The Code of Federal Regulations of the United States of America
U.S. Government Printing Office, 1977 - Administrative law
The Code of Federal Regulations is the codification of the general and permanent rules published in the Federal Register by the executive departments and agencies of the Federal Government.
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accumulation distribution adjusted basis ADJUSTED PAYOUT RATE adjusted tax basis allocated amount annuity apply attributable beneficiary capital account capital loss carryback carryover cash chargeback Code company taxable income contracts corpus decedent December 31 deemed distributed defined in section depreciation described in section determined distributable net income distributive share dividends duction election Example exceeds excess expenses extent fair market value foreign trust created gain or loss grantor graph gross income included insurance company taxable justment loss from operations ment mutual insurance nership nonrecourse debt nonrecourse deductions nonrecourse liability ordinary income paid paragraph partner partnership agreement partnership minimum gain partnership property payment percent policyholders pooled income fund portion preceding taxable premiums PRESENT WORTH PROPERTY TRANSFERRED received reinsured REMAINDER INTEREST respect rules SHOWING THE PRESENT subchapter subparagraph tax imposed tax-exempt interest taxable years beginning term tion treated tributed trust instrument U.S. person UNITRUST Yearly rate
Page 479 - ... (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 436 - partnership" includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this title, a trust or estate or a corporation ; and the term "partner" includes a member in such a syndicate, group, pool, joint venture, or organization.
Page 443 - ... life insurance reserves' means amounts which are computed or estimated on the basis of recognized mortality or morbidity tables and assumed rates of interest, and which are set aside to mature or liquidate, either by payment or reinsurance, future unaccrued claims arising from life insurance, annuity, and noncancellable health and accident insurance contracts (including life insurance or annuity contracts combined with noncancellable health and accident insurance) involving, at the time with...
Page 462 - Life insurance companies issuing policies covering life, health, and accident insurance combined in one policy issued on the weekly premium payment plan, continuing for life and not subject to cancellation...
Page 570 - Company, a mutual fire insurance company subject to the tax imposed by section 821, in the taxable year 1954 sells capital assets in order to obtain funds to meet abnormal insurance losses and to provide for the payment of dividends and similar distributions to policyholders.
Page 574 - ... not again be used in a succeeding taxable year as an offset against capital gains in that year and for that purpose a special rule is set forth for the application of section 1212.
Page 314 - ... share is determined without allowance of reasonable compensation for services rendered to the partnership by the donor, and except to the extent that the portion of such distributive share attributable to donated capital Is proportionately greater than the share of the donor attributable to the donor's capital.
Page 99 - ... fixed percentage of the annual value of the trust assets is not a charitable remainder trust inasmuch as the trust is neither a charitable remainder annuity trust (for the reason that the payment for the year may be a fixed percentage of the annual value of the trust assets which is not a "sum certain") nor a charitable remainder unitrust (for the reason that the payment for the year may be a sum certain which is not a "fixed percentage" of the annual value of the trust assets). (3) Restrictions...
Page 436 - A joint undertaking merely to share expenses is not a partnership. For example, if two or more persons jointly construct a ditch merely to drain surface water from their properties, they are not partners. Mere coownership of property which is maintained, kept in repair, and rented or leased does not constitute a partnership. For example, if an individual owner, or tenants in common, of farm property lease it to a farmer for a cash rental or a share of the crops, they do not necessarily create a partnership...
Page 317 - In the case of any partnership interest created by gift, the distributive share of the donee under the partnership agreement shall be includible in his gross income, except to the extent that such share is determined without allowance of reasonable compensation for services rendered to the partnership by the donor, and except to the extent that the portion of such share attributable to donated capital is proportionately greater than the share of the donor attributable to the donor's capital.