US State Code:United States CodeTITLE 26 - INTERNAL REVENUE CODE


(a) Married individuals filing joint returns and surviving spouses There is hereby imposed on the taxable income of - (1) every married individual (as defined in section...


(a) Definition of surviving spouse (1) In general For purposes of section 1, the term ''surviving spouse'' means a taxpayer - (A) whose spouse died during...


(a) Imposition of tax table tax (1) In general In lieu of the tax imposed by section 1, there is hereby imposed for each taxable year on the taxable income of every ...


...


(a) Other rates of tax on individuals, etc. (1) For rates of tax on nonresident aliens, see section 871. (2) For doubling of tax on citizens of certain foreign ...


(a) Married individuals filing joint returns and surviving spouses There is hereby imposed on the taxable income of - (1) every married individual (as defined in section...


(a) Definition of surviving spouse (1) In general For purposes of section 1, the term ''surviving spouse'' means a taxpayer - (A) whose spouse died during...


(a) Imposition of tax table tax (1) In general In lieu of the tax imposed by section 1, there is hereby imposed for each taxable year on the taxable income of every ...


...


(a) Other rates of tax on individuals, etc. (1) For rates of tax on nonresident aliens, see section 871. (2) For doubling of tax on citizens of certain foreign ...


(a) Corporations in general A tax is hereby imposed for each taxable year on the taxable income of every corporation. (b) Amount of tax (1) In general The amount...


(1) For tax on the unrelated business income of certain charitable and other corporations exempt from tax under this chapter, see section 511. (2)...


(a) Corporations in general A tax is hereby imposed for each taxable year on the taxable income of every corporation. (b) Amount of tax (1) In general The amount...


(1) For tax on the unrelated business income of certain charitable and other corporations exempt from tax under this chapter, see section 511. (2)...


(a) General rule If any rate of tax imposed by this chapter changes, and if the taxable year includes the effective date of the change (unless that date is the first day of...


(a) General rule If any rate of tax imposed by this chapter changes, and if the taxable year includes the effective date of the change (unless that date is the first day of...


(a) Allowance of credit (1) In general In the case of an individual who maintains a household which includes as a member one or more qualifying individuals (as ...


(a) General rule In the case of a qualified individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to...


(a) Allowance of credit (1) In general In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter - (A) in the...


(a) Allowance of credit (1) In general There shall be allowed as a credit against the tax imposed by this chapter for the taxable year with respect to each qualifying ...


(a) Allowance of credit (1) In general There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the product ...


(a) Allowance of credit In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year the amount equal to the...


(a) Allowance of credit In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal...


(a) Limitation based on amount of tax (1) In general The aggregate amount of credits allowed by this subpart (other than sections 23, 24, and 25B) for the taxable year...


(a) Foreign tax credit The amount of taxes imposed by foreign countries and possessions of the United States shall be allowed as a credit against the tax imposed by this...


...


(a) Allowance of credit There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to - (1) $3, multiplied by ...


(a) Allowance of credit There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 10 percent of the cost of any...


(a) Allowance of credit (1) In general Except as otherwise provided in this section, if the conditions of both paragraph (1) and paragraph (2) of subsection (b) are ...


(a) Wage withholding for income tax purposes (1) In general The amount withheld as tax under chapter 24 shall be allowed to the recipient of the income as a credit...


(a) Allowance of credit (1) In general In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by this subtitle for the ...


There shall be allowed as a credit against the tax imposed by this subtitle the amount of tax withheld at source under subchapter A of chapter 3 (relating to withholding of tax...


(a) General rule There shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to the sum of the amounts payable to the...


For credit against the tax imposed by this subtitle for overpayments of tax, see section 6401. ...


...


(a) Allowance of credit There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of - (1) the business...


(a) In general (1) 1-year carryback and 20-year carryforward If the sum of the business credit carryforwards to the taxable year plus the amount of the current year...


(a) General rule For purposes of section 38, the alcohol fuels credit determined under this section for the taxable year is an amount equal to the sum of - (1) the...


(a) General rule For purposes of section 38, the research credit determined under this section for the taxable year shall be an amount equal to the sum of - (1) 20...


(a) In general For purposes of section 38, the amount of the low-income housing credit determined under this section for any taxable year in the credit period shall be an...


(a) General rule For purposes of section 38, the enhanced oil recovery credit for any taxable year is an amount equal to 15 percent of the taxpayer's qualified enhanced...


(a) General rule For purposes of section 38, in the case of an eligible small business, the amount of the disabled access credit determined under this section for any taxable...


...


...


...


...


...


...


...


...


(a) General rule For purposes of section 38, the renewable electricity production credit for any taxable year is an amount equal to the product of - (1) 1.5 cents,...


(a) Amount of credit For purposes of section 38, the amount of the Indian employment credit determined under this section with respect to any employer for any taxable year is...


(a) General rule For purposes of section 38, the employer social security credit determined under this section for the taxable year is an amount equal to the excess...


(a) General rule For purposes of section 38, the credit determined under this section for the taxable year is an amount equal to 50 percent of the qualified clinical...


(a) Allowance of credit (1) In general For purposes of section 38, in the case of a taxpayer who holds a qualified equity investment on a credit allowance date of such ...


(a) General rule For purposes of section 38, in the case of an eligible employer, the small employer pension plan startup cost credit determined under this section for any...


(a) In general For purposes of section 38, the employer-provided child care credit determined under this section for the taxable year is an amount equal to the sum of - ...


For purposes of section 38, the amount of the investment credit determined under this section for any taxable year shall be the sum of - (1) the rehabilitation credit, ...


(a) General rule For purposes of section 46, the rehabilitation credit for any taxable year is the sum of - (1) 10 percent of the qualified rehabilitation expenditures ...


(a) Energy credit (1) In general For purposes of section 46, the energy credit for any taxable year is the energy percentage of the basis of each energy ...


(a) General rule (1) Certain nonrecourse financing excluded from credit base (A) Limitation The credit base of any property to which this paragraph applies...


(a) Recapture in case of dispositions, etc. Under regulations prescribed by the Secretary - (1) Early disposition, etc. (A) General rule If, during any...


...


(a) Determination of amount For purposes of section 38, the amount of the work opportunity credit determined under this section for the taxable year shall be equal to 40...


(a) Determination of amount For purposes of section 38, the amount of the welfare-to-work credit determined under this section for the taxable year shall be equal to - ...


(a) Controlled group of corporations For purposes of this subpart, all employees of all corporations which are members of the same controlled group of corporations shall...


(a) Allowance of credit There shall be allowed as a credit against the tax imposed by this chapter for any taxable year an amount equal to the minimum tax credit for such...


(a) Allowance of credit (1) In general In the case of an individual who maintains a household which includes as a member one or more qualifying individuals (as ...


(a) General rule In the case of a qualified individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to...


(a) Allowance of credit (1) In general In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter - (A) in the...


(a) Allowance of credit (1) In general There shall be allowed as a credit against the tax imposed by this chapter for the taxable year with respect to each qualifying ...


(a) Allowance of credit (1) In general There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the product ...


(a) Allowance of credit In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year the amount equal to the...


(a) Allowance of credit In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal...


(a) Limitation based on amount of tax (1) In general The aggregate amount of credits allowed by this subpart (other than sections 23, 24, and 25B) for the taxable year...


(a) Foreign tax credit The amount of taxes imposed by foreign countries and possessions of the United States shall be allowed as a credit against the tax imposed by this...


...


(a) Allowance of credit There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to - (1) $3, multiplied by ...


(a) Allowance of credit There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 10 percent of the cost of any...


(a) Allowance of credit (1) In general Except as otherwise provided in this section, if the conditions of both paragraph (1) and paragraph (2) of subsection (b) are ...


(a) Wage withholding for income tax purposes (1) In general The amount withheld as tax under chapter 24 shall be allowed to the recipient of the income as a credit...


(a) Allowance of credit (1) In general In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by this subtitle for the ...


There shall be allowed as a credit against the tax imposed by this subtitle the amount of tax withheld at source under subchapter A of chapter 3 (relating to withholding of tax...


(a) General rule There shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to the sum of the amounts payable to the...


For credit against the tax imposed by this subtitle for overpayments of tax, see section 6401. ...


...


(a) Allowance of credit There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of - (1) the business...


(a) In general (1) 1-year carryback and 20-year carryforward If the sum of the business credit carryforwards to the taxable year plus the amount of the current year...


(a) General rule For purposes of section 38, the alcohol fuels credit determined under this section for the taxable year is an amount equal to the sum of - (1) the...


(a) General rule For purposes of section 38, the research credit determined under this section for the taxable year shall be an amount equal to the sum of - (1) 20...


(a) In general For purposes of section 38, the amount of the low-income housing credit determined under this section for any taxable year in the credit period shall be an...


(a) General rule For purposes of section 38, the enhanced oil recovery credit for any taxable year is an amount equal to 15 percent of the taxpayer's qualified enhanced...


(a) General rule For purposes of section 38, in the case of an eligible small business, the amount of the disabled access credit determined under this section for any taxable...


...


...


...


...


...


...


...


...


(a) General rule For purposes of section 38, the renewable electricity production credit for any taxable year is an amount equal to the product of - (1) 1.5 cents,...


(a) Amount of credit For purposes of section 38, the amount of the Indian employment credit determined under this section with respect to any employer for any taxable year is...


(a) General rule For purposes of section 38, the employer social security credit determined under this section for the taxable year is an amount equal to the excess...


(a) General rule For purposes of section 38, the credit determined under this section for the taxable year is an amount equal to 50 percent of the qualified clinical...


(a) Allowance of credit (1) In general For purposes of section 38, in the case of a taxpayer who holds a qualified equity investment on a credit allowance date of such ...


(a) General rule For purposes of section 38, in the case of an eligible employer, the small employer pension plan startup cost credit determined under this section for any...


(a) In general For purposes of section 38, the employer-provided child care credit determined under this section for the taxable year is an amount equal to the sum of - ...


For purposes of section 38, the amount of the investment credit determined under this section for any taxable year shall be the sum of - (1) the rehabilitation credit, ...


(a) General rule For purposes of section 46, the rehabilitation credit for any taxable year is the sum of - (1) 10 percent of the qualified rehabilitation expenditures ...


(a) Energy credit (1) In general For purposes of section 46, the energy credit for any taxable year is the energy percentage of the basis of each energy ...


(a) General rule (1) Certain nonrecourse financing excluded from credit base (A) Limitation The credit base of any property to which this paragraph applies...


(a) Recapture in case of dispositions, etc. Under regulations prescribed by the Secretary - (1) Early disposition, etc. (A) General rule If, during any...


...


(a) Determination of amount For purposes of section 38, the amount of the work opportunity credit determined under this section for the taxable year shall be equal to 40...


(a) Determination of amount For purposes of section 38, the amount of the welfare-to-work credit determined under this section for the taxable year shall be equal to - ...


(a) Controlled group of corporations For purposes of this subpart, all employees of all corporations which are members of the same controlled group of corporations shall...


(a) Allowance of credit There shall be allowed as a credit against the tax imposed by this chapter for any taxable year an amount equal to the minimum tax credit for such...


(a) General rule There is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to the excess (if any) of - (1) the tentative minimum tax for...


(a) Adjustments applicable to all taxpayers In determining the amount of the alternative minimum taxable income for any taxable year the following treatment shall apply (in ...


(a) General rule For purposes of this part, the items of tax preference determined under this section are - (1) Depletion With respect to each property (as defined...


(a) Denial of farm loss (1) In general For purposes of computing the amount of the alternative minimum taxable income for any taxable year of a taxpayer other than a ...


(a) Alternative minimum tax foreign tax credit For purposes of this part - (1) In general The alternative minimum tax foreign tax credit for any taxable year shall...


(a) General rule There is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to the excess (if any) of - (1) the tentative minimum tax for...


(a) Adjustments applicable to all taxpayers In determining the amount of the alternative minimum taxable income for any taxable year the following treatment shall apply (in ...


(a) General rule For purposes of this part, the items of tax preference determined under this section are - (1) Depletion With respect to each property (as defined...


(a) Denial of farm loss (1) In general For purposes of computing the amount of the alternative minimum taxable income for any taxable year of a taxpayer other than a ...


(a) Alternative minimum tax foreign tax credit For purposes of this part - (1) In general The alternative minimum tax foreign tax credit for any taxable year shall...


(a) Imposition of tax In the case of a corporation, there is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to 0.12 percent of the excess of...


(a) Imposition of tax In the case of a corporation, there is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to 0.12 percent of the excess of...


...


...


(a) General definition Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the...


(a) General rule For purposes of this subtitle, the term ''adjusted gross income'' means, in the case of an individual, gross income minus the following deductions: ...


(a) In general Except as provided in subsection (b), for purposes of this subtitle, the term ''taxable income'' means gross income minus the deductions allowed by this...


For purposes of this subtitle, the term ''ordinary income'' includes any gain from the sale or exchange of property which is neither a capital asset nor property described in...


For purposes of this subtitle, the term ''ordinary loss'' includes any loss from the sale or exchange of property which is not a capital asset. Any loss from the sale or exchange...


(a) Treatment of community income where spouses live apart If - (1) 2 individuals are married to each other at any time during a calendar year; (2) such...


(a) General rule In the case of an individual, the miscellaneous itemized deductions for any taxable year shall be allowed only to the extent that the aggregate of such...


(a) General rule In the case of an individual whose adjusted gross income exceeds the applicable amount, the amount of the itemized deductions otherwise allowable for the...


(a) General definition Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the...


(a) General rule For purposes of this subtitle, the term ''adjusted gross income'' means, in the case of an individual, gross income minus the following deductions: ...


(a) In general Except as provided in subsection (b), for purposes of this subtitle, the term ''taxable income'' means gross income minus the deductions allowed by this...


For purposes of this subtitle, the term ''ordinary income'' includes any gain from the sale or exchange of property which is neither a capital asset nor property described in...


For purposes of this subtitle, the term ''ordinary loss'' includes any loss from the sale or exchange of property which is not a capital asset. Any loss from the sale or exchange...


(a) Treatment of community income where spouses live apart If - (1) 2 individuals are married to each other at any time during a calendar year; (2) such...


(a) General rule In the case of an individual, the miscellaneous itemized deductions for any taxable year shall be allowed only to the extent that the aggregate of such...


(a) General rule In the case of an individual whose adjusted gross income exceeds the applicable amount, the amount of the itemized deductions otherwise allowable for the...


(a) General rule Gross income includes amounts received as alimony or separate maintenance payments. (b) Alimony or separate maintenance payments defined For purposes...


(a) General rule for annuities Except as otherwise provided in this chapter, gross income includes any amount received as an annuity (whether for a period certain or during one...


(a) Treatment of amounts received Amounts received in respect of the services of a child shall be included in his gross income and not in the gross income of the parent,...


(a) General rule Except as otherwise provided in this section or in section 117 (relating to qualified scholarships), gross income includes amounts received as prizes and...


(a) Adjustment for bond premium In computing the gross income of a taxpayer who holds during the taxable year a short-term municipal bond (as defined in subsection ...


...


(a) Election to include loans in income Amounts received as loans from the Commodity Credit Corporation shall, at the election of the taxpayer, be considered as income and ...


If a domestic corporation chooses to have the benefits of subpart A of part III of subchapter N (relating to foreign tax credit) for any taxable year, an amount equal to the...


(a) General rule There shall be included in the gross income of an employee for the taxable year an amount equal to the cost of group-term life insurance on his life provided...


(a) General rule In the case of a domestic corporation subject to the tax imposed by section 11 or 801, if the value of any security (as defined in section 165(g)(2)) - ...


...


Except as provided in section 132(a)(6), there shall be included in gross income (as compensation for services) any amount received or accrued, directly or indirectly, by...


(a) General rule If, in connection with the performance of services, property is transferred to any person other than the person for whom such services are performed, the...


(a) General rule If - (1) any person transfers property to a political organization, and (2) the fair market value of such property exceeds its adjusted ...


(a) General rule In the case of an individual, gross income includes unemployment compensation. (b) Unemployment compensation defined For purposes of this section, the...


(a) In general (1) In general Except as provided in paragraph (2), gross income for the taxable year of any taxpayer described in subsection (b) ...


Gross income includes the amount of the alcohol fuel credit determined with respect to the taxpayer for the taxable year under section 40(a). ...


In the case of any taxpayer who is required to include the amount of any nuclear decommissioning costs in the taxpayer's cost of service for ratemaking purposes, there shall...


...


(a) General rule Gross income shall include an amount equal to any illegal Federal irrigation subsidy received by the taxpayer during the taxable year. (b) Illegal...


(a) General rule Gross income includes amounts received as alimony or separate maintenance payments. (b) Alimony or separate maintenance payments defined For purposes...


(a) General rule for annuities Except as otherwise provided in this chapter, gross income includes any amount received as an annuity (whether for a period certain or during one...


(a) Treatment of amounts received Amounts received in respect of the services of a child shall be included in his gross income and not in the gross income of the parent,...


(a) General rule Except as otherwise provided in this section or in section 117 (relating to qualified scholarships), gross income includes amounts received as prizes and...


(a) Adjustment for bond premium In computing the gross income of a taxpayer who holds during the taxable year a short-term municipal bond (as defined in subsection ...


...


(a) Election to include loans in income Amounts received as loans from the Commodity Credit Corporation shall, at the election of the taxpayer, be considered as income and ...


If a domestic corporation chooses to have the benefits of subpart A of part III of subchapter N (relating to foreign tax credit) for any taxable year, an amount equal to the...


(a) General rule There shall be included in the gross income of an employee for the taxable year an amount equal to the cost of group-term life insurance on his life provided...


(a) General rule In the case of a domestic corporation subject to the tax imposed by section 11 or 801, if the value of any security (as defined in section 165(g)(2)) - ...


...


Except as provided in section 132(a)(6), there shall be included in gross income (as compensation for services) any amount received or accrued, directly or indirectly, by...


(a) General rule If, in connection with the performance of services, property is transferred to any person other than the person for whom such services are performed, the...


(a) General rule If - (1) any person transfers property to a political organization, and (2) the fair market value of such property exceeds its adjusted ...


(a) General rule In the case of an individual, gross income includes unemployment compensation. (b) Unemployment compensation defined For purposes of this section, the...


(a) In general (1) In general Except as provided in paragraph (2), gross income for the taxable year of any taxpayer described in subsection (b) ...


Gross income includes the amount of the alcohol fuel credit determined with respect to the taxpayer for the taxable year under section 40(a). ...


In the case of any taxpayer who is required to include the amount of any nuclear decommissioning costs in the taxpayer's cost of service for ratemaking purposes, there shall...


...


(a) General rule Gross income shall include an amount equal to any illegal Federal irrigation subsidy received by the taxpayer during the taxable year. (b) Illegal...


(a) Proceeds of life insurance contracts payable by reason of death (1) General rule Except as otherwise provided in paragraph (2), subsection (d), and subsection (f),...


(a) General rule Gross income does not include the value of property acquired by gift, bequest, devise, or inheritance. (b) Income Subsection (a) shall not exclude...


(a) Exclusion Except as provided in subsection (b), gross income does not include interest on any State or local bond. (b) Exceptions Subsection (a) shall not apply to - ...


...


(a) In general Except in the case of amounts attributable to (and not in excess of) deductions allowed under section 213 (relating to medical, etc., expenses) for any...


(a) Amounts attributable to employer contributions Except as otherwise provided in this section, amounts received by an employee through accident or health insurance for personal ...


(a) General rule Except as otherwise provided in this section, gross income of an employee does not include employer-provided coverage under an accident or health plan. ...


In the case of a minister of the gospel, gross income does not include - (1) the rental value of a home furnished to him as part of his compensation; or (2)...


(a) Exclusion from gross income (1) In general Gross income does not include any amount which (but for this subsection) would be includible in gross income by reason of...


Gross income does not include income (other than rent) derived by a lessor of real property on the termination of a lease, representing the value of such property attributable...


(a) In general Gross income of a lessee does not include any amount received in cash (or treated as a rent reduction) by a lessee from a lessor - (1) under a short-term...


(a) Deductions Gross income does not include income attributable to the recovery during the taxable year of any amount deducted in any prior taxable year to the extent such...


(a) Enlisted personnel Gross income does not include compensation received for active service as a member below the grade of commissioned officer in the Armed Forces of the...


...


(a) Exclusion Gross income does not include extraterritorial income. (b) Exception Subsection (a) shall not apply to extraterritorial income which is not qualifying...


Gross income does not include - (1) income derived from any public utility or the exercise of any essential governmental function and accruing to a State or any...


...


(a) General rule Gross income does not include any amount received as a qualified scholarship by an individual who is a candidate for a degree at an educational...


(a) General rule In the case of a corporation, gross income does not include any contribution to the capital of the taxpayer. (b) Contributions in aid of construction, etc. ...


(a) Meals and lodging furnished to employee, his spouse, and his dependents, pursuant to employment There shall be excluded from gross income of an employee the value of...


(a) Exclusion by employee for contributions and legal services provided by employer Gross income of an employee, his spouse, or his dependents, does not include - ...


(a) Exclusion Gross income shall not include gain from the sale or exchange of property if, during the 5-year period ending on the date of the sale or exchange, such property...


(a) General rule In the case of a member or former member of the uniformed services of the United States, gross income does not include the amount of any reduction in his...


(a) General rule In the case of an individual whose principal residence is damaged or destroyed by fire, storm, or other casualty, or who is denied access to his...


...


(a) General rule Except as provided in subsection (b), no amount shall be included in the gross income of a participant in a cafeteria plan solely because, under the plan,...


(a) General rule Gross income does not include the excludable portion of payments received under - (1) The rural clean water program authorized by section 208(j) of...


(a) Exclusion from gross income (1) In general Gross income of an employee does not include amounts paid or expenses incurred by the employer for educational assistance to ...


...


(a) Exclusion (1) In general Gross income of an employee does not include amounts paid or incurred by the employer for dependent care assistance provided to...


(a) In general Any amount received for agreeing to a qualified assignment shall not be included in gross income to the extent that such amount does not exceed the aggregate...


(a) General rule Gross income shall not include amounts received by a foster care provider during the taxable year as qualified foster care payments. (b) Qualified foster...


(a) Exclusion from gross income Gross income shall not include any fringe benefit which qualifies as a - (1) no-additional-cost service, (2) qualified...


...


(a) General rule Gross income shall not include any qualified military benefit. (b) Qualified military benefit For purposes of this section - (1) In general ...


(a) General rule In the case of an individual who pays qualified higher education expenses during the taxable year, no amount shall be includible in gross income by reason of...


(a) Exclusion Gross income shall not include the value of any subsidy provided (directly or indirectly) by a public utility to a customer for the purchase or installation of...


(a) In general Gross income of an employee does not include amounts paid or expenses incurred by the employer for adoption expenses in connection with the adoption of a child...


(a) Exclusion Gross income shall not include any payment to the Medicare+Choice MSA of an individual by the Secretary of Health and Human Services under part C of title XVIII...


(a) General rule Gross income shall not include any amount received by an individual as a qualified disaster relief payment. (b) Qualified disaster relief payment defined ...


(a) For exemption of - (1) Allowances and expenditures to meet losses sustained by persons serving the United States abroad, due to appreciation of...


(a) Proceeds of life insurance contracts payable by reason of death (1) General rule Except as otherwise provided in paragraph (2), subsection (d), and subsection (f),...


(a) General rule Gross income does not include the value of property acquired by gift, bequest, devise, or inheritance. (b) Income Subsection (a) shall not exclude...


(a) Exclusion Except as provided in subsection (b), gross income does not include interest on any State or local bond. (b) Exceptions Subsection (a) shall not apply to - ...


...


(a) In general Except in the case of amounts attributable to (and not in excess of) deductions allowed under section 213 (relating to medical, etc., expenses) for any...


(a) Amounts attributable to employer contributions Except as otherwise provided in this section, amounts received by an employee through accident or health insurance for personal ...


(a) General rule Except as otherwise provided in this section, gross income of an employee does not include employer-provided coverage under an accident or health plan. ...


In the case of a minister of the gospel, gross income does not include - (1) the rental value of a home furnished to him as part of his compensation; or (2)...


(a) Exclusion from gross income (1) In general Gross income does not include any amount which (but for this subsection) would be includible in gross income by reason of...


Gross income does not include income (other than rent) derived by a lessor of real property on the termination of a lease, representing the value of such property attributable...


(a) In general Gross income of a lessee does not include any amount received in cash (or treated as a rent reduction) by a lessee from a lessor - (1) under a short-term...


(a) Deductions Gross income does not include income attributable to the recovery during the taxable year of any amount deducted in any prior taxable year to the extent such...


(a) Enlisted personnel Gross income does not include compensation received for active service as a member below the grade of commissioned officer in the Armed Forces of the...


...


(a) Exclusion Gross income does not include extraterritorial income. (b) Exception Subsection (a) shall not apply to extraterritorial income which is not qualifying...


Gross income does not include - (1) income derived from any public utility or the exercise of any essential governmental function and accruing to a State or any...


...


(a) General rule Gross income does not include any amount received as a qualified scholarship by an individual who is a candidate for a degree at an educational...


(a) General rule In the case of a corporation, gross income does not include any contribution to the capital of the taxpayer. (b) Contributions in aid of construction, etc. ...


(a) Meals and lodging furnished to employee, his spouse, and his dependents, pursuant to employment There shall be excluded from gross income of an employee the value of...


(a) Exclusion by employee for contributions and legal services provided by employer Gross income of an employee, his spouse, or his dependents, does not include - ...


(a) Exclusion Gross income shall not include gain from the sale or exchange of property if, during the 5-year period ending on the date of the sale or exchange, such property...


(a) General rule In the case of a member or former member of the uniformed services of the United States, gross income does not include the amount of any reduction in his...


(a) General rule In the case of an individual whose principal residence is damaged or destroyed by fire, storm, or other casualty, or who is denied access to his...


...


(a) General rule Except as provided in subsection (b), no amount shall be included in the gross income of a participant in a cafeteria plan solely because, under the plan,...


(a) General rule Gross income does not include the excludable portion of payments received under - (1) The rural clean water program authorized by section 208(j) of...


(a) Exclusion from gross income (1) In general Gross income of an employee does not include amounts paid or expenses incurred by the employer for educational assistance to ...


...


(a) Exclusion (1) In general Gross income of an employee does not include amounts paid or incurred by the employer for dependent care assistance provided to...


(a) In general Any amount received for agreeing to a qualified assignment shall not be included in gross income to the extent that such amount does not exceed the aggregate...


(a) General rule Gross income shall not include amounts received by a foster care provider during the taxable year as qualified foster care payments. (b) Qualified foster...


(a) Exclusion from gross income Gross income shall not include any fringe benefit which qualifies as a - (1) no-additional-cost service, (2) qualified...


...


(a) General rule Gross income shall not include any qualified military benefit. (b) Qualified military benefit For purposes of this section - (1) In general ...


(a) General rule In the case of an individual who pays qualified higher education expenses during the taxable year, no amount shall be includible in gross income by reason of...


(a) Exclusion Gross income shall not include the value of any subsidy provided (directly or indirectly) by a public utility to a customer for the purchase or installation of...


(a) In general Gross income of an employee does not include amounts paid or expenses incurred by the employer for adoption expenses in connection with the adoption of a child...


(a) Exclusion Gross income shall not include any payment to the Medicare+Choice MSA of an individual by the Secretary of Health and Human Services under part C of title XVIII...


(a) General rule Gross income shall not include any amount received by an individual as a qualified disaster relief payment. (b) Qualified disaster relief payment defined ...


(a) For exemption of - (1) Allowances and expenditures to meet losses sustained by persons serving the United States abroad, due to appreciation of...


(a) Private activity bond For purposes of this title, the term ''private activity bond'' means any bond issued as part of an issue - (1) which meets - (A)...


(a) General rule For purposes of this part, the term ''exempt facility bond'' means any bond issued as part of an issue 95 percent or more of the net proceeds of which are to...


(a) Qualified mortgage bond (1) Qualified mortgage bond defined For purposes of this title, the term ''qualified mortgage bond'' means a bond which is issued as part of...


(a) Qualified small issue bond (1) In general For purposes of this part, the term ''qualified small issue bond'' means any bond issued as part of an issue the aggregate ...


(a) In general For purposes of this part, except as otherwise provided in this section, the term ''qualified 501(c)(3) bond'' means any private activity bond issued as part of...


(a) General rule A private activity bond issued as part of an issue meets the requirements of this section if the aggregate face amount of the private activity bonds...


(a) Substantial user requirement (1) In general Except as provided in subsection (h), a private activity bond shall not be a qualified bond for any period during which...


(a) Arbitrage bond defined For purposes of section 103, the term ''arbitrage bond'' means any bond issued as part of an issue any portion of the proceeds of which are...


(a) Bonds must be registered to be tax exempt (1) General rule Nothing in section 103(a) or in any other provision of law shall be construed to provide an exemption...


(a) General rule For purposes of this part - (1) Bond The term ''bond'' includes any obligation. (2) Governmental unit not to include Federal Government ...


(a) Private activity bond For purposes of this title, the term ''private activity bond'' means any bond issued as part of an issue - (1) which meets - (A)...


(a) General rule For purposes of this part, the term ''exempt facility bond'' means any bond issued as part of an issue 95 percent or more of the net proceeds of which are to...


(a) Qualified mortgage bond (1) Qualified mortgage bond defined For purposes of this title, the term ''qualified mortgage bond'' means a bond which is issued as part of...


(a) Qualified small issue bond (1) In general For purposes of this part, the term ''qualified small issue bond'' means any bond issued as part of an issue the aggregate ...


(a) In general For purposes of this part, except as otherwise provided in this section, the term ''qualified 501(c)(3) bond'' means any private activity bond issued as part of...


(a) General rule A private activity bond issued as part of an issue meets the requirements of this section if the aggregate face amount of the private activity bonds...


(a) Substantial user requirement (1) In general Except as provided in subsection (h), a private activity bond shall not be a qualified bond for any period during which...


(a) Arbitrage bond defined For purposes of section 103, the term ''arbitrage bond'' means any bond issued as part of an issue any portion of the proceeds of which are...


(a) Bonds must be registered to be tax exempt (1) General rule Nothing in section 103(a) or in any other provision of law shall be construed to provide an exemption...


(a) General rule For purposes of this part - (1) Bond The term ''bond'' includes any obligation. (2) Governmental unit not to include Federal Government ...


(a) Allowance of deductions In the case of an individual, the exemptions provided by this section shall be allowed as deductions in computing taxable income. (b) Taxpayer...


(a) General definition For purposes of this subtitle, the term ''dependent'' means any of the following individuals over half of whose support, for the calendar year in which...


(1) For definitions of ''husband'' and ''wife'', as used in section 152(b)(4), see section 7701(a)(17). (2) For deductions of estates and trusts, in lieu of the ...


(a) Allowance of deductions In the case of an individual, the exemptions provided by this section shall be allowed as deductions in computing taxable income. (b) Taxpayer...


(a) General definition For purposes of this subtitle, the term ''dependent'' means any of the following individuals over half of whose support, for the calendar year in which...


(1) For definitions of ''husband'' and ''wife'', as used in section 152(b)(4), see section 7701(a)(17). (2) For deductions of estates and trusts, in lieu of the ...


In computing taxable income under section 63, there shall be allowed as deductions the items specified in this part, subject to the exceptions provided in part IX (sec. 261...


(a) In general There shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or...


(a) General rule There shall be allowed as a deduction all interest paid or accrued within the taxable year on indebtedness. (b) Installment purchases where interest charge is...


(a) General rule Except as otherwise provided in this section, the following taxes shall be allowed as a deduction for the taxable year within which paid or accrued: ...


(a) General rule There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise. (b) Amount of deduction ...


(a) General rule (1) Wholly worthless debts There shall be allowed as a deduction any debt which becomes worthless within the taxable year. (2) Partially...


(a) General rule There shall be allowed as a depreciation deduction a reasonable allowance for the exhaustion, wear and tear (including a reasonable allowance for obsolescence)...


(a) General rule Except as otherwise provided in this section, the depreciation deduction provided by section 167(a) for any tangible property shall be determined by using - ...


(a) Allowance of deduction Every person, at his election, shall be entitled to a deduction with respect to the amortization of the amortizable basis of any certified...


(a) Allowance of deduction (1) General rule There shall be allowed as a deduction any charitable contribution (as defined in subsection (c)) payment of which is ...


(a) General rule In the case of any bond, as defined in subsection (d), the following rules shall apply to the amortizable bond premium (determined under subsection (b)) on...


(a) Deduction allowed There shall be allowed as a deduction for the taxable year an amount equal to the aggregate of (1) the net operating loss carryovers to such year, plus...


(a) General rule Notwithstanding section 263, all expenditures (other than expenditures for the purchase of land or depreciable property or for the acquisition of...


(a) Treatment as expenses (1) In general A taxpayer may treat research or experimental expenditures which are paid or incurred by him during the taxable year in ...


(a) In general A taxpayer engaged in the business of farming may treat expenditures which are paid or incurred by him during the taxable year for the purpose of soil or...


In the case of a domestic corporation, there shall be allowed as a deduction amounts (to the extent not compensated for) paid or incurred pursuant to an agreement entered into...


...


(a) General rule In determining the amount of the deduction allowable to a lessee for exhaustion, wear and tear, obsolescence, or amortization in respect of any cost of...


(a) Treatment as expenses A taxpayer may elect to treat the cost of any section 179 property as an expense which is not chargeable to capital account. Any cost so treated shall...


(a) Allowance of deduction (1) In general There shall be allowed as a deduction an amount equal to the cost of - (A) any qualified clean-fuel vehicle...


(a) In general A taxpayer engaged in the business of farming may elect to treat as expenses which are not chargeable to capital account expenditures (otherwise chargeable...


...


...


(a) General rule In the case of an activity engaged in by an individual or an S corporation, if such activity is not engaged in for profit, no deduction attributable to...


...


...


(a) Allowance of deduction If a compensatory amount which is included in gross income is received or accrued during the taxable year for a compensable injury, there shall...


...


...


...


(a) Treatment as expenses (1) In general A taxpayer may elect to treat qualified architectural and transportation barrier removal expenses which are paid or ...


...


(a) Allowance of deduction There is allowed as a deduction for the taxable year an amount equal to the sum of the amounts contributed by the taxpayer during the taxable year to...


(a) Allowance of deduction There shall be allowed as a deduction for the taxable year an amount equal to the qualified tertiary injectant expenses of the taxpayer for...


(a) Allowance of deduction In the case of any qualified timber property with respect to which the taxpayer has made (in accordance with regulations prescribed by the Secretary)...


(a) Allowance of deduction There shall be allowed as a deduction for the taxable year an amount equal to the amount - (1) which is contributed by an employer to a...


(a) Capitalization of expenditures Except as otherwise provided in this section, no deduction shall be allowed for start-up expenditures. (b) Election to amortize (1)...


(a) Allowance of deduction If any portion of the qualified business credits determined for any taxable year has not, after the application of section 38(c), been allowed to...


(a) General rule A taxpayer shall be entitled to an amortization deduction with respect to any amortizable section 197 intangible. The amount of such deduction shall...


(a) In general A taxpayer may elect to treat any qualified environmental remediation expenditure which is paid or incurred by the taxpayer as an expense which is not chargeable...


In computing taxable income under section 63, there shall be allowed as deductions the items specified in this part, subject to the exceptions provided in part IX (sec. 261...


(a) In general There shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or...


(a) General rule There shall be allowed as a deduction all interest paid or accrued within the taxable year on indebtedness. (b) Installment purchases where interest charge is...


(a) General rule Except as otherwise provided in this section, the following taxes shall be allowed as a deduction for the taxable year within which paid or accrued: ...


(a) General rule There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise. (b) Amount of deduction ...


(a) General rule (1) Wholly worthless debts There shall be allowed as a deduction any debt which becomes worthless within the taxable year. (2) Partially...


(a) General rule There shall be allowed as a depreciation deduction a reasonable allowance for the exhaustion, wear and tear (including a reasonable allowance for obsolescence)...


(a) General rule Except as otherwise provided in this section, the depreciation deduction provided by section 167(a) for any tangible property shall be determined by using - ...


(a) Allowance of deduction Every person, at his election, shall be entitled to a deduction with respect to the amortization of the amortizable basis of any certified...


(a) Allowance of deduction (1) General rule There shall be allowed as a deduction any charitable contribution (as defined in subsection (c)) payment of which is ...


(a) General rule In the case of any bond, as defined in subsection (d), the following rules shall apply to the amortizable bond premium (determined under subsection (b)) on...


(a) Deduction allowed There shall be allowed as a deduction for the taxable year an amount equal to the aggregate of (1) the net operating loss carryovers to such year, plus...


(a) General rule Notwithstanding section 263, all expenditures (other than expenditures for the purchase of land or depreciable property or for the acquisition of...


(a) Treatment as expenses (1) In general A taxpayer may treat research or experimental expenditures which are paid or incurred by him during the taxable year in ...


(a) In general A taxpayer engaged in the business of farming may treat expenditures which are paid or incurred by him during the taxable year for the purpose of soil or...


In the case of a domestic corporation, there shall be allowed as a deduction amounts (to the extent not compensated for) paid or incurred pursuant to an agreement entered into...


...


(a) General rule In determining the amount of the deduction allowable to a lessee for exhaustion, wear and tear, obsolescence, or amortization in respect of any cost of...


(a) Treatment as expenses A taxpayer may elect to treat the cost of any section 179 property as an expense which is not chargeable to capital account. Any cost so treated shall...


(a) Allowance of deduction (1) In general There shall be allowed as a deduction an amount equal to the cost of - (A) any qualified clean-fuel vehicle...


(a) In general A taxpayer engaged in the business of farming may elect to treat as expenses which are not chargeable to capital account expenditures (otherwise chargeable...


...


...


(a) General rule In the case of an activity engaged in by an individual or an S corporation, if such activity is not engaged in for profit, no deduction attributable to...


...


...


(a) Allowance of deduction If a compensatory amount which is included in gross income is received or accrued during the taxable year for a compensable injury, there shall...


...


...


...


(a) Treatment as expenses (1) In general A taxpayer may elect to treat qualified architectural and transportation barrier removal expenses which are paid or ...


...


(a) Allowance of deduction There is allowed as a deduction for the taxable year an amount equal to the sum of the amounts contributed by the taxpayer during the taxable year to...


(a) Allowance of deduction There shall be allowed as a deduction for the taxable year an amount equal to the qualified tertiary injectant expenses of the taxpayer for...


(a) Allowance of deduction In the case of any qualified timber property with respect to which the taxpayer has made (in accordance with regulations prescribed by the Secretary)...


(a) Allowance of deduction There shall be allowed as a deduction for the taxable year an amount equal to the amount - (1) which is contributed by an employer to a...


(a) Capitalization of expenditures Except as otherwise provided in this section, no deduction shall be allowed for start-up expenditures. (b) Election to amortize (1)...


(a) Allowance of deduction If any portion of the qualified business credits determined for any taxable year has not, after the application of section 38(c), been allowed to...


(a) General rule A taxpayer shall be entitled to an amortization deduction with respect to any amortizable section 197 intangible. The amount of such deduction shall...


(a) In general A taxpayer may elect to treat any qualified environmental remediation expenditure which is paid or incurred by the taxpayer as an expense which is not chargeable...


In computing taxable income under section 63, there shall be allowed as deductions the items specified in this part, subject to the exceptions provided in part IX (section 261...


In the case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year - (1) for the...


(a) Allowance of deduction There shall be allowed as a deduction the expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of...


...


(a) General rule In the case of an individual, there shall be allowed as a deduction an amount equal to the alimony or separate maintenance payments paid during such...


(a) Allowance of deduction In the case of a tenant-stockholder (as defined in subsection (b)(2)), there shall be allowed as a deduction amounts (not otherwise deductible) paid...


(a) Deduction allowed There shall be allowed as a deduction moving expenses paid or incurred during the taxable year in connection with the commencement of work by the taxpayer...


...


(a) Allowance of deduction In the case of an individual, there shall be allowed as a deduction an amount equal to the qualified retirement contributions of the individual for...


(a) Deduction allowed In the case of an individual who is an eligible individual for any month during the taxable year, there shall be allowed as a deduction for the taxable...


(a) Allowance of deduction In the case of an individual, there shall be allowed as a deduction for the taxable year an amount equal to the interest paid by the taxpayer during...


(a) Allowance of deduction In the case of an individual, there shall be allowed as a deduction an amount equal to the qualified tuition and related expenses paid by the...


For deductions in respect of a decedent, see section 691. ...


In computing taxable income under section 63, there shall be allowed as deductions the items specified in this part, subject to the exceptions provided in part IX (section 261...


In the case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year - (1) for the...


(a) Allowance of deduction There shall be allowed as a deduction the expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of...


...


(a) General rule In the case of an individual, there shall be allowed as a deduction an amount equal to the alimony or separate maintenance payments paid during such...


(a) Allowance of deduction In the case of a tenant-stockholder (as defined in subsection (b)(2)), there shall be allowed as a deduction amounts (not otherwise deductible) paid...


(a) Deduction allowed There shall be allowed as a deduction moving expenses paid or incurred during the taxable year in connection with the commencement of work by the taxpayer...


...


(a) Allowance of deduction In the case of an individual, there shall be allowed as a deduction an amount equal to the qualified retirement contributions of the individual for...


(a) Deduction allowed In the case of an individual who is an eligible individual for any month during the taxable year, there shall be allowed as a deduction for the taxable...


(a) Allowance of deduction In the case of an individual, there shall be allowed as a deduction for the taxable year an amount equal to the interest paid by the taxpayer during...


(a) Allowance of deduction In the case of an individual, there shall be allowed as a deduction an amount equal to the qualified tuition and related expenses paid by the...


For deductions in respect of a decedent, see section 691. ...


In addition to the deductions provided in part VI (sec. 161 and following), there shall be allowed as deductions in computing taxable income the items specified in this part. ...


...


(a) General rule In the case of a corporation, there shall be allowed as a deduction an amount equal to the following percentages of the amount received as dividends from...


(a) General rule In the case of a corporation, there shall be allowed as a deduction an amount computed as follows: (1) First determine the amount received as dividends...


(a) Dividends from 10-percent owned foreign corporations (1) In general In the case of dividends received by a corporation from a qualified 10-percent owned...


(a) Deduction not allowed for dividends from certain corporations (1) In general The deductions allowed by sections 243, 244, and 245 shall not apply to any dividend from...


(a) General rule In the case of any dividend on debt-financed portfolio stock, there shall be substituted for the percentage which (but for this subsection) would be used...


(a) Amount of deduction In the case of a public utility, there shall be allowed as a deduction an amount computed as follows: (1) First determine the amount which is...


(a) Election to amortize The organizational expenditures of a corporation may, at the election of the corporation (made in accordance with regulations prescribed by the...


(a) General rule No deduction shall be allowed to the issuing corporation for any premium paid or incurred upon the repurchase of a bond, debenture, note, or certificate or...


...


In addition to the deductions provided in part VI (sec. 161 and following), there shall be allowed as deductions in computing taxable income the items specified in this part. ...


...


(a) General rule In the case of a corporation, there shall be allowed as a deduction an amount equal to the following percentages of the amount received as dividends from...


(a) General rule In the case of a corporation, there shall be allowed as a deduction an amount computed as follows: (1) First determine the amount received as dividends...


(a) Dividends from 10-percent owned foreign corporations (1) In general In the case of dividends received by a corporation from a qualified 10-percent owned...


(a) Deduction not allowed for dividends from certain corporations (1) In general The deductions allowed by sections 243, 244, and 245 shall not apply to any dividend from...


(a) General rule In the case of any dividend on debt-financed portfolio stock, there shall be substituted for the percentage which (but for this subsection) would be used...


(a) Amount of deduction In the case of a public utility, there shall be allowed as a deduction an amount computed as follows: (1) First determine the amount which is...


(a) Election to amortize The organizational expenditures of a corporation may, at the election of the corporation (made in accordance with regulations prescribed by the...


(a) General rule No deduction shall be allowed to the issuing corporation for any premium paid or incurred upon the repurchase of a bond, debenture, note, or certificate or...


...


In computing taxable income no deduction shall in any case be allowed in respect of the items specified in this part. ...


(a) General rule Except as otherwise expressly provided in this chapter, no deduction shall be allowed for personal, living, or family expenses. (b) Treatment of certain...


(a) General rule No deduction shall be allowed for - (1) Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value...


(a) Nondeductibility of certain direct and indirect costs (1) In general In the case of any property to which this section applies, any costs described in paragraph (2) - ...


(a) General rule No deduction shall be allowed for - (1) Premiums on any life insurance policy, or endowment or annuity contract, if the taxpayer is directly or...


(a) General rule No deduction shall be allowed for - (1) Expenses Any amount otherwise allowable as a deduction which is allocable to one or more classes of...


No deduction shall be allowed for amounts paid or accrued for such taxes and carrying charges as, under regulations prescribed by the Secretary, are chargeable to capital account...


(a) In general (1) Deduction for losses disallowed No deduction shall be allowed in respect of any loss from the sale or exchange of property, directly or...


Where an unharvested crop sold by the taxpayer is considered under the provisions of section 1231 as ''property used in the trade or business'', in computing taxable income...


(a) In general If - (1) any person or persons acquire, or acquired on or after October 8, 1940, directly or indirectly, control of a corporation, or (2)...


(a) General rule If - (1) substantially all of the services of a personal service corporation are performed for (or on behalf of) 1 other corporation, partnership,...


(a) General rule Except as otherwise provided by regulations, for purposes of this title - (1) if a domestic corporation and a foreign corporation are stapled...


...


(a) General rule In the case of a taxpayer (other than a bank as defined in section 581) no deduction shall be allowed under section 166 (relating to bad debts) or under...


Where the disposal of coal or iron ore is covered by section 631, no deduction shall be allowed for expenditures attributable to the making and administering of the contract...


Amounts paid under the laws of a State, the District of Columbia, a possession of the United States, or a foreign country as income to the holder of a life or terminable...


(a) Entertainment, amusement, or recreation (1) In general No deduction otherwise allowable under this chapter shall be allowed for any item - (A) Activity ...


(a) General rule No deduction shall be allowed for the following taxes: (1) Federal income taxes, including - (A) the tax imposed by section 3101 (relating to the...


(a) Disallowance of deduction No deduction otherwise allowable under this chapter shall be allowed for any amount paid or incurred for - (1) advertising in a...


(a) General rule In the case of a social club or other membership organization which is operated primarily to furnish services or goods to members and which is not exempt...


...


(a) General rule No deduction shall be allowed for any interest paid or incurred by a corporation during the taxable year with respect to its corporate acquisition indebtedness...


...


(a) General rule Except as otherwise provided in this section, in the case of a taxpayer who is an individual or an S corporation, no deduction otherwise allowable under...


In the case of the demolition of any structure - (1) no deduction otherwise allowable under this chapter shall be allowed to the owner or lessee of such structure for - ...


(a) Rule for employment credits No deduction shall be allowed for that portion of the wages or salaries paid or incurred for the taxable year which is equal to the sum of...


...


No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the...


(a) Limitation on amount of depreciation for luxury automobiles (1) Depreciation (A) Limitation The amount of the depreciation deduction for any taxable year ...


(a) General rule No deduction shall be allowed under this chapter for any excess parachute payment. (b) Excess parachute payment For purposes of this section - (1)...


(a) General rule If - (1) an election by a personal service corporation under section 444 is in effect for a taxable year, and (2) such corporation does not meet...


In computing taxable income no deduction shall in any case be allowed in respect of the items specified in this part. ...


(a) General rule Except as otherwise expressly provided in this chapter, no deduction shall be allowed for personal, living, or family expenses. (b) Treatment of certain...


(a) General rule No deduction shall be allowed for - (1) Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value...


(a) Nondeductibility of certain direct and indirect costs (1) In general In the case of any property to which this section applies, any costs described in paragraph (2) - ...


(a) General rule No deduction shall be allowed for - (1) Premiums on any life insurance policy, or endowment or annuity contract, if the taxpayer is directly or...


(a) General rule No deduction shall be allowed for - (1) Expenses Any amount otherwise allowable as a deduction which is allocable to one or more classes of...


No deduction shall be allowed for amounts paid or accrued for such taxes and carrying charges as, under regulations prescribed by the Secretary, are chargeable to capital account...


(a) In general (1) Deduction for losses disallowed No deduction shall be allowed in respect of any loss from the sale or exchange of property, directly or...


Where an unharvested crop sold by the taxpayer is considered under the provisions of section 1231 as ''property used in the trade or business'', in computing taxable income...


(a) In general If - (1) any person or persons acquire, or acquired on or after October 8, 1940, directly or indirectly, control of a corporation, or (2)...


(a) General rule If - (1) substantially all of the services of a personal service corporation are performed for (or on behalf of) 1 other corporation, partnership,...


(a) General rule Except as otherwise provided by regulations, for purposes of this title - (1) if a domestic corporation and a foreign corporation are stapled...


...


(a) General rule In the case of a taxpayer (other than a bank as defined in section 581) no deduction shall be allowed under section 166 (relating to bad debts) or under...


Where the disposal of coal or iron ore is covered by section 631, no deduction shall be allowed for expenditures attributable to the making and administering of the contract...


Amounts paid under the laws of a State, the District of Columbia, a possession of the United States, or a foreign country as income to the holder of a life or terminable...


(a) Entertainment, amusement, or recreation (1) In general No deduction otherwise allowable under this chapter shall be allowed for any item - (A) Activity ...


(a) General rule No deduction shall be allowed for the following taxes: (1) Federal income taxes, including - (A) the tax imposed by section 3101 (relating to the...


(a) Disallowance of deduction No deduction otherwise allowable under this chapter shall be allowed for any amount paid or incurred for - (1) advertising in a...


(a) General rule In the case of a social club or other membership organization which is operated primarily to furnish services or goods to members and which is not exempt...


...


(a) General rule No deduction shall be allowed for any interest paid or incurred by a corporation during the taxable year with respect to its corporate acquisition indebtedness...


...


(a) General rule Except as otherwise provided in this section, in the case of a taxpayer who is an individual or an S corporation, no deduction otherwise allowable under...


In the case of the demolition of any structure - (1) no deduction otherwise allowable under this chapter shall be allowed to the owner or lessee of such structure for - ...


(a) Rule for employment credits No deduction shall be allowed for that portion of the wages or salaries paid or incurred for the taxable year which is equal to the sum of...


...


No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the...


(a) Limitation on amount of depreciation for luxury automobiles (1) Depreciation (A) Limitation The amount of the depreciation deduction for any taxable year ...


(a) General rule No deduction shall be allowed under this chapter for any excess parachute payment. (b) Excess parachute payment For purposes of this section - (1)...


(a) General rule If - (1) an election by a personal service corporation under section 444 is in effect for a taxable year, and (2) such corporation does not meet...


(a) Computation of taxable income of terminal railroad corporations (1) In general In computing the taxable income of a terminal railroad corporation - (A)...


(a) Computation of taxable income of terminal railroad corporations (1) In general In computing the taxable income of a terminal railroad corporation - (A)...


(a) Reduction in certain preference items, etc. For purposes of this subtitle, in the case of a corporation - (1) Section 1250 capital gain treatment In the case of...


(a) Reduction in certain preference items, etc. For purposes of this subtitle, in the case of a corporation - (1) Section 1250 capital gain treatment In the case of...


(a) In general Except as otherwise provided in this chapter, a distribution of property (as defined in section 317(a)) made by a corporation to a shareholder with respect to...


(a) General rule If a corporation redeems its stock (within the meaning of section 317(b)), and if paragraph (1), (2), (3), or (4) of subsection (b) applies, such redemption...


(a) In general A distribution of property to a shareholder by a corporation in redemption of part or all of the stock of such corporation which (for Federal estate tax...


(a) Treatment of certain stock purchases (1) Acquisition by related corporation (other than subsidiary) For purposes of sections 302 and 303, if - (A) one or...


(a) General rule Except as otherwise provided in this section, gross income does not include the amount of any distribution of the stock of a corporation made by such...


(a) General rule If a shareholder sells or otherwise disposes of section 306 stock (as defined in subsection (c)) - (1) Dispositions other than redemptions If...


(a) General rule If a shareholder in a corporation receives its stock or rights to acquire its stock (referred to in this subsection as ''new stock'') in a distribution to...


(a) General rule Except as provided in subsection (b), no gain or loss shall be recognized to a corporation on the distribution (not in complete liquidation) with respect to...


(a) General rule Except as otherwise provided in this section, on the distribution of property by a corporation with respect to its stock, the earnings and profits of...


(a) General rule For purposes of this subtitle, the term ''dividend'' means any distribution of property made by a corporation to its shareholders - (1) out of...


(a) Property For purposes of this part, the term ''property'' means money, securities, and any other property; except that such term does not include stock in the...


(a) General rule For purposes of those provisions of this subchapter to which the rules contained in this section are expressly made applicable - (1) Members of family ...


(a) In general Except as otherwise provided in this chapter, a distribution of property (as defined in section 317(a)) made by a corporation to a shareholder with respect to...


(a) General rule If a corporation redeems its stock (within the meaning of section 317(b)), and if paragraph (1), (2), (3), or (4) of subsection (b) applies, such redemption...


(a) In general A distribution of property to a shareholder by a corporation in redemption of part or all of the stock of such corporation which (for Federal estate tax...


(a) Treatment of certain stock purchases (1) Acquisition by related corporation (other than subsidiary) For purposes of sections 302 and 303, if - (A) one or...


(a) General rule Except as otherwise provided in this section, gross income does not include the amount of any distribution of the stock of a corporation made by such...


(a) General rule If a shareholder sells or otherwise disposes of section 306 stock (as defined in subsection (c)) - (1) Dispositions other than redemptions If...


(a) General rule If a shareholder in a corporation receives its stock or rights to acquire its stock (referred to in this subsection as ''new stock'') in a distribution to...


(a) General rule Except as provided in subsection (b), no gain or loss shall be recognized to a corporation on the distribution (not in complete liquidation) with respect to...


(a) General rule Except as otherwise provided in this section, on the distribution of property by a corporation with respect to its stock, the earnings and profits of...


(a) General rule For purposes of this subtitle, the term ''dividend'' means any distribution of property made by a corporation to its shareholders - (1) out of...


(a) Property For purposes of this part, the term ''property'' means money, securities, and any other property; except that such term does not include stock in the...


(a) General rule For purposes of those provisions of this subchapter to which the rules contained in this section are expressly made applicable - (1) Members of family ...


(a) Distributions in complete liquidation treated as exchanges Amounts received by a shareholder in a distribution in complete liquidation of a corporation shall be treated as in...


(a) General rule No gain or loss shall be recognized on the receipt by a corporation of property distributed in complete liquidation of another corporation. (b)...


...


(a) General rule If property is received in a distribution in complete liquidation, and if gain or loss is recognized on receipt of such property, then the basis of the...


(a) General rule Except as otherwise provided in this section or section 337, gain or loss shall be recognized to a liquidating corporation on the distribution of property...


(a) In general No gain or loss shall be recognized to the liquidating corporation on the distribution to the 80-percent distributee of any property in a complete liquidation...


(a) General rule For purposes of this subtitle, if a purchasing corporation makes an election under this section (or is treated under subsection (e) as having made such...


(a) Treatment of gain to shareholders Gain from - (1) the sale or exchange of stock of a collapsible corporation, (2) a distribution - (A) in...


...


(a) Complete liquidation For purposes of this subchapter, a distribution shall be treated as in complete liquidation of a corporation if the distribution is one of a series...


(a) Distributions in complete liquidation treated as exchanges Amounts received by a shareholder in a distribution in complete liquidation of a corporation shall be treated as in...


(a) General rule No gain or loss shall be recognized on the receipt by a corporation of property distributed in complete liquidation of another corporation. (b)...


...


(a) General rule If property is received in a distribution in complete liquidation, and if gain or loss is recognized on receipt of such property, then the basis of the...


(a) General rule Except as otherwise provided in this section or section 337, gain or loss shall be recognized to a liquidating corporation on the distribution of property...


(a) In general No gain or loss shall be recognized to the liquidating corporation on the distribution to the 80-percent distributee of any property in a complete liquidation...


(a) General rule For purposes of this subtitle, if a purchasing corporation makes an election under this section (or is treated under subsection (e) as having made such...


(a) Treatment of gain to shareholders Gain from - (1) the sale or exchange of stock of a collapsible corporation, (2) a distribution - (A) in...


...


(a) Complete liquidation For purposes of this subchapter, a distribution shall be treated as in complete liquidation of a corporation if the distribution is one of a series...


(a) General rule No gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock in such corporation...


(a) General rule (1) In general No gain or loss shall be recognized if stock or securities in a corporation a party to a reorganization are, in pursuance of the ...


(a) Effect on distributees (1) General rule If - (A) a corporation (referred to in this section as the ''distributing corporation'') - ...


(a) Gain on exchanges (1) Recognition of gain If - (A) section 354 or 355 would apply to an exchange but for the fact that (B) the property received...


(a) General rule Except as provided in subsections (b) and (c), if - (1) the taxpayer receives property which would be permitted to be received under section 351 or...


(a) General rule In the case of an exchange to which section 351, 354, 355, 356, or 361 applies - (1) Nonrecognition property The basis of the property permitted to...


(a) General rule No gain or loss shall be recognized to a corporation if such corporation is a party to a reorganization and exchanges property, in pursuance of the plan...


(a) Property acquired by issuance of stock or as paid-in surplus If property was acquired on or after June 22, 1954, by a corporation - (1) in connection with a transaction...


...


(a) Transfers of property from the United States (1) General rule If, in connection with any exchange described in section 332, 351, 354, 356, or 361, a United States...


(a) Reorganization (1) In general For purposes of parts I and II and this part, the term ''reorganization'' means - (A) a statutory merger or consolidation; ...


(a) General rule No gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock in such corporation...


(a) General rule (1) In general No gain or loss shall be recognized if stock or securities in a corporation a party to a reorganization are, in pursuance of the ...


(a) Effect on distributees (1) General rule If - (A) a corporation (referred to in this section as the ''distributing corporation'') - ...


(a) Gain on exchanges (1) Recognition of gain If - (A) section 354 or 355 would apply to an exchange but for the fact that (B) the property received...


(a) General rule Except as provided in subsections (b) and (c), if - (1) the taxpayer receives property which would be permitted to be received under section 351 or...


(a) General rule In the case of an exchange to which section 351, 354, 355, 356, or 361 applies - (1) Nonrecognition property The basis of the property permitted to...


(a) General rule No gain or loss shall be recognized to a corporation if such corporation is a party to a reorganization and exchanges property, in pursuance of the plan...


(a) Property acquired by issuance of stock or as paid-in surplus If property was acquired on or after June 22, 1954, by a corporation - (1) in connection with a transaction...


...


(a) Transfers of property from the United States (1) General rule If, in connection with any exchange described in section 332, 351, 354, 356, or 361, a United States...


(a) Reorganization (1) In general For purposes of parts I and II and this part, the term ''reorganization'' means - (A) a statutory merger or consolidation; ...


...


...


...


...


...


...


(a) General rule In the case of the acquisition of assets of a corporation by another corporation - (1) in a distribution to such other corporation to which section...


(a) General rule The amount of the taxable income of any new loss corporation for any post-change year which may be offset by pre-change losses shall not exceed the section...


(a) Excess credits (1) In general Under regulations, if an ownership change occurs with respect to a corporation, the amount of any excess credit for any taxable ...


(a) General rule If - (1)(A) a corporation acquires directly (or through 1 or more other corporations) control of another corporation, or (B) the assets of...


(a) General rule In the case of the acquisition of assets of a corporation by another corporation - (1) in a distribution to such other corporation to which section...


(a) General rule The amount of the taxable income of any new loss corporation for any post-change year which may be offset by pre-change losses shall not exceed the section...


(a) Excess credits (1) In general Under regulations, if an ownership change occurs with respect to a corporation, the amount of any excess credit for any taxable ...


(a) General rule If - (1)(A) a corporation acquires directly (or through 1 or more other corporations) control of another corporation, or (B) the assets of...


(a) Authority to prescribe regulations The Secretary is authorized to prescribe such regulations as may be necessary or appropriate to determine whether an interest in a ...


(a) Authority to prescribe regulations The Secretary is authorized to prescribe such regulations as may be necessary or appropriate to determine whether an interest in a ...


...


...


...


...


(a) Requirements for qualification A trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan of an employer for...


(a) Taxability of beneficiary of exempt trust Except as otherwise provided in this section, any amount actually distributed to any distributee by any employees' trust described in ...


(a) General rule If an applicable retirement plan includes a qualified Roth contribution program - (1) any designated Roth contribution made by an employee pursuant...


(a) Taxability of beneficiary under a qualified annuity plan (1) Distributee taxable under section 72 If an annuity contract is purchased by an employer for an ...


(a) General rule If contributions are paid by an employer to or under a stock bonus, pension, profit-sharing, or annuity plan, or if compensation is paid or accrued on account...


(a) General rule Amounts paid or accrued by an employer under a qualified foreign plan - (1) shall not be allowable as a deduction under this chapter, but (2)...


...


(a) Treatment as employees of American employer For purposes of applying this part with respect to a pension, profit-sharing, or stock bonus plan described in section 401(a) or ...


(a) Treatment as employees of domestic parent corporation (1) In general For purposes of applying this part with respect to a pension, profit-sharing, or stock bonus...


(a) Individual retirement account For purposes of this section, the term ''individual retirement account'' means a trust created or organized in the United States for...


(a) General rule Except as provided in this section, a Roth IRA shall be treated for purposes of this title in the same manner as an individual retirement plan. (b) Roth IRA ...


(a) Tax credit employee stock ownership plan defined Except as otherwise provided in this title, for purposes of this title, the term ''tax credit employee stock ownership...


...


(a) Participation (1) Minimum age and service conditions (A) General rule A trust shall not constitute a qualified trust under section 401(a) if the plan...


(a) General rule A trust shall not constitute a qualified trust under section 401(a) unless the plan of which such trust is a part provides that an employee's right to his...


(a) General rule Except as provided in subsection (h), this section applies to a plan if, for any plan year beginning on or after the effective date of this section for such...


(a) Application of subsection (b) Subsection (b) applies to - (1) a plan maintained pursuant to an agreement which the Secretary of Labor finds to be a...


(a) Service for predecessor employer For purposes of this part - (1) in any case in which the employer maintains a plan of a predecessor employer, service for...


(a) General rule (1) Trusts A trust which is a part of a pension, profitsharing, or stock bonus plan shall not constitute a qualified trust under section 401(a) if - ...


(a) General rule A trust shall not constitute a qualified trust under section 401(a) for any plan year if the plan of which it is a part is a top-heavy plan for such plan...


(a) Election to waive qualified joint and survivor annuity or qualified preretirement survivor annuity (1) In general A plan meets the requirements of section...


(a) General rule A multiemployer plan is in reorganization for a plan year if the plan's reorganization index for that year is greater than zero. (b) Reorganization index ...


(a) Notice requirement (1) In general If - (A) a multiemployer plan is in reorganization for a plan year, and (B) section 418B would require...


(a) Accumulated funding deficiency in reorganization (1) In general For any plan year in which a multiemployer plan is in reorganization - (A) the plan...


(a) General rule For purposes of determining the contribution under section 418B (before the application of section 418B(b)(2) or (d)), the plan sponsor of a plan which...


(a) Adjustments in accrued benefits (1) In general Notwithstanding section 411, a multiemployer plan in reorganization may be amended, in accordance with this section, ...


(a) Suspension of certain benefit payments Notwithstanding section 411, in any case in which benefit payments under an insolvent multiemployer plan exceed the resource ...


(a) General rule Contributions paid or accrued by an employer to a welfare benefit fund - (1) shall not be deductible under this chapter, but (2) if they...


(a) General rule For purposes of this subpart and section 512, the term ''qualified asset account'' means any account consisting of assets set aside to provide for the payment...


(a) General rule If there is a qualified transfer of any excess pension assets of a defined benefit plan (other than a multiemployer plan) to a health benefits account which...


(a) Requirements for qualification A trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan of an employer for...


(a) Taxability of beneficiary of exempt trust Except as otherwise provided in this section, any amount actually distributed to any distributee by any employees' trust described in ...


(a) General rule If an applicable retirement plan includes a qualified Roth contribution program - (1) any designated Roth contribution made by an employee pursuant...


(a) Taxability of beneficiary under a qualified annuity plan (1) Distributee taxable under section 72 If an annuity contract is purchased by an employer for an ...


(a) General rule If contributions are paid by an employer to or under a stock bonus, pension, profit-sharing, or annuity plan, or if compensation is paid or accrued on account...


(a) General rule Amounts paid or accrued by an employer under a qualified foreign plan - (1) shall not be allowable as a deduction under this chapter, but (2)...


...


(a) Treatment as employees of American employer For purposes of applying this part with respect to a pension, profit-sharing, or stock bonus plan described in section 401(a) or ...


(a) Treatment as employees of domestic parent corporation (1) In general For purposes of applying this part with respect to a pension, profit-sharing, or stock bonus...


(a) Individual retirement account For purposes of this section, the term ''individual retirement account'' means a trust created or organized in the United States for...


(a) General rule Except as provided in this section, a Roth IRA shall be treated for purposes of this title in the same manner as an individual retirement plan. (b) Roth IRA ...


(a) Tax credit employee stock ownership plan defined Except as otherwise provided in this title, for purposes of this title, the term ''tax credit employee stock ownership...


...


(a) Participation (1) Minimum age and service conditions (A) General rule A trust shall not constitute a qualified trust under section 401(a) if the plan...


(a) General rule A trust shall not constitute a qualified trust under section 401(a) unless the plan of which such trust is a part provides that an employee's right to his...


(a) General rule Except as provided in subsection (h), this section applies to a plan if, for any plan year beginning on or after the effective date of this section for such...


(a) Application of subsection (b) Subsection (b) applies to - (1) a plan maintained pursuant to an agreement which the Secretary of Labor finds to be a...


(a) Service for predecessor employer For purposes of this part - (1) in any case in which the employer maintains a plan of a predecessor employer, service for...


(a) General rule (1) Trusts A trust which is a part of a pension, profitsharing, or stock bonus plan shall not constitute a qualified trust under section 401(a) if - ...


(a) General rule A trust shall not constitute a qualified trust under section 401(a) for any plan year if the plan of which it is a part is a top-heavy plan for such plan...


(a) Election to waive qualified joint and survivor annuity or qualified preretirement survivor annuity (1) In general A plan meets the requirements of section...


(a) General rule A multiemployer plan is in reorganization for a plan year if the plan's reorganization index for that year is greater than zero. (b) Reorganization index ...


(a) Notice requirement (1) In general If - (A) a multiemployer plan is in reorganization for a plan year, and (B) section 418B would require...


(a) Accumulated funding deficiency in reorganization (1) In general For any plan year in which a multiemployer plan is in reorganization - (A) the plan...


(a) General rule For purposes of determining the contribution under section 418B (before the application of section 418B(b)(2) or (d)), the plan sponsor of a plan which...


(a) Adjustments in accrued benefits (1) In general Notwithstanding section 411, a multiemployer plan in reorganization may be amended, in accordance with this section, ...


(a) Suspension of certain benefit payments Notwithstanding section 411, in any case in which benefit payments under an insolvent multiemployer plan exceed the resource ...


(a) General rule Contributions paid or accrued by an employer to a welfare benefit fund - (1) shall not be deductible under this chapter, but (2) if they...


(a) General rule For purposes of this subpart and section 512, the term ''qualified asset account'' means any account consisting of assets set aside to provide for the payment...


(a) General rule If there is a qualified transfer of any excess pension assets of a defined benefit plan (other than a multiemployer plan) to a health benefits account which...


(a) Effect of qualifying transfer If a share of stock is transferred to an individual in a transfer in respect of which the requirements of section 422(a) or 423(a) are met - ...


(a) In general Section 421(a) shall apply with respect to the transfer of a share of stock to an individual pursuant to his exercise of an incentive stock option if - ...


...


(a) General rule Section 421(a) shall apply with respect to the transfer of a share of stock to an individual pursuant to his exercise of an option granted after December...


(a) Corporate reorganizations, liquidations, etc. For purposes of this part, the term ''issuing or assuming a stock option in a transaction to which section 424(a) applies'' means a ...


...


(a) Effect of qualifying transfer If a share of stock is transferred to an individual in a transfer in respect of which the requirements of section 422(a) or 423(a) are met - ...


(a) In general Section 421(a) shall apply with respect to the transfer of a share of stock to an individual pursuant to his exercise of an incentive stock option if - ...


...


(a) General rule Section 421(a) shall apply with respect to the transfer of a share of stock to an individual pursuant to his exercise of an option granted after December...


(a) Corporate reorganizations, liquidations, etc. For purposes of this part, the term ''issuing or assuming a stock option in a transaction to which section 424(a) applies'' means a ...


...


(a) Computation of taxable income Taxable income shall be computed on the basis of the taxpayer's taxable year. (b) Taxable year For purposes of this subtitle, the...


If a taxpayer changes his annual accounting period, the new accounting period shall become the taxpayer's taxable year only if the change is approved by the Secretary. For purposes...


(a) Returns for short period A return for a period of less than 12 months (referred to in this section as ''short period'') shall be made under any of the ...


(a) General rule Except as otherwise provided in this section, a partnership, S corporation, or personal service corporation may elect to have a taxable year other than...


(a) Computation of taxable income Taxable income shall be computed on the basis of the taxpayer's taxable year. (b) Taxable year For purposes of this subtitle, the...


If a taxpayer changes his annual accounting period, the new accounting period shall become the taxpayer's taxable year only if the change is approved by the Secretary. For purposes...


(a) Returns for short period A return for a period of less than 12 months (referred to in this section as ''short period'') shall be made under any of the ...


(a) General rule Except as otherwise provided in this section, a partnership, S corporation, or personal service corporation may elect to have a taxable year other than...


(a) General rule Taxable income shall be computed under the method of accounting on the basis of which the taxpayer regularly computes his income in keeping his books. ...


(a) General rule Except as otherwise provided by law, the taxable income from farming of - (1) a corporation engaged in the trade or business of farming, or ...


(a) General rule Except as otherwise provided in this section, in the case of a - (1) C corporation, (2) partnership which has a C corporation as a partner, or ...


(a) General rule 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...


...


(a) General rule Except as otherwise provided in this section, income from an installment sale shall be taken into account for purposes of this title under the...


(a) General rule In the case of an installment obligation to which this section applies - (1) interest shall be paid on the deferred tax liability with respect to...


(a) General rule If an installment obligation is satisfied at other than its face value or distributed, transmitted, sold, or otherwise disposed of, gain or loss shall result...


...


(a) Non-interest-bearing obligations issued at a discount If, in the case of a taxpayer owning any non-interest-bearing obligation issued at a discount and redeemable for...


(a) Year in which included Prepaid subscription income to which this section applies shall be included in gross income for the taxable years during which the liability...


(a) Year in which included Prepaid dues income to which this section applies shall be included in gross income for the taxable years during which the liability described...


(a) Year of inclusion in gross income (1) In general Any amount of compensation deferred under an eligible deferred compensation plan, and any income attributable to...


(a) Exclusion from gross income A taxpayer who is on an accrual method of accounting may elect not to include in the gross income for the taxable year the income attributable...


(a) Requirement that percentage of completion method be used In the case of any long-term contract, the taxable income from such contract shall be determined under the percentage of ...


(a) General rule The amount of any deduction or credit allowed by this subtitle shall be taken for the taxable year which is the proper taxable year under the method of...


...


...


(a) General rule In the case of any farming syndicate (as defined in subsection (c)), a deduction (otherwise allowable under this chapter) for amounts paid for feed,...


(a) Limitation to amount at risk (1) In general In the case of - (A) an individual, and (B) a C corporation with respect to which the stock ownership ...


...


(a) Accrual method on present value basis In the case of the lessor or lessee under any section 467 rental agreement, there shall be taken into account for purposes of this ...


(a) Establishment of reserves for reclamation and closing costs (1) Allowance of deduction If a taxpayer elects the application of this section with respect to any mining...


(a) In general If the taxpayer elects the application of this section, there shall be allowed as a deduction for any taxable year the amount of payments made by the taxpayer to...


(a) In general For purposes of section 461(h), economic performance shall be deemed to occur as qualified payments are made by the taxpayer to a designated settlement fund. ...


(a) Disallowance (1) In general If for any taxable year the taxpayer is described in paragraph (2), neither - (A) the passive activity loss, nor (B)...


(a) General rule Whenever in the opinion of the Secretary the use of inventories is necessary in order clearly to determine the income of any taxpayer, inventories shall be...


(a) Authorization A taxpayer may use the method provided in subsection (b) (whether or not such method has been prescribed under section 471) in inventorying goods specified in...


(a) General rule If, for any liquidation year - (1) there is a qualified liquidation of goods which the taxpayer inventories under the LIFO method, and (2)...


(a) General rule An eligible small business may elect to use the simplified dollar-value method of pricing inventories for purposes of the LIFO method. (b)...


(a) General rule Notwithstanding any other provision of this subpart, the following rules shall apply to securities held by a dealer in securities: (1) Any security...


(a) General rule Taxable income shall be computed under the method of accounting on the basis of which the taxpayer regularly computes his income in keeping his books. ...


(a) General rule Except as otherwise provided by law, the taxable income from farming of - (1) a corporation engaged in the trade or business of farming, or ...


(a) General rule Except as otherwise provided in this section, in the case of a - (1) C corporation, (2) partnership which has a C corporation as a partner, or ...


(a) General rule 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...


...


(a) General rule Except as otherwise provided in this section, income from an installment sale shall be taken into account for purposes of this title under the...


(a) General rule In the case of an installment obligation to which this section applies - (1) interest shall be paid on the deferred tax liability with respect to...


(a) General rule If an installment obligation is satisfied at other than its face value or distributed, transmitted, sold, or otherwise disposed of, gain or loss shall result...


...


(a) Non-interest-bearing obligations issued at a discount If, in the case of a taxpayer owning any non-interest-bearing obligation issued at a discount and redeemable for...


(a) Year in which included Prepaid subscription income to which this section applies shall be included in gross income for the taxable years during which the liability...


(a) Year in which included Prepaid dues income to which this section applies shall be included in gross income for the taxable years during which the liability described...


(a) Year of inclusion in gross income (1) In general Any amount of compensation deferred under an eligible deferred compensation plan, and any income attributable to...


(a) Exclusion from gross income A taxpayer who is on an accrual method of accounting may elect not to include in the gross income for the taxable year the income attributable...


(a) Requirement that percentage of completion method be used In the case of any long-term contract, the taxable income from such contract shall be determined under the percentage of ...


(a) General rule The amount of any deduction or credit allowed by this subtitle shall be taken for the taxable year which is the proper taxable year under the method of...


...


...


(a) General rule In the case of any farming syndicate (as defined in subsection (c)), a deduction (otherwise allowable under this chapter) for amounts paid for feed,...


(a) Limitation to amount at risk (1) In general In the case of - (A) an individual, and (B) a C corporation with respect to which the stock ownership ...


...


(a) Accrual method on present value basis In the case of the lessor or lessee under any section 467 rental agreement, there shall be taken into account for purposes of this ...


(a) Establishment of reserves for reclamation and closing costs (1) Allowance of deduction If a taxpayer elects the application of this section with respect to any mining...


(a) In general If the taxpayer elects the application of this section, there shall be allowed as a deduction for any taxable year the amount of payments made by the taxpayer to...


(a) In general For purposes of section 461(h), economic performance shall be deemed to occur as qualified payments are made by the taxpayer to a designated settlement fund. ...


(a) Disallowance (1) In general If for any taxable year the taxpayer is described in paragraph (2), neither - (A) the passive activity loss, nor (B)...


(a) General rule Whenever in the opinion of the Secretary the use of inventories is necessary in order clearly to determine the income of any taxpayer, inventories shall be...


(a) Authorization A taxpayer may use the method provided in subsection (b) (whether or not such method has been prescribed under section 471) in inventorying goods specified in...


(a) General rule If, for any liquidation year - (1) there is a qualified liquidation of goods which the taxpayer inventories under the LIFO method, and (2)...


(a) General rule An eligible small business may elect to use the simplified dollar-value method of pricing inventories for purposes of the LIFO method. (b)...


(a) General rule Notwithstanding any other provision of this subpart, the following rules shall apply to securities held by a dealer in securities: (1) Any security...


(a) General rule In computing the taxpayer's taxable income for any taxable year (referred to in this section as the ''year of the change'') - (1) if such computation is...


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...


(a) Amount constituting interest For purposes of this title, in the case of any payment - (1) under any contract for the sale or exchange of any property, and (2)...


(a) General rule In computing the taxpayer's taxable income for any taxable year (referred to in this section as the ''year of the change'') - (1) if such computation is...


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...


(a) Amount constituting interest For purposes of this title, in the case of any payment - (1) under any contract for the sale or exchange of any property, and (2)...


(a) Exemption from taxation An organization described in subsection (c) or (d) or section 401(a) shall be exempt from taxation under this subtitle unless such exemption is...


(a) General rule An organization operated for the primary purpose of carrying on a trade or business for profit shall not be exempt from taxation under section 501 on the...


(a) Denial of exemption to organizations engaged in prohibited transactions (1) General rule (A) An organization described in section 501(c)(17) shall not be...


(a) General rule An organization which - (1) was exempt (or was determined by the Secretary to be exempt) from taxation under section 501(a) by reason of being an ...


(a) Certain requirements must be met in the case of organizations described in paragraph (9) or (20) of section 501(c) (1) Voluntary employees' beneficiary associations, etc. ...


(a) Exemption from taxation An organization described in subsection (c) or (d) or section 401(a) shall be exempt from taxation under this subtitle unless such exemption is...


(a) General rule An organization operated for the primary purpose of carrying on a trade or business for profit shall not be exempt from taxation under section 501 on the...


(a) Denial of exemption to organizations engaged in prohibited transactions (1) General rule (A) An organization described in section 501(c)(17) shall not be...


(a) General rule An organization which - (1) was exempt (or was determined by the Secretary to be exempt) from taxation under section 501(a) by reason of being an ...


(a) Certain requirements must be met in the case of organizations described in paragraph (9) or (20) of section 501(c) (1) Voluntary employees' beneficiary associations, etc. ...


(a) General rule Except as provided in subsection (b), the status of any organization as a private foundation shall be terminated only if - (1) such organization notifies...


(a) New organizations must notify Secretary that they are applying for recognition of section 501(c)(3) status Except as provided in subsection (c), an organization organized ...


(a) General rule For purposes of this title, the term ''private foundation'' means a domestic or foreign organization described in section 501(c)(3) other than - (1)...


(a) General rule Except as provided in subsection (b), the status of any organization as a private foundation shall be terminated only if - (1) such organization notifies...


(a) New organizations must notify Secretary that they are applying for recognition of section 501(c)(3) status Except as provided in subsection (c), an organization organized ...


(a) General rule For purposes of this title, the term ''private foundation'' means a domestic or foreign organization described in section 501(c)(3) other than - (1)...


(a) Charitable, etc., organizations taxable at corporation rates (1) Imposition of tax There is hereby imposed for each taxable year on the unrelated business taxable...


(a) Definition For purposes of this title - (1) General rule Except as otherwise provided in this subsection, the term ''unrelated business taxable income'' means...


(a) General rule The term ''unrelated trade or business'' means, in the case of any organization subject to the tax imposed by section 511, any trade or business the conduct...


(a) Unrelated debt-financed income and deductions In computing under section 512 the unrelated business taxable income for any taxable year - (1) Percentage of income taken...


The amount of taxes imposed by foreign countries and possessions of the United States shall be allowed as a credit against the tax of an organization subject to the tax imposed...


(a) Charitable, etc., organizations taxable at corporation rates (1) Imposition of tax There is hereby imposed for each taxable year on the unrelated business taxable...


(a) Definition For purposes of this title - (1) General rule Except as otherwise provided in this subsection, the term ''unrelated business taxable income'' means...


(a) General rule The term ''unrelated trade or business'' means, in the case of any organization subject to the tax imposed by section 511, any trade or business the conduct...


(a) Unrelated debt-financed income and deductions In computing under section 512 the unrelated business taxable income for any taxable year - (1) Percentage of income taken...


The amount of taxes imposed by foreign countries and possessions of the United States shall be allowed as a credit against the tax of an organization subject to the tax imposed...


(a) Exemption from tax A farmers' cooperative organization described in subsection (b)(1) shall be exempt from taxation under this subtitle except as otherwise provided in part...


...


(a) Exemption from tax A farmers' cooperative organization described in subsection (b)(1) shall be exempt from taxation under this subtitle except as otherwise provided in part...


...


There shall not be included in gross income the receipts of shipowners' mutual protection and indemnity associations not organized for profit, and no part of the net earnings...


There shall not be included in gross income the receipts of shipowners' mutual protection and indemnity associations not organized for profit, and no part of the net earnings...


(a) General rule A political organization shall be subject to taxation under this subtitle only to the extent provided in this section. A political organization shall...


(a) General rule A political organization shall be subject to taxation under this subtitle only to the extent provided in this section. A political organization shall...


(a) General rule A homeowners association (as defined in subsection (c)) shall be subject to taxation under this subtitle only to the extent provided in this section....


(a) General rule A homeowners association (as defined in subsection (c)) shall be subject to taxation under this subtitle only to the extent provided in this section....


(a) General rule A qualified tuition program shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such program shall be subject to the...


(a) General rule A Coverdell education savings account shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, the Coverdell education...


(a) General rule A qualified tuition program shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such program shall be subject to the...


(a) General rule A Coverdell education savings account shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, the Coverdell education...


In addition to other taxes imposed by this chapter, there is hereby imposed for each taxable year on the accumulated taxable income (as defined in section 535) of each...


(a) General rule The accumulated earnings tax imposed by section 531 shall apply to every corporation (other than those described in subsection (b)) formed or availed of for...


(a) Unreasonable accumulation determinative of purpose For purposes of section 532, the fact that the earnings and profits of a corporation are permitted to accumulate beyond the ...


(a) General rule In any proceeding before the Tax Court involving a notice of deficiency based in whole or in part on the allegation that all or any part of the earnings...


(a) Definition For purposes of this subtitle, the term ''accumulated taxable income'' means the taxable income, adjusted in the manner provided in subsection (b), minus the sum...


Section 443(b) (relating to computation of tax on change of annual accounting period) shall not apply in the computation of the accumulated earnings tax imposed by section 531. ...


(a) General rule For purposes of this part, the term ''reasonable needs of the business'' includes - (1) the reasonably anticipated needs of the business, (2)...


In addition to other taxes imposed by this chapter, there is hereby imposed for each taxable year on the accumulated taxable income (as defined in section 535) of each...


(a) General rule The accumulated earnings tax imposed by section 531 shall apply to every corporation (other than those described in subsection (b)) formed or availed of for...


(a) Unreasonable accumulation determinative of purpose For purposes of section 532, the fact that the earnings and profits of a corporation are permitted to accumulate beyond the ...


(a) General rule In any proceeding before the Tax Court involving a notice of deficiency based in whole or in part on the allegation that all or any part of the earnings...


(a) Definition For purposes of this subtitle, the term ''accumulated taxable income'' means the taxable income, adjusted in the manner provided in subsection (b), minus the sum...


Section 443(b) (relating to computation of tax on change of annual accounting period) shall not apply in the computation of the accumulated earnings tax imposed by section 531. ...


(a) General rule For purposes of this part, the term ''reasonable needs of the business'' includes - (1) the reasonably anticipated needs of the business, (2)...


In addition to other taxes imposed by this chapter, there is hereby imposed for each taxable year on the undistributed personal holding company income (as defined in section 545)...


(a) General rule For purposes of this subtitle, the term ''personal holding company'' means any corporation (other than a corporation described in subsection (c)) if - ...


(a) General rule For purposes of this subtitle, the term ''personal holding company income'' means the portion of the adjusted ordinary gross income which consists of: ...


(a) Constructive ownership For purposes of determining whether a corporation is a personal holding company, insofar as such determination is based on stock ownership under...


(a) Definition For purposes of this part, the term ''undistributed personal holding company income'' means the taxable income of a personal holding company adjusted in the...


Section 443(b) (relating to computation of tax on change of annual accounting period) shall not apply in the computation of the personal holding company tax imposed by section 541. ...


(a) General rule If a determination (as defined in subsection (c)) with respect to a taxpayer establishes liability for personal holding company tax imposed by section 541 (or...


In addition to other taxes imposed by this chapter, there is hereby imposed for each taxable year on the undistributed personal holding company income (as defined in section 545)...


(a) General rule For purposes of this subtitle, the term ''personal holding company'' means any corporation (other than a corporation described in subsection (c)) if - ...


(a) General rule For purposes of this subtitle, the term ''personal holding company income'' means the portion of the adjusted ordinary gross income which consists of: ...


(a) Constructive ownership For purposes of determining whether a corporation is a personal holding company, insofar as such determination is based on stock ownership under...


(a) Definition For purposes of this part, the term ''undistributed personal holding company income'' means the taxable income of a personal holding company adjusted in the...


Section 443(b) (relating to computation of tax on change of annual accounting period) shall not apply in the computation of the personal holding company tax imposed by section 541. ...


(a) General rule If a determination (as defined in subsection (c)) with respect to a taxpayer establishes liability for personal holding company tax imposed by section 541 (or...


(a) General rule The undistributed foreign personal holding company income of a foreign personal holding company shall be included in the gross income of the citizens or...


(a) General rule For purposes of this subtitle, the term ''foreign personal holding company'' means any foreign corporation if - (1) Gross income requirement At least...


(a) Foreign personal holding company income For purposes of this subtitle, the term ''foreign personal holding company income'' means that portion of the gross income, ...


(a) Constructive ownership For purposes of determining whether a corporation is a foreign personal holding company, insofar as such determination is based on stock ownership...


(a) General rule For purposes of this part, the term ''gross income'' means, with respect to a foreign corporation, gross income computed (without regard to the provisions...


(a) Definition For purposes of this part, the term ''undistributed foreign personal holding company income'' means the taxable income of a foreign personal holding...


Section 443(b) (relating to computation of tax on change of annual accounting period) shall not apply in the computation of the undistributed foreign personal holding company...


For provisions relating to returns of officers, directors, and shareholders of foreign personal holding companies, see section 6035. ...


(a) General rule The undistributed foreign personal holding company income of a foreign personal holding company shall be included in the gross income of the citizens or...


(a) General rule For purposes of this subtitle, the term ''foreign personal holding company'' means any foreign corporation if - (1) Gross income requirement At least...


(a) Foreign personal holding company income For purposes of this subtitle, the term ''foreign personal holding company income'' means that portion of the gross income, ...


(a) Constructive ownership For purposes of determining whether a corporation is a foreign personal holding company, insofar as such determination is based on stock ownership...


(a) General rule For purposes of this part, the term ''gross income'' means, with respect to a foreign corporation, gross income computed (without regard to the provisions...


(a) Definition For purposes of this part, the term ''undistributed foreign personal holding company income'' means the taxable income of a foreign personal holding...


Section 443(b) (relating to computation of tax on change of annual accounting period) shall not apply in the computation of the undistributed foreign personal holding company...


For provisions relating to returns of officers, directors, and shareholders of foreign personal holding companies, see section 6035. ...


(a) General rule The deduction for dividends paid shall be the sum of - (1) the dividends paid during the taxable year, (2) the consent dividends for the taxable...


(a) General rule For purposes of this part, the term ''dividend'' shall, except as otherwise provided in this section, include only dividends described in section 316 (relating...


(a) Accumulated earnings tax In the determination of the dividends paid deduction for purposes of the accumulated earnings tax imposed by section 531, a dividend paid after...


(a) General rule For purposes of computing the dividends paid deduction under section 561, in the case of a personal holding company the dividend carryover for any taxable...


(a) General rule If any person owns consent stock (as defined in subsection (f)(1)) in a corporation on the last day of the taxable year of such corporation, and such...


(a) General rule The deduction for dividends paid shall be the sum of - (1) the dividends paid during the taxable year, (2) the consent dividends for the taxable...


(a) General rule For purposes of this part, the term ''dividend'' shall, except as otherwise provided in this section, include only dividends described in section 316 (relating...


(a) Accumulated earnings tax In the determination of the dividends paid deduction for purposes of the accumulated earnings tax imposed by section 531, a dividend paid after...


(a) General rule For purposes of computing the dividends paid deduction under section 561, in the case of a personal holding company the dividend carryover for any taxable...


(a) General rule If any person owns consent stock (as defined in subsection (f)(1)) in a corporation on the last day of the taxable year of such corporation, and such...


For purposes of sections 582 and 584, the term ''bank'' means a bank or trust company incorporated and doing business under the laws of the United States (including laws relating...


(a) Securities Notwithstanding sections 165(g)(1) and 166(e), subsections (a) and (b) of section 166 (relating to allowance of deduction for bad debts) shall apply in the case...


...


(a) Definitions For purposes of this subtitle, the term ''common trust fund'' means a fund maintained by a bank - (1) exclusively for the collective investment...


(a) Reserve for bad debts (1) In general Except as provided in subsection (c), a bank shall be allowed a deduction for a reasonable addition to a reserve for bad debts. ...


...


For purposes of sections 582 and 584, the term ''bank'' means a bank or trust company incorporated and doing business under the laws of the United States (including laws relating...


(a) Securities Notwithstanding sections 165(g)(1) and 166(e), subsections (a) and (b) of section 166 (relating to allowance of deduction for bad debts) shall apply in the case...


...


(a) Definitions For purposes of this subtitle, the term ''common trust fund'' means a fund maintained by a bank - (1) exclusively for the collective investment...


(a) Reserve for bad debts (1) In general Except as provided in subsection (c), a bank shall be allowed a deduction for a reasonable addition to a reserve for bad debts. ...


...


(a) In general In the case of mutual savings banks, cooperative banks, and domestic building and loan associations and other savings institutions chartered and supervised...


...


(a) Reserve for bad debts (1) In general Except as provided in paragraph (2), in the case of - (A) any domestic building and loan association, (B) any...


(a) Alternative tax In the case of a mutual savings bank not having capital stock represented by shares, authorized under State law to engage in the business of issuing...


...


(a) General rule The treatment for purposes of this chapter of any transaction in which Federal financial assistance is provided with respect to a bank or domestic building...


...


(a) In general In the case of mutual savings banks, cooperative banks, and domestic building and loan associations and other savings institutions chartered and supervised...


...


(a) Reserve for bad debts (1) In general Except as provided in paragraph (2), in the case of - (A) any domestic building and loan association, (B) any...


(a) Alternative tax In the case of a mutual savings bank not having capital stock represented by shares, authorized under State law to engage in the business of issuing...


...


(a) General rule The treatment for purposes of this chapter of any transaction in which Federal financial assistance is provided with respect to a bank or domestic building...


...


(a) General rule In the case of mines, oil and gas wells, other natural deposits, and timber, there shall be allowed as a deduction in computing taxable income a...


Except as otherwise provided in this subchapter, the basis on which depletion is to be allowed in respect of any property shall be the adjusted basis provided in section 1011 for...


(a) General rule In the case of the mines, wells, and other natural deposits listed in subsection (b), the allowance for depletion under section 611 shall be the...


(a) General rule Except as otherwise provided in this section, the allowance for depletion under section 611 with respect to any oil or gas well shall be computed without...


(a) General rule For the purpose of computing the depletion allowance in the case of mines, wells, and other natural deposits, the term ''property'' means each separate...


...


(a) In general Except as provided in subsections (b) and (d), there shall be allowed as a deduction in computing taxable income all expenditures paid or incurred during...


(a) Allowance of deduction (1) General rule At the election of the taxpayer, expenditures paid or incurred during the taxable year for the purpose of ascertaining the ...


(a) General rule In the case of mines, oil and gas wells, other natural deposits, and timber, there shall be allowed as a deduction in computing taxable income a...


Except as otherwise provided in this subchapter, the basis on which depletion is to be allowed in respect of any property shall be the adjusted basis provided in section 1011 for...


(a) General rule In the case of the mines, wells, and other natural deposits listed in subsection (b), the allowance for depletion under section 611 shall be the...


(a) General rule Except as otherwise provided in this section, the allowance for depletion under section 611 with respect to any oil or gas well shall be computed without...


(a) General rule For the purpose of computing the depletion allowance in the case of mines, wells, and other natural deposits, the term ''property'' means each separate...


...


(a) In general Except as provided in subsections (b) and (d), there shall be allowed as a deduction in computing taxable income all expenditures paid or incurred during...


(a) Allowance of deduction (1) General rule At the election of the taxpayer, expenditures paid or incurred during the taxable year for the purpose of ascertaining the ...


...


...


(a) Election to consider cutting as sale or exchange If the taxpayer so elects on his return for a taxable year, the cutting of timber (for sale or for use in the taxpayer's trade...


...


(a) Election to consider cutting as sale or exchange If the taxpayer so elects on his return for a taxable year, the cutting of timber (for sale or for use in the taxpayer's trade...


...


(a) Carved-out production payments A production payment carved out of mineral property shall be treated, for purposes of this subtitle, as if it were a mortgage loan on...


(a) Carved-out production payments A production payment carved out of mineral property shall be treated, for purposes of this subtitle, as if it were a mortgage loan on...


For purposes of applying the provisions of this chapter (including sections 861(a)(3) and 862(a)(3) in the case of the performance of personal services) with respect to mines,...


For purposes of applying the provisions of this chapter (including sections 861(a)(3) and 862(a)(3) in the case of the performance of personal services) with respect to mines,...


(a) Application of tax The tax imposed by section 1(e) shall apply to the taxable income of estates or of any kind of property held in trust, including - (1)...


(a) Foreign tax credit allowed An estate or trust shall be allowed the credit against tax for taxes imposed by foreign countries and possessions of the United States, to...


(a) Distributable net income For purposes of this part, the term ''distributable net income'' means, with respect to any taxable year, the taxable income of the estate or...


(a) In general For purposes of this subtitle, the taxable year of any trust shall be the calendar year. (b) Exception for trusts exempt from tax and charitable trusts ...


(a) General rule For purposes of this subtitle, if both the executor (if any) of an estate and the trustee of a qualified revocable trust elect the treatment provided in...


(a) In general If an election under this section is in effect with respect to any Settlement Trust, the provisions of this section shall apply in determining the income...


(a) Deduction In the case of any trust the terms of which - (1) provide that all of its income is required to be distributed currently, and (2) do not provide...


(a) Inclusion Subject to subsection (b), the amount of income for the taxable year required to be distributed currently by a trust described in section 651 shall be included...


(a) Deduction In any taxable year there shall be allowed as a deduction in computing the taxable income of an estate or trust (other than a trust to which subpart B applies),...


(a) Inclusion Subject to subsection (b), there shall be included in the gross income of a beneficiary to whom an amount specified in section 661(a) is paid, credited, or...


(a) Exclusions There shall not be included as amounts falling within section 661(a) or 662(a) - (1) Gifts, bequests, etc. Any amount which, under the terms of...


(a) General rule Notwithstanding any other provision of this subchapter, the provisions of this section shall, in accordance with regulations prescribed by the Secretary, apply...


(a) Undistributed net income For purposes of this subpart, the term ''undistributed net income'' for any taxable year means the amount by which distributable net income of...


(a) Amount allocated In the case of a trust which is subject to subpart C, the amount of the accumulation distribution of such trust for a taxable year shall be deemed to be...


(a) General rule The total of the amounts which are treated under section 666 as having been distributed by a trust in a preceding taxable year shall be included in the income...


(a) General rule For purposes of the tax determined under section 667(a) - (1) Interest determined using underpayment rates The interest charge determined under this...


...


Where it is specified in this subpart that the grantor or another person shall be treated as the owner of any portion of a trust, there shall then be included in computing the...


(a) Adverse party For purposes of this subpart, the term ''adverse party'' means any person having a substantial beneficial interest in the trust which would be adversely...


(a) General rule The grantor shall be treated as the owner of any portion of a trust in which he has a reversionary interest in either the corpus or the income therefrom, if,...


(a) General rule The grantor shall be treated as the owner of any portion of a trust in respect of which the beneficial enjoyment of the corpus or the income therefrom is...


The grantor shall be treated as the owner of any portion of a trust in respect of which - (1) Power to deal for less than adequate and full consideration A power...


(a) General rule The grantor shall be treated as the owner of any portion of a trust, whether or not he is treated as such owner under any other provision of this part, where...


(a) General rule The grantor shall be treated as the owner of any portion of a trust, whether or not he is treated as such owner under section 674, whose income without...


(a) General rule A person other than the grantor shall be treated as the owner of any portion of a trust with respect to which: (1) such person has a power exercisable...


(a) Transferor treated as owner (1) In general A United States person who directly or indirectly transfers property to a foreign trust (other than a trust described in ...


(a) Trade or business income In computing the deduction allowable under section 642(c) to a trust, no amount otherwise allowable under section 642(c) as a deduction shall...


(a) Inclusion in gross income of wife There shall be included in the gross income of a wife who is divorced or legally separated under a decree of divorce or of ...


(a) General rule Except as provided in subsection (b), if property is transferred to a trust in exchange for an interest in other trust property and if the trust would be...


(a) In general Except as provided in regulations, in the case of any transfer of property by a United States person to a foreign estate or trust, for purposes of this...


(a) In general In the case of a qualified funeral trust - (1) subparts B, C, D, and E shall not apply, and (2) no deduction shall be allowed by section 642(b). ...


(a) Application of tax The tax imposed by section 1(e) shall apply to the taxable income of estates or of any kind of property held in trust, including - (1)...


(a) Foreign tax credit allowed An estate or trust shall be allowed the credit against tax for taxes imposed by foreign countries and possessions of the United States, to...


(a) Distributable net income For purposes of this part, the term ''distributable net income'' means, with respect to any taxable year, the taxable income of the estate or...


(a) In general For purposes of this subtitle, the taxable year of any trust shall be the calendar year. (b) Exception for trusts exempt from tax and charitable trusts ...


(a) General rule For purposes of this subtitle, if both the executor (if any) of an estate and the trustee of a qualified revocable trust elect the treatment provided in...


(a) In general If an election under this section is in effect with respect to any Settlement Trust, the provisions of this section shall apply in determining the income...


(a) Deduction In the case of any trust the terms of which - (1) provide that all of its income is required to be distributed currently, and (2) do not provide...


(a) Inclusion Subject to subsection (b), the amount of income for the taxable year required to be distributed currently by a trust described in section 651 shall be included...


(a) Deduction In any taxable year there shall be allowed as a deduction in computing the taxable income of an estate or trust (other than a trust to which subpart B applies),...


(a) Inclusion Subject to subsection (b), there shall be included in the gross income of a beneficiary to whom an amount specified in section 661(a) is paid, credited, or...


(a) Exclusions There shall not be included as amounts falling within section 661(a) or 662(a) - (1) Gifts, bequests, etc. Any amount which, under the terms of...


(a) General rule Notwithstanding any other provision of this subchapter, the provisions of this section shall, in accordance with regulations prescribed by the Secretary, apply...


(a) Undistributed net income For purposes of this subpart, the term ''undistributed net income'' for any taxable year means the amount by which distributable net income of...


(a) Amount allocated In the case of a trust which is subject to subpart C, the amount of the accumulation distribution of such trust for a taxable year shall be deemed to be...


(a) General rule The total of the amounts which are treated under section 666 as having been distributed by a trust in a preceding taxable year shall be included in the income...


(a) General rule For purposes of the tax determined under section 667(a) - (1) Interest determined using underpayment rates The interest charge determined under this...


...


Where it is specified in this subpart that the grantor or another person shall be treated as the owner of any portion of a trust, there shall then be included in computing the...


(a) Adverse party For purposes of this subpart, the term ''adverse party'' means any person having a substantial beneficial interest in the trust which would be adversely...


(a) General rule The grantor shall be treated as the owner of any portion of a trust in which he has a reversionary interest in either the corpus or the income therefrom, if,...


(a) General rule The grantor shall be treated as the owner of any portion of a trust in respect of which the beneficial enjoyment of the corpus or the income therefrom is...


The grantor shall be treated as the owner of any portion of a trust in respect of which - (1) Power to deal for less than adequate and full consideration A power...


(a) General rule The grantor shall be treated as the owner of any portion of a trust, whether or not he is treated as such owner under any other provision of this part, where...


(a) General rule The grantor shall be treated as the owner of any portion of a trust, whether or not he is treated as such owner under section 674, whose income without...


(a) General rule A person other than the grantor shall be treated as the owner of any portion of a trust with respect to which: (1) such person has a power exercisable...


(a) Transferor treated as owner (1) In general A United States person who directly or indirectly transfers property to a foreign trust (other than a trust described in ...


(a) Trade or business income In computing the deduction allowable under section 642(c) to a trust, no amount otherwise allowable under section 642(c) as a deduction shall...


(a) Inclusion in gross income of wife There shall be included in the gross income of a wife who is divorced or legally separated under a decree of divorce or of ...


(a) General rule Except as provided in subsection (b), if property is transferred to a trust in exchange for an interest in other trust property and if the trust would be...


(a) In general Except as provided in regulations, in the case of any transfer of property by a United States person to a foreign estate or trust, for purposes of this...


(a) In general In the case of a qualified funeral trust - (1) subparts B, C, D, and E shall not apply, and (2) no deduction shall be allowed by section 642(b). ...


(a) Inclusion in gross income (1) General rule The amount of all items of gross income in respect of a decedent which are not properly includible in respect of the ...


(a) General rule In the case of any individual who dies while in active service as a member of the Armed Forces of the United States, if such death occurred while serving in...


(a) Inclusion in gross income (1) General rule The amount of all items of gross income in respect of a decedent which are not properly includible in respect of the ...


(a) General rule In the case of any individual who dies while in active service as a member of the Armed Forces of the United States, if such death occurred while serving in...


A partnership as such shall not be subject to the income tax imposed by this chapter. Persons carrying on business as partners shall be liable for income tax only in their...


(a) General rule In determining his income tax, each partner shall take into account separately his distributive share of the partnership's - (1) gains and losses from...


(a) Income and deductions The taxable income of a partnership shall be computed in the same manner as in the case of an individual except that - (1) the items described...


(a) Effect of partnership agreement A partner's distributive share of income, gain, loss, deduction, or credit shall, except as otherwise provided in this chapter, be ...


(a) General rule The adjusted basis of a partner's interest in a partnership shall, except as provided in subsection (b), be the basis of such interest determined under...


(a) Year in which partnership income is includible In computing the taxable income of a partner for a taxable year, the inclusions required by section 702 and section 707(c) with ...


(a) Partner not acting in capacity as partner (1) In general If a partner engages in a transaction with a partnership other than in his capacity as a member of...


(a) General rule For purposes of this subchapter, an existing partnership shall be considered as continuing if it is not terminated. (b) Termination (1) General rule ...


(a) General rule Except as provided in subsection (b), no deduction shall be allowed under this chapter to the partnership or to any partner for any amounts paid or incurred...


A partnership as such shall not be subject to the income tax imposed by this chapter. Persons carrying on business as partners shall be liable for income tax only in their...


(a) General rule In determining his income tax, each partner shall take into account separately his distributive share of the partnership's - (1) gains and losses from...


(a) Income and deductions The taxable income of a partnership shall be computed in the same manner as in the case of an individual except that - (1) the items described...


(a) Effect of partnership agreement A partner's distributive share of income, gain, loss, deduction, or credit shall, except as otherwise provided in this chapter, be ...


(a) General rule The adjusted basis of a partner's interest in a partnership shall, except as provided in subsection (b), be the basis of such interest determined under...


(a) Year in which partnership income is includible In computing the taxable income of a partner for a taxable year, the inclusions required by section 702 and section 707(c) with ...


(a) Partner not acting in capacity as partner (1) In general If a partner engages in a transaction with a partnership other than in his capacity as a member of...


(a) General rule For purposes of this subchapter, an existing partnership shall be considered as continuing if it is not terminated. (b) Termination (1) General rule ...


(a) General rule Except as provided in subsection (b), no deduction shall be allowed under this chapter to the partnership or to any partner for any amounts paid or incurred...


(a) General rule No gain or loss shall be recognized to a partnership or to any of its partners in the case of a contribution of property to the partnership in exchange for...


The basis of an interest in a partnership acquired by a contribution of property, including money, to the partnership shall be the amount of such money and the adjusted basis of...


The basis of property contributed to a partnership by a partner shall be the adjusted basis of such property to the contributing partner at the time of the contribution increased...


(a) Contributions of unrealized receivables In the case of any property which - (1) was contributed to the partnership by a partner, and (2) was an unrealized...


(a) Partners In the case of a distribution by a partnership to a partner - (1) gain shall not be recognized to such partner, except to the extent that any money...


(a) Distributions other than in liquidation of a partner's interest (1) General rule The basis of property (other than money) distributed by a partnership to a partner...


In the case of a distribution by a partnership to a partner other than in liquidation of a partner's interest, the adjusted basis to such partner of his interest in the...


(a) General rule The basis of partnership property shall not be adjusted as the result of a distribution of property to a partner unless the election, provided in section...


(a) Sale or exchange of certain distributed property (1) Unrealized receivables Gain or loss on the disposition by a distributee partner of unrealized receivables...


(a) Payments considered as distributive share or guaranteed payment Payments made in liquidation of the interest of a retiring partner or a deceased partner shall, except as...


(a) General rule In the case of any distribution by a partnership to a partner, such partner shall be treated as recognizing gain in an amount equal to the lesser of - ...


In the case of a sale or exchange of an interest in a partnership, gain or loss shall be recognized to the transferor partner. Such gain or loss shall be considered as gain or loss ...


The basis of an interest in a partnership acquired other than by contribution shall be determined under part II of subchapter O (sec. 1011 and following). ...


(a) General rule The basis of partnership property shall not be adjusted as the result of a transfer of an interest in a partnership by sale or exchange or on the death of...


(a) Sale or exchange of interest in partnership The amount of any money, or the fair market value of any property, received by a transferor partner in exchange for all or a ...


(a) Increase in partner's liabilities Any increase in a partner's share of the liabilities of a partnership, or any increase in a partner's individual liabilities by reason of...


The amount includible in the gross income of a successor in interest of a deceased partner under section 736(a) shall be considered income in respect of a decedent under...


If a partnership files an election, in accordance with regulations prescribed by the Secretary, the basis of partnership property shall be adjusted, in the case of a distribution of ...


(a) General rule Any increase or decrease in the adjusted basis of partnership property under section 734(b) (relating to the optional adjustment to the basis of...


(a) General rule No gain or loss shall be recognized to a partnership or to any of its partners in the case of a contribution of property to the partnership in exchange for...


The basis of an interest in a partnership acquired by a contribution of property, including money, to the partnership shall be the amount of such money and the adjusted basis of...


The basis of property contributed to a partnership by a partner shall be the adjusted basis of such property to the contributing partner at the time of the contribution increased...


(a) Contributions of unrealized receivables In the case of any property which - (1) was contributed to the partnership by a partner, and (2) was an unrealized...


(a) Partners In the case of a distribution by a partnership to a partner - (1) gain shall not be recognized to such partner, except to the extent that any money...


(a) Distributions other than in liquidation of a partner's interest (1) General rule The basis of property (other than money) distributed by a partnership to a partner...


In the case of a distribution by a partnership to a partner other than in liquidation of a partner's interest, the adjusted basis to such partner of his interest in the...


(a) General rule The basis of partnership property shall not be adjusted as the result of a distribution of property to a partner unless the election, provided in section...


(a) Sale or exchange of certain distributed property (1) Unrealized receivables Gain or loss on the disposition by a distributee partner of unrealized receivables...


(a) Payments considered as distributive share or guaranteed payment Payments made in liquidation of the interest of a retiring partner or a deceased partner shall, except as...


(a) General rule In the case of any distribution by a partnership to a partner, such partner shall be treated as recognizing gain in an amount equal to the lesser of - ...


In the case of a sale or exchange of an interest in a partnership, gain or loss shall be recognized to the transferor partner. Such gain or loss shall be considered as gain or loss ...


The basis of an interest in a partnership acquired other than by contribution shall be determined under part II of subchapter O (sec. 1011 and following). ...


(a) General rule The basis of partnership property shall not be adjusted as the result of a transfer of an interest in a partnership by sale or exchange or on the death of...


(a) Sale or exchange of interest in partnership The amount of any money, or the fair market value of any property, received by a transferor partner in exchange for all or a ...


(a) Increase in partner's liabilities Any increase in a partner's share of the liabilities of a partnership, or any increase in a partner's individual liabilities by reason of...


The amount includible in the gross income of a successor in interest of a deceased partner under section 736(a) shall be considered income in respect of a decedent under...


If a partnership files an election, in accordance with regulations prescribed by the Secretary, the basis of partnership property shall be adjusted, in the case of a distribution of ...


(a) General rule Any increase or decrease in the adjusted basis of partnership property under section 734(b) (relating to the optional adjustment to the basis of...


(a) Partnership For purposes of this subtitle, the term ''partnership'' includes a syndicate, group, pool, joint venture, or other unincorporated organization through or by...


(a) Partnership For purposes of this subtitle, the term ''partnership'' includes a syndicate, group, pool, joint venture, or other unincorporated organization through or by...


The preceding provisions of this subchapter to the extent inconsistent with the provisions of this part shall not apply to an electing large partnership and its partners. ...


(a) General rule In determining the income tax of a partner of an electing large partnership, such partner shall take into account separately such partner's distributive share...


(a) General rule (1) Taxable income The taxable income of an electing large partnership shall be computed in the same manner as in the case of an individual ...


(a) Treatment of certain optional adjustments, etc. In the case of an electing large partnership - (1) computations under section 773 shall be made without regard to...


(a) General rule For purposes of this part - (1) In general The term ''electing large partnership'' means, with respect to any partnership taxable year,...


(a) Computation of percentage depletion In the case of an electing large partnership, except as provided in subsection (b) - (1) the allowance for depletion under section...


The Secretary shall prescribe such regulations as may be appropriate to carry out the purposes of this part. ...


The preceding provisions of this subchapter to the extent inconsistent with the provisions of this part shall not apply to an electing large partnership and its partners. ...


(a) General rule In determining the income tax of a partner of an electing large partnership, such partner shall take into account separately such partner's distributive share...


(a) General rule (1) Taxable income The taxable income of an electing large partnership shall be computed in the same manner as in the case of an individual ...


(a) Treatment of certain optional adjustments, etc. In the case of an electing large partnership - (1) computations under section 773 shall be made without regard to...


(a) General rule For purposes of this part - (1) In general The term ''electing large partnership'' means, with respect to any partnership taxable year,...


(a) Computation of percentage depletion In the case of an electing large partnership, except as provided in subsection (b) - (1) the allowance for depletion under section...


The Secretary shall prescribe such regulations as may be appropriate to carry out the purposes of this part. ...


(a) Tax imposed (1) In general A tax is hereby imposed for each taxable year on the life insurance company taxable income of every life insurance company. Such...


(a) In general For purposes of this part, the term ''life insurance gross income'' means the sum of the following amounts: (1) Premiums (A) The gross amount of...


For purposes of this part, the term ''life insurance deductions'' means - (1) the general deductions provided in section 805, and (2) the small life insurance...


(a) General rule For purposes of this part, there shall be allowed the following deductions: (1) Death benefits, etc. All claims and benefits accrued, and all...


(a) Small life insurance company deduction (1) In general For purposes of section 804, the small life insurance company deduction for any taxable year is 60 percent of...


(a) Decrease treated as gross income If for any taxable year - (1) the opening balance for the items described in subsection (c), exceeds (2)(A) the closing...


(a) Policyholder dividend defined For purposes of this part, the term ''policyholder dividend'' means any dividend or similar distribution to policyholders in their capacity...


(a) General rule (1) Policyholder dividends In the case of any mutual life insurance company, the amount of the deduction allowed under section 808 shall be reduced...


(a) Deduction allowed There shall be allowed as a deduction for the taxable year an amount equal to the aggregate of - (1) the operations loss carryovers to such year, plus ...


(a) Method of accounting All computations entering into the determination of the taxes imposed by this part shall be made - (1) under an accrual method of accounting, or ...


(a) General rule (1) Company's share For purposes of section 805(a)(4), the term ''company's share'' means, with respect to any taxable year, the percentage obtained ...


...


(a) Exclusion of items In the case of a domestic mutual insurance company which - (1) is a life insurance company, (2) has a contiguous country life insurance branch,...


(a) General rule In the case of a stock life insurance company which has an existing policyholders surplus account, the tax imposed by section 801 for any taxable year shall...


(a) Life insurance company defined For purposes of this subtitle, the term ''life insurance company'' means an insurance company which is engaged in the business of issuing...


(a) Increases and decreases in reserves For purposes of subsections (a) and (b) of section 807, the sum of the items described in section 807(c) taken into account as of the...


(a) Computation of reserves In the case of a modified guaranteed contract, clause (ii) of section 807(e)(1)(A) shall not apply. (b) Segregated assets under modified...


(a) Pension plan contracts For purposes of this part, the term ''pension plan contract'' means any contract - (1) entered into with trusts which (as of the time the ...


(a) Tax imposed (1) In general A tax is hereby imposed for each taxable year on the life insurance company taxable income of every life insurance company. Such...


(a) In general For purposes of this part, the term ''life insurance gross income'' means the sum of the following amounts: (1) Premiums (A) The gross amount of...


For purposes of this part, the term ''life insurance deductions'' means - (1) the general deductions provided in section 805, and (2) the small life insurance...


(a) General rule For purposes of this part, there shall be allowed the following deductions: (1) Death benefits, etc. All claims and benefits accrued, and all...


(a) Small life insurance company deduction (1) In general For purposes of section 804, the small life insurance company deduction for any taxable year is 60 percent of...


(a) Decrease treated as gross income If for any taxable year - (1) the opening balance for the items described in subsection (c), exceeds (2)(A) the closing...


(a) Policyholder dividend defined For purposes of this part, the term ''policyholder dividend'' means any dividend or similar distribution to policyholders in their capacity...


(a) General rule (1) Policyholder dividends In the case of any mutual life insurance company, the amount of the deduction allowed under section 808 shall be reduced...


(a) Deduction allowed There shall be allowed as a deduction for the taxable year an amount equal to the aggregate of - (1) the operations loss carryovers to such year, plus ...


(a) Method of accounting All computations entering into the determination of the taxes imposed by this part shall be made - (1) under an accrual method of accounting, or ...


(a) General rule (1) Company's share For purposes of section 805(a)(4), the term ''company's share'' means, with respect to any taxable year, the percentage obtained ...


...


(a) Exclusion of items In the case of a domestic mutual insurance company which - (1) is a life insurance company, (2) has a contiguous country life insurance branch,...


(a) General rule In the case of a stock life insurance company which has an existing policyholders surplus account, the tax imposed by section 801 for any taxable year shall...


(a) Life insurance company defined For purposes of this subtitle, the term ''life insurance company'' means an insurance company which is engaged in the business of issuing...


(a) Increases and decreases in reserves For purposes of subsections (a) and (b) of section 807, the sum of the items described in section 807(c) taken into account as of the...


(a) Computation of reserves In the case of a modified guaranteed contract, clause (ii) of section 807(e)(1)(A) shall not apply. (b) Segregated assets under modified...


(a) Pension plan contracts For purposes of this part, the term ''pension plan contract'' means any contract - (1) entered into with trusts which (as of the time the ...


(a) General rule Taxes computed as provided in section 11 shall be imposed for each taxable year on the taxable income of every insurance company other than a life...


(a) Definition of taxable income In the case of an insurance company subject to the tax imposed by section 831, the term ''taxable income'' means the gross income as defined...


(a) General rule In the case of any organization to which this section applies - (1) Treated as stock company Such organization shall be taxable under this part in the...


(a) General rule For purposes of section 831(b), the term ''taxable investment income'' means the gross investment income, minus the deductions provided in subsection (c). ...


(a) In general Except as otherwise provided in this section, any mutual insurance company which is an interinsurer or reciprocal underwriter (hereinafter in this section...


(a) General rule Taxes computed as provided in section 11 shall be imposed for each taxable year on the taxable income of every insurance company other than a life...


(a) Definition of taxable income In the case of an insurance company subject to the tax imposed by section 831, the term ''taxable income'' means the gross income as defined...


(a) General rule In the case of any organization to which this section applies - (1) Treated as stock company Such organization shall be taxable under this part in the...


(a) General rule For purposes of section 831(b), the term ''taxable investment income'' means the gross investment income, minus the deductions provided in subsection (c). ...


(a) In general Except as otherwise provided in this section, any mutual insurance company which is an interinsurer or reciprocal underwriter (hereinafter in this section...


The taxes imposed by foreign countries or possessions of the United States shall be allowed as a credit against the tax of a domestic insurance company subject to the tax imposed...


(a) Taxation under this subchapter If a foreign company carrying on an insurance business within the United States would qualify under part I or II of this subchapter for...


For purposes of this subtitle, the annual accounting period for each insurance company subject to a tax imposed by this subchapter shall be the calendar year. Under...


(a) General rule If an insurance company - (1) is subject to the tax imposed by part I or II of this subchapter for the taxable year, and (2) was subject to the...


(a) Allocation in case of reinsurance agreement involving tax avoidance or evasion In the case of 2 or more related persons (within the meaning of section 482) who are...


(a) Discounted losses determined (1) Separately computed for each accident year The amount of the discounted unpaid losses as of the end of any taxable year shall be the...


In the case of taxable years beginning after December 31, 1987, of an insurance company required to discount unpaid losses (as defined in section 846) - (1)...


(a) General rule In the case of an insurance company - (1) specified policy acquisition expenses for any taxable year shall be capitalized, and (2) such...


The taxes imposed by foreign countries or possessions of the United States shall be allowed as a credit against the tax of a domestic insurance company subject to the tax imposed...


(a) Taxation under this subchapter If a foreign company carrying on an insurance business within the United States would qualify under part I or II of this subchapter for...


For purposes of this subtitle, the annual accounting period for each insurance company subject to a tax imposed by this subchapter shall be the calendar year. Under...


(a) General rule If an insurance company - (1) is subject to the tax imposed by part I or II of this subchapter for the taxable year, and (2) was subject to the...


(a) Allocation in case of reinsurance agreement involving tax avoidance or evasion In the case of 2 or more related persons (within the meaning of section 482) who are...


(a) Discounted losses determined (1) Separately computed for each accident year The amount of the discounted unpaid losses as of the end of any taxable year shall be the...


In the case of taxable years beginning after December 31, 1987, of an insurance company required to discount unpaid losses (as defined in section 846) - (1)...


(a) General rule In the case of an insurance company - (1) specified policy acquisition expenses for any taxable year shall be capitalized, and (2) such...


(a) General rule For purposes of this subtitle, the term ''regulated investment company'' means any domestic corporation - (1) which, at all times during the taxable year - ...


(a) Requirements applicable to regulated investment companies The provisions of this part (other than subsection (c) of this section) shall not be applicable to a regulated...


(a) General rule A regulated investment company - (1) more than 50 percent of the value (as defined in section 851(c)(4)) of whose total assets at the close of the...


(a) Capital gain dividend For purposes of section 243 (relating to deductions for dividends received by corporations), a capital gain dividend (as defined in section...


(a) General rule For purposes of this chapter, if a regulated investment company - (1) declares a dividend prior to the time prescribed by law for the filing of its...


(a) General rule For purposes of this subtitle, the term ''regulated investment company'' means any domestic corporation - (1) which, at all times during the taxable year - ...


(a) Requirements applicable to regulated investment companies The provisions of this part (other than subsection (c) of this section) shall not be applicable to a regulated...


(a) General rule A regulated investment company - (1) more than 50 percent of the value (as defined in section 851(c)(4)) of whose total assets at the close of the...


(a) Capital gain dividend For purposes of section 243 (relating to deductions for dividends received by corporations), a capital gain dividend (as defined in section...


(a) General rule For purposes of this chapter, if a regulated investment company - (1) declares a dividend prior to the time prescribed by law for the filing of its...


(a) In general For purposes of this title, the term ''real estate investment trust'' means a corporation, trust, or association - (1) which is managed by one or more...


(a) Requirements applicable to real estate investment trusts The provisions of this part (other than subsection (d) of this section and subsection (g) of section 856) shall not...


(a) General rule For purposes of this part, if a real estate investment trust - (1) declares a dividend before the time prescribed by law for the filing of its return for...


(a) General rule For purposes of this subtitle - (1) a real estate investment trust shall not change to any accounting period other than the calendar year, and (2)...


(a) In general For purposes of this title, the term ''real estate investment trust'' means a corporation, trust, or association - (1) which is managed by one or more...


(a) Requirements applicable to real estate investment trusts The provisions of this part (other than subsection (d) of this section and subsection (g) of section 856) shall not...


(a) General rule For purposes of this part, if a real estate investment trust - (1) declares a dividend before the time prescribed by law for the filing of its return for...


(a) General rule For purposes of this subtitle - (1) a real estate investment trust shall not change to any accounting period other than the calendar year, and (2)...


(a) General rule If a determination with respect to any qualified investment entity results in any adjustment for any taxable year, a deduction shall be allowed to such entity...


(a) General rule If a determination with respect to any qualified investment entity results in any adjustment for any taxable year, a deduction shall be allowed to such entity...


(a) General rule Except as otherwise provided in this part, a REMIC shall not be subject to taxation under this subtitle (and shall not be treated as a corporation,...


(a) General rule In determining the tax under this chapter of any holder of a regular interest in a REMIC, such interest (if not otherwise a debt instrument) shall be treated as...


(a) Pass-thru of income or loss (1) In general In determining the tax under this chapter of any holder of a residual interest in a REMIC, such holder shall take...


(a) General rule For purposes of this title, the terms ''real estate mortgage investment conduit'' and ''REMIC'' mean any entity - (1) to which an election to be treated as...


(a) Excess inclusions may not be offset by net operating losses (1) In general The taxable income of any holder of a residual interest in a REMIC for any taxable year...


(a) 100 percent tax on prohibited transactions (1) Tax imposed There is hereby imposed for each taxable year of a REMIC a tax equal to 100 percent of the net income...


(a) Definitions For purposes of this part - (1) Regular interest The term ''regular interest'' means any interest in a REMIC which is issued on the startup day...


(a) General rule Except as otherwise provided in this part, a REMIC shall not be subject to taxation under this subtitle (and shall not be treated as a corporation,...


(a) General rule In determining the tax under this chapter of any holder of a regular interest in a REMIC, such interest (if not otherwise a debt instrument) shall be treated as...


(a) Pass-thru of income or loss (1) In general In determining the tax under this chapter of any holder of a residual interest in a REMIC, such holder shall take...


(a) General rule For purposes of this title, the terms ''real estate mortgage investment conduit'' and ''REMIC'' mean any entity - (1) to which an election to be treated as...


(a) Excess inclusions may not be offset by net operating losses (1) In general The taxable income of any holder of a residual interest in a REMIC for any taxable year...


(a) 100 percent tax on prohibited transactions (1) Tax imposed There is hereby imposed for each taxable year of a REMIC a tax equal to 100 percent of the net income...


(a) Definitions For purposes of this part - (1) Regular interest The term ''regular interest'' means any interest in a REMIC which is issued on the startup day...


(a) Taxation of FASIT A FASIT as such shall not be subject to taxation under this subtitle (and shall not be treated as a trust, partnership, corporation, or taxable...


(a) Treatment of property acquired by FASIT (1) Property acquired from holder of ownership interest or related person If property is sold or contributed to a FASIT...


(a) In general The taxable income of the holder of the ownership interest or any high-yield interest in a FASIT for any taxable year shall in no event be less than the sum of - ...


(a) General rule In the case of any high-yield interest which is held by a disqualified holder - (1) the gross income of such holder shall not include any income...


(a) FASIT (1) In general For purposes of this title, the terms ''financial asset securitization investment trust'' and ''FASIT'' mean any entity - (A) for which...


(a) Taxation of FASIT A FASIT as such shall not be subject to taxation under this subtitle (and shall not be treated as a trust, partnership, corporation, or taxable...


(a) Treatment of property acquired by FASIT (1) Property acquired from holder of ownership interest or related person If property is sold or contributed to a FASIT...


(a) In general The taxable income of the holder of the ownership interest or any high-yield interest in a FASIT for any taxable year shall in no event be less than the sum of - ...


(a) General rule In the case of any high-yield interest which is held by a disqualified holder - (1) the gross income of such holder shall not include any income...


(a) FASIT (1) In general For purposes of this title, the terms ''financial asset securitization investment trust'' and ''FASIT'' mean any entity - (A) for which...


(a) Gross income from sources within United States The following items of gross income shall be treated as income from sources within the United States: (1) Interest ...


(a) Gross income from sources without United States The following items of gross income shall be treated as income from sources without the United States: (1) interest...


(a) Allocation under regulations Items of gross income, expenses, losses, and deductions, other than those specified in sections 861(a) and 862(a), shall be allocated...


(a) Produced For purposes of this part, the term ''produced'' includes created, fabricated, manufactured, extracted, processed, cured, or aged. (b) Trade or business...


(a) General rule Except as otherwise provided in this section, income from the sale of personal property - (1) by a United States resident shall be sourced in the United ...


(a) Gross income from sources within United States The following items of gross income shall be treated as income from sources within the United States: (1) Interest ...


(a) Gross income from sources without United States The following items of gross income shall be treated as income from sources without the United States: (1) interest...


(a) Allocation under regulations Items of gross income, expenses, losses, and deductions, other than those specified in sections 861(a) and 862(a), shall be allocated...


(a) Produced For purposes of this part, the term ''produced'' includes created, fabricated, manufactured, extracted, processed, cured, or aged. (b) Trade or business...


(a) General rule Except as otherwise provided in this section, income from the sale of personal property - (1) by a United States resident shall be sourced in the United ...


(a) Income not connected with United States business - 30 percent tax (1) Income other than capital gains Except as provided in subsection (h), there is hereby imposed ...


(a) General rule In the case of a nonresident alien individual, except where the context clearly indicates otherwise, gross income includes only - (1) gross income which...


(a) General rule In the case of a nonresident alien individual, the deductions shall be allowed only for purposes of section 871(b) and (except as provided by subsection (b))...


(a) Return prerequisite to allowance A nonresident alien individual shall receive the benefit of the deductions and credits allowed to him in this subtitle only by filing...


For purposes of this subtitle - (1) a nonresident alien individual or foreign corporation shall be considered as being engaged in a trade or business within the ...


(a) General rule This subpart shall not apply to any alien individual who is a bona fide resident of Puerto Rico, Guam, American Samoa, or the Northern Mariana Islands during...


(a) Treatment of expatriates (1) In general Every nonresident alien individual who, within the 10-year period immediately preceding the close of the taxable year, lost ...


For special provisions relating to foreign educational, charitable, and other exempt organizations, see sections 512(a) and 4948. ...


(a) General rule In the case of a married couple 1 or both of whom are nonresident alien individuals and who have community income for the taxable year, such community...


(a) Imposition of tax Except as provided in subsection (c), there is hereby imposed for each taxable year a tax of 30 percent of the amount received from sources within the...


(a) Imposition of tax (1) In general A foreign corporation engaged in trade or business within the United States during the taxable year shall be taxable as ...


(a) Income of foreign corporations from ships and aircraft The following items shall not be included in gross income of a foreign corporation, and shall be exempt from taxation...


(a) Imposition of tax In addition to the tax imposed by section 882 for any taxable year, there is hereby imposed on any foreign corporation a tax equal to 30 percent of...


(1) For special provisions relating to foreign corporations carrying on an insurance business within the United States, see section 842. (2) For rules...


(a) Imposition of tax In the case of any nonresident alien individual or foreign corporation, there is hereby imposed for each taxable year a tax equal to 4 percent of...


Whenever the President finds that, under the laws of any foreign country, citizens or corporations of the United States are being subjected to discriminatory or...


(a) Foreign governments (1) In general The income of foreign governments received from - (A) investments in the United States in - (i) stocks, bonds,...


(a) Rule for exclusion Wages, fees, or salary of any employee of a foreign government or of an international organization (including a consular or other officer, or...


(a) Treaty provisions (1) In general The provisions of this title shall be applied to any taxpayer with due regard to any treaty obligation of the United States ...


Income derived by a foreign central bank of issue from obligations of the United States or of any agency or instrumentality thereof (including beneficial interests, ...


(a) Imposition of more burdensome taxes by foreign country Whenever the President finds that - (1) under the laws of any foreign country, considering the tax system of...


(a) General rule (1) Treatment as effectively connected with United States trade or business For purposes of this title, gain or loss of a nonresident alien ...


(a) General rule For purposes of this title, the taxable year of any specified foreign corporation shall be the required year determined under subsection (c). (b)...


(a) Income not connected with United States business - 30 percent tax (1) Income other than capital gains Except as provided in subsection (h), there is hereby imposed ...


(a) General rule In the case of a nonresident alien individual, except where the context clearly indicates otherwise, gross income includes only - (1) gross income which...


(a) General rule In the case of a nonresident alien individual, the deductions shall be allowed only for purposes of section 871(b) and (except as provided by subsection (b))...


(a) Return prerequisite to allowance A nonresident alien individual shall receive the benefit of the deductions and credits allowed to him in this subtitle only by filing...


For purposes of this subtitle - (1) a nonresident alien individual or foreign corporation shall be considered as being engaged in a trade or business within the ...


(a) General rule This subpart shall not apply to any alien individual who is a bona fide resident of Puerto Rico, Guam, American Samoa, or the Northern Mariana Islands during...


(a) Treatment of expatriates (1) In general Every nonresident alien individual who, within the 10-year period immediately preceding the close of the taxable year, lost ...


For special provisions relating to foreign educational, charitable, and other exempt organizations, see sections 512(a) and 4948. ...


(a) General rule In the case of a married couple 1 or both of whom are nonresident alien individuals and who have community income for the taxable year, such community...


(a) Imposition of tax Except as provided in subsection (c), there is hereby imposed for each taxable year a tax of 30 percent of the amount received from sources within the...


(a) Imposition of tax (1) In general A foreign corporation engaged in trade or business within the United States during the taxable year shall be taxable as ...


(a) Income of foreign corporations from ships and aircraft The following items shall not be included in gross income of a foreign corporation, and shall be exempt from taxation...


(a) Imposition of tax In addition to the tax imposed by section 882 for any taxable year, there is hereby imposed on any foreign corporation a tax equal to 30 percent of...


(1) For special provisions relating to foreign corporations carrying on an insurance business within the United States, see section 842. (2) For rules...


(a) Imposition of tax In the case of any nonresident alien individual or foreign corporation, there is hereby imposed for each taxable year a tax equal to 4 percent of...


Whenever the President finds that, under the laws of any foreign country, citizens or corporations of the United States are being subjected to discriminatory or...


(a) Foreign governments (1) In general The income of foreign governments received from - (A) investments in the United States in - (i) stocks, bonds,...


(a) Rule for exclusion Wages, fees, or salary of any employee of a foreign government or of an international organization (including a consular or other officer, or...


(a) Treaty provisions (1) In general The provisions of this title shall be applied to any taxpayer with due regard to any treaty obligation of the United States ...


Income derived by a foreign central bank of issue from obligations of the United States or of any agency or instrumentality thereof (including beneficial interests, ...


(a) Imposition of more burdensome taxes by foreign country Whenever the President finds that - (1) under the laws of any foreign country, considering the tax system of...


(a) General rule (1) Treatment as effectively connected with United States trade or business For purposes of this title, gain or loss of a nonresident alien ...


(a) General rule For purposes of this title, the taxable year of any specified foreign corporation shall be the required year determined under subsection (c). (b)...


(a) Allowance of credit If the taxpayer chooses to have the benefits of this subpart, the tax imposed by this chapter shall, subject to the limitation of section 904, be...


(a) Taxes paid by foreign corporation treated as paid by domestic corporation For purposes of this subpart, a domestic corporation which owns 10 percent or more of the...


For purposes of this part and of sections 114, 164(a), and 275(a), the term ''income, war profits, and excess profits taxes'' shall include a tax paid in lieu of a tax on income,...


(a) Limitation The total amount of the credit taken under section 901(a) shall not exceed the same proportion of the tax against which such credit is taken which the...


(a) Year in which credit taken The credits provided in this subpart may, at the option of the taxpayer and irrespective of the method of accounting employed in keeping his...


(a) Allowance of credit A nonresident alien individual or a foreign corporation engaged in trade or business within the United States during the taxable year shall be allowed...


(a) Reduction in amount allowed as foreign tax under section 901 In applying section 901, the amount of any oil and gas extraction taxes paid or accrued (or deemed to have been...


(a) In general If a person, or a member of a controlled group (within the meaning of section 993(a)(3)) which includes such person, participates in or cooperates with...


(a) Exclusion from gross income At the election of a qualified individual (made separately with respect to paragraphs (1) and (2)), there shall be excluded from the gross...


The following items shall not be included in gross income, and shall be exempt from taxation under this subtitle: (1) Foreign areas allowances In the case of...


...


...


(a) General rule In the case of an individual who is a bona fide resident of a specified possession during the entire taxable year, gross income shall not include - ...


(a) Treatment of United States residents (1) Application of subsection This subsection shall apply to an individual for the taxable year if - (A) such...


The following items shall not be included in gross income and shall be exempt from taxation under this subtitle: (1) Resident of Puerto Rico for entire taxable year In...


(a) General rule Tax liability incurred to the Virgin Islands pursuant to this subtitle, as made applicable in the Virgin Islands by the Act entitled ''An Act...


...


...


(a) Allowance of credit (1) In general Except as otherwise provided in this section, if a domestic corporation elects the application of this section and if the ...


(a) Qualifying foreign trade income For purposes of this subpart and section 114 - (1) In general The term ''qualifying foreign trade income'' means, with respect...


(a) Foreign trading gross receipts (1) In general Except as otherwise provided in this section, for purposes of this subpart, the term ''foreign trading gross...


(a) Qualifying foreign trade property For purposes of this subpart - (1) In general The term ''qualifying foreign trade property'' means property - ...


(a) Amounts included (1) In general If a foreign corporation is a controlled foreign corporation for an uninterrupted period of 30 days or more during any taxable ...


(a) In general For purposes of this subpart, the term ''subpart F income'' means, in the case of any controlled foreign corporation, the sum of - (1) insurance income...


(a) Insurance income (1) In general For purposes of section 952(a)(1), the term ''insurance income'' means any income which - (A) is attributable to the...


(a) Foreign base company income For purposes of section 952(a)(2), the term ''foreign base company income'' means for any taxable year the sum of - (1) the foreign...


(a) General rules (1) Amount withdrawn For purposes of this subpart, the amount of previously excluded subpart F income of any controlled foreign corporation withdrawn ...


(a) General rule In the case of any controlled foreign corporation, the amount determined under this section with respect to any United States shareholder for any taxable year...


...


(a) General rule For purposes of this subpart, the term ''controlled foreign corporation'' means any foreign corporation if more than 50 percent of - (1) the...


(a) Direct and indirect ownership (1) General rule For purposes of this subpart (other than section 960(a)(1)), stock owned means - (A) stock owned directly, and ...


(a) Exclusion from gross income of United States persons For purposes of this chapter, the earnings and profits of a foreign corporation attributable to amounts which are, or have ...


(a) Taxes paid by a foreign corporation (1) Deemed paid credit For purposes of subpart A of this part, if there is included under section 951(a) in the gross income of...


(a) Increase in basis Under regulations prescribed by the Secretary, the basis of a United States shareholder's stock in a controlled foreign corporation, and the basis...


(a) General rule Under regulations prescribed by the Secretary, in the case of a United States shareholder who is an individual and who elects to have the provisions of...


...


(a) Earnings and profits Except as provided in section 312(k)(4), for purposes of this subpart, the earnings and profits of any foreign corporation, and the deficit in...


(a) Export trade income constituting foreign base company income (1) In general In the case of a controlled foreign corporation (as defined in section 957) which for...


(a) Export trade corporations For purposes of this subpart, the term ''export trade corporation'' means - (1) In general A controlled foreign corporation (as defined...


...


...


(a) General rule If the taxpayer fails to substantially comply with any formal document request arising out of the examination of the tax treatment of any item (hereinafter...


(a) In general Unless otherwise provided in regulations, all determinations under this subtitle shall be made in the taxpayer's functional currency. (b) Functional currency ...


(a) Foreign income taxes (1) Translation of accrued taxes (A) In general For purposes of determining the amount of the foreign tax credit, in the case of...


In the case of any taxpayer having 1 or more qualified business units with a functional currency other than the dollar, taxable income of such taxpayer shall be determined - ...


(a) General rule Notwithstanding any other provision of this chapter - (1) Treatment as ordinary income or loss (A) In general Except as otherwise provided in...


(a) Qualified business unit For purposes of this subpart, the term ''qualified business unit'' means any separate and clearly identified unit of a trade or business of a...


(a) Allowance of credit If the taxpayer chooses to have the benefits of this subpart, the tax imposed by this chapter shall, subject to the limitation of section 904, be...


(a) Taxes paid by foreign corporation treated as paid by domestic corporation For purposes of this subpart, a domestic corporation which owns 10 percent or more of the...


For purposes of this part and of sections 114, 164(a), and 275(a), the term ''income, war profits, and excess profits taxes'' shall include a tax paid in lieu of a tax on income,...


(a) Limitation The total amount of the credit taken under section 901(a) shall not exceed the same proportion of the tax against which such credit is taken which the...


(a) Year in which credit taken The credits provided in this subpart may, at the option of the taxpayer and irrespective of the method of accounting employed in keeping his...


(a) Allowance of credit A nonresident alien individual or a foreign corporation engaged in trade or business within the United States during the taxable year shall be allowed...


(a) Reduction in amount allowed as foreign tax under section 901 In applying section 901, the amount of any oil and gas extraction taxes paid or accrued (or deemed to have been...


(a) In general If a person, or a member of a controlled group (within the meaning of section 993(a)(3)) which includes such person, participates in or cooperates with...


(a) Exclusion from gross income At the election of a qualified individual (made separately with respect to paragraphs (1) and (2)), there shall be excluded from the gross...


The following items shall not be included in gross income, and shall be exempt from taxation under this subtitle: (1) Foreign areas allowances In the case of...


...


...


(a) General rule In the case of an individual who is a bona fide resident of a specified possession during the entire taxable year, gross income shall not include - ...


(a) Treatment of United States residents (1) Application of subsection This subsection shall apply to an individual for the taxable year if - (A) such...


The following items shall not be included in gross income and shall be exempt from taxation under this subtitle: (1) Resident of Puerto Rico for entire taxable year In...


(a) General rule Tax liability incurred to the Virgin Islands pursuant to this subtitle, as made applicable in the Virgin Islands by the Act entitled ''An Act...


...


...


(a) Allowance of credit (1) In general Except as otherwise provided in this section, if a domestic corporation elects the application of this section and if the ...


(a) Qualifying foreign trade income For purposes of this subpart and section 114 - (1) In general The term ''qualifying foreign trade income'' means, with respect...


(a) Foreign trading gross receipts (1) In general Except as otherwise provided in this section, for purposes of this subpart, the term ''foreign trading gross...


(a) Qualifying foreign trade property For purposes of this subpart - (1) In general The term ''qualifying foreign trade property'' means property - ...


(a) Amounts included (1) In general If a foreign corporation is a controlled foreign corporation for an uninterrupted period of 30 days or more during any taxable ...


(a) In general For purposes of this subpart, the term ''subpart F income'' means, in the case of any controlled foreign corporation, the sum of - (1) insurance income...


(a) Insurance income (1) In general For purposes of section 952(a)(1), the term ''insurance income'' means any income which - (A) is attributable to the...


(a) Foreign base company income For purposes of section 952(a)(2), the term ''foreign base company income'' means for any taxable year the sum of - (1) the foreign...


(a) General rules (1) Amount withdrawn For purposes of this subpart, the amount of previously excluded subpart F income of any controlled foreign corporation withdrawn ...


(a) General rule In the case of any controlled foreign corporation, the amount determined under this section with respect to any United States shareholder for any taxable year...


...


(a) General rule For purposes of this subpart, the term ''controlled foreign corporation'' means any foreign corporation if more than 50 percent of - (1) the...


(a) Direct and indirect ownership (1) General rule For purposes of this subpart (other than section 960(a)(1)), stock owned means - (A) stock owned directly, and ...


(a) Exclusion from gross income of United States persons For purposes of this chapter, the earnings and profits of a foreign corporation attributable to amounts which are, or have ...


(a) Taxes paid by a foreign corporation (1) Deemed paid credit For purposes of subpart A of this part, if there is included under section 951(a) in the gross income of...


(a) Increase in basis Under regulations prescribed by the Secretary, the basis of a United States shareholder's stock in a controlled foreign corporation, and the basis...


(a) General rule Under regulations prescribed by the Secretary, in the case of a United States shareholder who is an individual and who elects to have the provisions of...


...


(a) Earnings and profits Except as provided in section 312(k)(4), for purposes of this subpart, the earnings and profits of any foreign corporation, and the deficit in...


(a) Export trade income constituting foreign base company income (1) In general In the case of a controlled foreign corporation (as defined in section 957) which for...


(a) Export trade corporations For purposes of this subpart, the term ''export trade corporation'' means - (1) In general A controlled foreign corporation (as defined...


...


...


(a) General rule If the taxpayer fails to substantially comply with any formal document request arising out of the examination of the tax treatment of any item (hereinafter...


(a) In general Unless otherwise provided in regulations, all determinations under this subtitle shall be made in the taxpayer's functional currency. (b) Functional currency ...


(a) Foreign income taxes (1) Translation of accrued taxes (A) In general For purposes of determining the amount of the foreign tax credit, in the case of...


In the case of any taxpayer having 1 or more qualified business units with a functional currency other than the dollar, taxable income of such taxpayer shall be determined - ...


(a) General rule Notwithstanding any other provision of this chapter - (1) Treatment as ordinary income or loss (A) In general Except as otherwise provided in...


(a) Qualified business unit For purposes of this subpart, the term ''qualified business unit'' means any separate and clearly identified unit of a trade or business of a...


For purposes of the taxes imposed by this subtitle upon a DISC (as defined in section 992(a)), a DISC shall not be subject to the taxes imposed by this subtitle. ...


(a) Definition of ''DISC'' and ''former DISC'' (1) DISC For purposes of this title, the term ''DISC'' means, with respect to any taxable year, a corporation which...


(a) Qualified export receipts (1) General rule For purposes of this part, except as provided by regulations under paragraph (2), the qualified export receipts of a ...


(a) In general In the case of a sale of export property to a DISC by a person described in section 482, the taxable income of such DISC and such person shall be based upon...


(a) General rule A shareholder of a DISC or former DISC shall be subject to taxation on the earnings and profits of a DISC as provided in this chapter, but subject to...


(a) Rules for actual distributions and certain deemed distributions (1) In general Any actual distribution (other than a distribution described in paragraph (2) or to...


For purposes of applying the provisions of subchapter C of chapter 1, any distribution in property to a corporation by a DISC or former DISC which is made out of previously...


For purposes of the taxes imposed by this subtitle upon a DISC (as defined in section 992(a)), a DISC shall not be subject to the taxes imposed by this subtitle. ...


(a) Definition of ''DISC'' and ''former DISC'' (1) DISC For purposes of this title, the term ''DISC'' means, with respect to any taxable year, a corporation which...


(a) Qualified export receipts (1) General rule For purposes of this part, except as provided by regulations under paragraph (2), the qualified export receipts of a ...


(a) In general In the case of a sale of export property to a DISC by a person described in section 482, the taxable income of such DISC and such person shall be based upon...


(a) General rule A shareholder of a DISC or former DISC shall be subject to taxation on the earnings and profits of a DISC as provided in this chapter, but subject to...


(a) Rules for actual distributions and certain deemed distributions (1) In general Any actual distribution (other than a distribution described in paragraph (2) or to...


For purposes of applying the provisions of subchapter C of chapter 1, any distribution in property to a corporation by a DISC or former DISC which is made out of previously...


(a) International boycott reports by taxpayers (1) Report required If any person, or a member of a controlled group (within the meaning of section 993(a)(3)) which...


...


(a) International boycott reports by taxpayers (1) Report required If any person, or a member of a controlled group (within the meaning of section 993(a)(3)) which...


...


(a) Computation of gain or loss The gain from the sale or other disposition of property shall be the excess of the amount realized therefrom over the adjusted basis provided...


...


(a) Computation of gain or loss The gain from the sale or other disposition of property shall be the excess of the amount realized therefrom over the adjusted basis provided...


...


(a) General rule The adjusted basis for determining the gain or loss from the sale or other disposition of property, whenever acquired, shall be the basis (determined...


The basis of property shall be the cost of such property, except as otherwise provided in this subchapter and subchapters C (relating to corporate distributions and adjustments),...


If the property should have been included in the last inventory, the basis shall be the last inventory value thereof. ...


(a) In general Except as otherwise provided in this section, the basis of property in the hands of a person acquiring the property from a decedent or to whom the property...


(a) Gifts after December 31, 1920 If the property was acquired by gift after December 31, 1920, the basis shall be the same as it would be in the hands of the donor or the...


(a) General rule Proper adjustment in respect of the property shall in all cases be made - (1) for expenditures, receipts, losses, or other items, properly chargeable...


(a) General rule If - (1) an amount is excluded from gross income under subsection (a) of section 108 (relating to discharge of indebtedness), and (2)...


...


Neither the basis nor the adjusted basis of any portion of real property shall, in the case of the lessor of such property, be increased or diminished on account of income derived...


...


In case of the sale of an annuity contract, the adjusted basis shall in no case be less than zero. ...


(a) In general Except as otherwise provided in this section - (1) property acquired from a decedent dying after December 31, 2009, shall be treated for purposes of...


(1) For certain distributions by a corporation which are applied in reduction of basis of stock, see section 301(c)(2). (2) For basis in case of construction of...


...


(a) General rule The adjusted basis for determining the gain or loss from the sale or other disposition of property, whenever acquired, shall be the basis (determined...


The basis of property shall be the cost of such property, except as otherwise provided in this subchapter and subchapters C (relating to corporate distributions and adjustments),...


If the property should have been included in the last inventory, the basis shall be the last inventory value thereof. ...


(a) In general Except as otherwise provided in this section, the basis of property in the hands of a person acquiring the property from a decedent or to whom the property...


(a) Gifts after December 31, 1920 If the property was acquired by gift after December 31, 1920, the basis shall be the same as it would be in the hands of the donor or the...


(a) General rule Proper adjustment in respect of the property shall in all cases be made - (1) for expenditures, receipts, losses, or other items, properly chargeable...


(a) General rule If - (1) an amount is excluded from gross income under subsection (a) of section 108 (relating to discharge of indebtedness), and (2)...


...


Neither the basis nor the adjusted basis of any portion of real property shall, in the case of the lessor of such property, be increased or diminished on account of income derived...


...


In case of the sale of an annuity contract, the adjusted basis shall in no case be less than zero. ...


(a) In general Except as otherwise provided in this section - (1) property acquired from a decedent dying after December 31, 2009, shall be treated for purposes of...


(1) For certain distributions by a corporation which are applied in reduction of basis of stock, see section 301(c)(2). (2) For basis in case of construction of...


...


(a) Nonrecognition of gain or loss from exchanges solely in kind (1) In general No gain or loss shall be recognized on the exchange of property held for productive use in...


(a) Nonrecognition of gain or loss No gain or loss shall be recognized to a corporation on the receipt of money or other property in exchange for stock (including treasury...


(a) General rule If property (as a result of its destruction in whole or in part, theft, seizure, or requisition or condemnation or threat or imminence thereof) is compulsorily...


...


(a) General rules No gain or loss shall be recognized on the exchange of - (1) a contract of life insurance for another contract of life insurance or for an endowment...


(a) General rule No gain or loss shall be recognized if common stock in a corporation is exchanged solely for common stock in the same corporation, or if preferred stock in...


(a) General rule When so provided by regulations promulgated by the Secretary in connection with the issue of obligations of the United States, no gain or loss shall be...


(a) General rule If - (1) a sale of real property gives rise to indebtedness to the seller which is secured by the real property sold, and (2) the seller of...


...


(a) General rule If the executor of the estate of any decedent transfers to a qualified heir (within the meaning of section 2032A(e)(1)) any property with respect to which...


(a) General rule No gain or loss shall be recognized on a transfer of property from an individual to (or in trust for the benefit of) - (1) a spouse, or (2) a...


(a) Nonrecognition of gain If - (1) the taxpayer or executor elects in such form as the Secretary may prescribe the application of this section with respect to...


(a) Nonrecognition of gain If an eligible person sells any property pursuant to a certificate of divestiture, at the election of the taxpayer, gain from such sale shall...


(a) Nonrecognition of gain In the case of the sale of any publicly traded securities with respect to which the taxpayer elects the application of this section, gain from such...


(a) Nonrecognition of gain In the case of any sale of qualified small business stock held by a taxpayer other than a corporation for more than 6 months and with respect to...


(a) Nonrecognition of gain or loss from exchanges solely in kind (1) In general No gain or loss shall be recognized on the exchange of property held for productive use in...


(a) Nonrecognition of gain or loss No gain or loss shall be recognized to a corporation on the receipt of money or other property in exchange for stock (including treasury...


(a) General rule If property (as a result of its destruction in whole or in part, theft, seizure, or requisition or condemnation or threat or imminence thereof) is compulsorily...


...


(a) General rules No gain or loss shall be recognized on the exchange of - (1) a contract of life insurance for another contract of life insurance or for an endowment...


(a) General rule No gain or loss shall be recognized if common stock in a corporation is exchanged solely for common stock in the same corporation, or if preferred stock in...


(a) General rule When so provided by regulations promulgated by the Secretary in connection with the issue of obligations of the United States, no gain or loss shall be...


(a) General rule If - (1) a sale of real property gives rise to indebtedness to the seller which is secured by the real property sold, and (2) the seller of...


...


(a) General rule If the executor of the estate of any decedent transfers to a qualified heir (within the meaning of section 2032A(e)(1)) any property with respect to which...


(a) General rule No gain or loss shall be recognized on a transfer of property from an individual to (or in trust for the benefit of) - (1) a spouse, or (2) a...


(a) Nonrecognition of gain If - (1) the taxpayer or executor elects in such form as the Secretary may prescribe the application of this section with respect to...


(a) Nonrecognition of gain If an eligible person sells any property pursuant to a certificate of divestiture, at the election of the taxpayer, gain from such sale shall...


(a) Nonrecognition of gain In the case of the sale of any publicly traded securities with respect to which the taxpayer elects the application of this section, gain from such...


(a) Nonrecognition of gain In the case of any sale of qualified small business stock held by a taxpayer other than a corporation for more than 6 months and with respect to...


In the case of property acquired by a corporation, during a period of affiliation, from a corporation with which it was affiliated, the basis of such property, after such period of ...


(a) Revenue Act of 1932 If the property was acquired, after February 28, 1913, in any taxable year beginning before January 1, 1934, and the basis thereof, for purposes of...


In the case of property acquired before March 1, 1913, if the basis otherwise determined under this subtitle, adjusted (for the period before March 1, 1913) as provided in...


In the case of a share of stock issued pursuant to section 303(c) of the Federal National Mortgage Association Charter Act (12 U.S.C., sec. 1718), the basis of such share in the...


(a) Character For purposes of this subtitle - (1) a redeemable ground rent shall be treated as being in the nature of a mortgage, and (2) real property held...


(a) General rule If a franchise to conduct any sports enterprise is sold or exchanged, and if, in connection with such sale or exchange, there is a transfer of a contract for...


...


(a) General rule In the case of a taxpayer who transfers securities (as defined in section 1236(c)) pursuant to an agreement which meets the requirements of subsection (b),...


(a) General rule If any corporation receives any extraordinary dividend with respect to any share of stock and such corporation has not held such stock for more than 2...


(a) In general If any property is imported into the United States in a transaction (directly or indirectly) between related persons (within the meaning of section 482), the...


(a) General rule In the case of any applicable asset acquisition, for purposes of determining both - (1) the transferee's basis in such assets, and (2) the gain...


(1) For nonrecognition of gain in connection with the transfer of obsolete vessels to the Maritime Administration under section 510 of the Merchant Marine Act, 1936, see ...


In the case of property acquired by a corporation, during a period of affiliation, from a corporation with which it was affiliated, the basis of such property, after such period of ...


(a) Revenue Act of 1932 If the property was acquired, after February 28, 1913, in any taxable year beginning before January 1, 1934, and the basis thereof, for purposes of...


In the case of property acquired before March 1, 1913, if the basis otherwise determined under this subtitle, adjusted (for the period before March 1, 1913) as provided in...


In the case of a share of stock issued pursuant to section 303(c) of the Federal National Mortgage Association Charter Act (12 U.S.C., sec. 1718), the basis of such share in the...


(a) Character For purposes of this subtitle - (1) a redeemable ground rent shall be treated as being in the nature of a mortgage, and (2) real property held...


(a) General rule If a franchise to conduct any sports enterprise is sold or exchanged, and if, in connection with such sale or exchange, there is a transfer of a contract for...


...


(a) General rule In the case of a taxpayer who transfers securities (as defined in section 1236(c)) pursuant to an agreement which meets the requirements of subsection (b),...


(a) General rule If any corporation receives any extraordinary dividend with respect to any share of stock and such corporation has not held such stock for more than 2...


(a) In general If any property is imported into the United States in a transaction (directly or indirectly) between related persons (within the meaning of section 482), the...


(a) General rule In the case of any applicable asset acquisition, for purposes of determining both - (1) the transferee's basis in such assets, and (2) the gain...


(1) For nonrecognition of gain in connection with the transfer of obsolete vessels to the Maritime Administration under section 510 of the Merchant Marine Act, 1936, see ...


...


...


(a) Exchanges of stock or securities only No gain or loss shall be recognized to the transferor if stock or securities in a corporation which is a registered holding company or...


(a) Exchanges generally (1) Exchanges subject to the provisions of section 1081(a) or (e) If the property was acquired on an exchange subject to the provisions of...


(a) Order of Securities and Exchange Commission For purposes of this part, the term ''order of the Securities and Exchange Commission'' means an order issued after May 28, 1938, by ...


(a) Exchanges of stock or securities only No gain or loss shall be recognized to the transferor if stock or securities in a corporation which is a registered holding company or...


(a) Exchanges generally (1) Exchanges subject to the provisions of section 1081(a) or (e) If the property was acquired on an exchange subject to the provisions of...


(a) Order of Securities and Exchange Commission For purposes of this part, the term ''order of the Securities and Exchange Commission'' means an order issued after May 28, 1938, by ...


(a) Disallowance of loss deduction In the case of any loss claimed to have been sustained from any sale or other disposition of shares of stock or securities where it ...


(a) Recognition of loss in case of straddles, etc. (1) Limitation on recognition of loss (A) In general Any loss with respect to 1 or more positions shall be taken ...


(a) Disallowance of loss deduction In the case of any loss claimed to have been sustained from any sale or other disposition of shares of stock or securities where it ...


(a) Recognition of loss in case of straddles, etc. (1) Limitation on recognition of loss (A) In general Any loss with respect to 1 or more positions shall be taken ...


...


...


...


...


(a) General rule If for any taxable year a corporation has a net capital gain and any rate of tax imposed by section 11, 511, or 831(a) or (b) (whichever is applicable) exceeds...


(a) Exclusion (1) In general In the case of a taxpayer other than a corporation, gross income shall not include 50 percent of any gain from the sale or exchange...


(a) General rule If for any taxable year a corporation has a net capital gain and any rate of tax imposed by section 11, 511, or 831(a) or (b) (whichever is applicable) exceeds...


(a) Exclusion (1) In general In the case of a taxpayer other than a corporation, gross income shall not include 50 percent of any gain from the sale or exchange...


(a) Corporations In the case of a corporation, losses from sales or exchanges of capital assets shall be allowed only to the extent of gains from such sales or exchanges. ...


(a) Corporations (1) In general If a corporation has a net capital loss for any taxable year (hereinafter in this paragraph referred to as the ''loss year''), ...


(a) Corporations In the case of a corporation, losses from sales or exchanges of capital assets shall be allowed only to the extent of gains from such sales or exchanges. ...


(a) Corporations (1) In general If a corporation has a net capital loss for any taxable year (hereinafter in this paragraph referred to as the ''loss year''), ...


(a) In general For purposes of this subtitle, the term ''capital asset'' means property held by the taxpayer (whether or not connected with his trade or business), but does...


For purposes of this subtitle - (1) Short-term capital gain The term ''short-term capital gain'' means gain from the sale or exchange of a capital asset held for not...


For purposes of this subtitle - (1) In determining the period for which the taxpayer has held property received in an exchange, there shall be included the period...


(a) In general For purposes of this subtitle, the term ''capital asset'' means property held by the taxpayer (whether or not connected with his trade or business), but does...


For purposes of this subtitle - (1) Short-term capital gain The term ''short-term capital gain'' means gain from the sale or exchange of a capital asset held for not...


For purposes of this subtitle - (1) In determining the period for which the taxpayer has held property received in an exchange, there shall be included the period...


(a) General rule (1) Gains exceed losses If - (A) the section 1231 gains for any taxable year, exceed (B) the section 1231 losses for such taxable year, ...


...


(a) Capital assets For purposes of this subtitle, gain or loss from the short sale of property shall be considered as gain or loss from the sale or exchange of a capital asset...


(a) Treatment of gain or loss in the case of the purchaser (1) General rule Gain or loss attributable to the sale or exchange of, or loss attributable to failure...


Gain or loss attributable to the cancellation, lapse, expiration, or other termination of - (1) a right or obligation (other than a securities futures contract, as...


(a) Treatment of gain or loss (1) In general Gain or loss attributable to the sale or exchange of a securities futures contract shall be considered gain or loss from ...


(a) General A transfer (other than by gift, inheritance, or devise) of property consisting of all substantial rights to a patent, or an undivided interest therein which includes...


(a) Capital gains Gain by a dealer in securities from the sale or exchange of any security shall in no event be considered as gain from the sale or exchange of a capital...


(a) General Any lot or parcel which is part of a tract of real property in the hands of a taxpayer other than a C corporation shall not be deemed to be held primarily for sale...


...


(a) Treatment of gain as ordinary income In the case of a sale or exchange of property, directly or indirectly, between related persons, any gain recognized to the ...


...


Amounts received by a lessee for the cancellation of a lease, or by a distributor of goods for the cancellation of a distributor's agreement (if the distributor has a...


If - (1) a loss is on stock in a small business investment company operating under the Small Business Investment Act of 1958, and (2) such loss would (but for...


In the case of a small business investment company operating under the Small Business Investment Act of 1958, if - (1) a loss is on stock received pursuant to the conversion ...


(a) General rule In the case of an individual, a loss on section 1244 stock issued to such individual or to a partnership which would (but for this section) be treated as a...