet preparations
593
SUBCHAPTER A Automotive and related items
599
SUBCHAPTER E Other items
609
SUBCHAPTER G Exemptions registration etc Page
616
Facilities and Services___
623
SUBCHAPTER B Communications
631
Safe deposit boxes
639
Documentary Stamp Taxes
641
Sales or transfers of certificates of indebtedness Page
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
stamp taxes SUBCHAPTER E Miscellaneous provisions applicable to documentary Sec 4381 Definitions
653
Certain changes in partnerships
654
Liability for tax
655
Taxes on Wagering SUBCHAPTER A Tax on wagers Sec 4401 Imposition of tax
657
Record requirements
658
SUBCHAPTER B Occupational tax Sec 4411 Imposition of tax
659
Miscellaneous provisions Sec 4421 Definitions___
660
Certain Other Excise Taxes SUBCHAPTER A Playing cards Sec 4451 Imposition of tax
661
Stamps
662
Sugar Coconut and Palm
669
Copper
675
SUBCHAPTER G Special provisions applicable to import taxes
682
Narcotic drugs SUBCHAPTER A Narcotic drugs and marihuana Subpart A Tax on opium isonipecaine opiates and coca leaves Page Sec 4701 Imposi...
683
Affixing of stamps
685
Order forms
686
Forfeitures__
689
Manufacturers_
690
Registration__
691
Unlawful acts in case of failure to register and pay special tax
692
Other laws applicable
693
Records statements and returns
695
Laws unaffected
696
Marihuana Subpart A Tax on transfers Sec 4741 Imposition of tax
697
Affixing of stamps
699
Cross references_
700
Registration_
701
Unlawful acts in case of failure to register and pay special tax
702
Other laws applicable_
703
Miscellaneous provisions relating to narcotic drugs and marihuana Sec 4771 Stamps
704
Inspection of returns order forms and pre scriptions_
705
List of special taxpayers__
706
Definition of white phosphorus
707
Administrative decisions relating to adulter
713
Administrative provisions
723
Imposition of tax
728
Liability for tax
729
Applicability
730
General Provisions Relating to Occupational Taxes Sec 4901 Payment of tax
731
Liability in case of different businesses of same ownership and location_
732
SUBTITLE E Alcohol Tobacco and Certain Other Excise Taxes_
733
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 Page Sec 5081 Imposition and rate of tax
760
Cross references
761
up still
762
Exemptions
763
Records
764
Sign required on premises
765
Subpart E Retail dealers Sec 5121 Imposition and rate of tax
766
Records__
767
Cross references
768
Subpart G General provisions Sec 5141 Registration__
769
Supply of stamps
770
Application of State laws
771
SUBCHAPTER B Qualification requirements for distilled spirits plants Sec 5171 Establishment__
772
Application
773
Withdrawal bonds
776
Other provisions relating to bonds
777
Registration of stills
779
Operation of distilled spirits plants Part I General provisions Sec 5201 Regulation of operations_
780
Supervision of operations
781
Entry and examination of premises__
782
Industrial use of distilled spirits
796
Establishment Page Sec 5351 Bonded wine cellar
806
General provisions relating to bonds
807
Removals of wine from bonded wine cellars
808
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
Applicability 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 bonded warehouses
824
SUBCHAPTER J Penalties seizures and forfeitures relating to liquors
829
for distilling
836
Tobacco Cigars Cigarettes and Cigarette Papers and Tubes
849
tobacco materials
857
Sec 5753
862
Penalties and forfeitures
876
Information and ReturnsContinued
877
SUBCHAPTER B Miscellaneous provisions
902
SUBCHAPTER B Extensions of time for payment
912
Assessment
921
Collection
929
Collection under the Tariff Act
930
SUBCHAPTER B Receipt of payment Sec 6311 Payment by check or money order
931
Fractional parts of a cent
932
Lien for taxes Sec 6321 Lien for taxes
933
Special liens for estate and gift taxes
934
Release of lien or partial discharge of prop erty
935
Cross references__
936
Seizure of property for collection of taxes Sec 6331 Levy and distraint
937
Surrender of property subject to levy
938
Sale of seized property
939
Sale of perishable goods
941
Legal effect of certificate of sale of personal property and deed of real property
942
Records of sale ___
943
Authority to release levy
944
Abatements Credits and Refunds
945
Overpayment of installment
946
Prohibition of administrative review of deci sions
947
SUBCHAPTER B Rules of special application Sec 6411 Tentative carryback adjustments
948
Floor stocks refunds
949
Special rules applicable to certain employ ment taxes_
951
Income tax withheld
953
Certain taxes on sales and services
954
Coconut and palm oil
960
Excise tax on wagering
961
Gasoline used for certain nonhighway pur poses or by local transit systems
963
Cross references
965
Conditions to allowance in the case of alcohol and tobacco taxes___
966
Limitations
969
SUBCHAPTER B Limitations on credit or refund
975
Mitigation of effect of period of limitations
981
Interest
985
SUBCHAPTER B Interest on overpayments
988
Additions to the Tax Additional Amounts and Assess
991
SUBCHAPTER B Assessable penalties
998
General Provisions Relating to Stamps
1001
SUBCHAPTER A Jeopardy
1005
Transferees and Fiduciaries
1013
Bonds
1019
SUBCHAPTER A CrimesContinued
1023
SUBCHAPTER B Other offenses
1036
Miscellaneous penalty and forfeiture provisions
1047
SUBCHAPTER A Civil actions by the United States Page
1049
The Tax Court
1055
Court review of Tax Court decisions
1065
taxes etc
1077
Internal revenue districts
1083
Definitions
1089
SUBCHAPTER B Effective date and related provisions
1097
VII
1098
SUBTITLE GTHE JOINT COMMITTEE ON INTERNAL
1103
Amendments in Force January 3 1961
1109
Code Provisions Repealed
1147

Common terms and phrases

Popular passages

Page 397 - 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...
Page 568 - 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...
Page 135 - 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.
Page 181 - 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.
Page 532 - 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...
Page 124 - 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...
Page 43 - 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.
Page 86 - 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...
Page 291 - ... (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...
Page 547 - 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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