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Income Taxation

IRS Codes

QuestionAnswer
Section 1(h) Determination of tax liability Maximum capital gains rate
Section 1(h)(2) Determination of tax liability Net capital gain taken into account as investment income
Section 1(h)(3) Determination of tax liability Adjusted net capital gain
Section 1(h)(4) Determination of tax liability 28% rate gain
Section 1(h)(5) Determination of tax liability Collectibles gain and loss
Section 61 Definition of GI, AGI, Taxable Income Gross income defined
Section 71 Items Specifically INCLUDED in GI Certain Death Benefits
Section 101 Items specifically excluded from gross income
Section 65 Definition of GI, AGI, Taxable Income Ordinary loss defined
Section 74 Items Specifically INCLUDED in GI Prizes and Awards
Section 102 Items specifically EXCLUDED from GI Gifts and Inheritances
Section 102(c) Items specifically EXCLUDED from GI revokes 102(a) Employee gifts INCLUDED in GI
Section 132 Items specifically EXCLUDED from GI Certain Fringe Benefits
Section 132(e) Items specifically EXCLUDED from GI excludes certain de minimis fringes from gross income
Section 107 Items specifically EXCLUDED from GI rental value of parsonages (ministers housing)
Section 109 Items specifically EXCLUDED from GI Improvements by lessee on lessor's property
Section 119 Items specifically EXCLUDED from GI Meals or lodging furnished for the convenience of the employers
Section 165 Deductions Losses
Section 1211 Treatment of Capital Loss Limitation on capitol losses
Section 1212 Treatment of Capital Loss Capital loss carrybacks and carryovers pg 629 CB
Section 1011 Basis Rules Adjusted basis for determining gain or loss
Section 1012 Basis Rules Basis of property-cost
Section 1016 Basis Rules Adjustments to basis
Section 167 Deductions Depreciation
Section 1001(a) Determination of amount of and recognition of gain or loss Computation of gain or loss
Section 1014 Basis Rules Basis of property acquired from a decedent
Section 1015 Basis Rules Basis of property acquired by gifts and transfers in trust
Section 1019 Basis Rules Basis of property on which lessee has made improvements
Section 1041 Non-Taxable Exchange Transfers of property between spouses or incident to divorce
Section 1031 Non-Taxable Exchanges Exchange of property held for productive use or investment
Section 1221 Determining Capital Gains and Losses Capital Asset Defined
Section 1222 Determining Capital Gains and Losses Terms relating to capital gains and losses
Section 1223 Determining Capital Gains and Losses Holding period of property
Regulation 1.61-2(d)(1) services paid for other than money, the fair market value of the property or services taken in payment must be included in income
Comm (Helvring) vs Independent Life Insurance Company section 61- rental value of the building NOT income imputed income
Rev Ruling 79-24 Services for payment Section 61 and 1-61-2= it is includible in GI
Section 102(a) Gifts and Inheritances GI does not include the value of property acquired by gift, bequest, devise, or inheritance
Sect 132(a) items specifically EXCLUDED from GI GI shall not include any fringe benefit which qualifies as a no-addt'l-cost service, qualified ee disc, working condition fringe, qualified transp, qualified moving exp reimb, qualified retirement planning services, qualified military base realignment
Sect 132(h) items specifically EXCLUDED from GI Certain individ treated as employees for purposes of 132 (a)(1)(2)
Sect 1001(b) Determination of amount of and recognition of gain or loss Amount realized
Sect 1001(c) Determination of amount of and recognition of gain or loss Recognition of gain or loss
1015(d) Basis Rules Increased basis for gift tax paid
1014(e) Basis Rules Basis of prop acquired from a decedent: Appreciated prop within 1yr of death
Regulation 1015-1 Basis Rules Basis of property acquired by gift: basis of prop for the purpose of determining gain is the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift
Sect 469 Passive activity losses and credits limited
Mauldin v Comm bougth a large tract of land-- sold smaller pieces transformed from investment to inventory
Kenan v Comm Paid with cash and stock//The gain from the sale or other disposition of property shall be the excess of the amount realized over the adjusted basis.
Regulation 1.1001-1 (e) Transfers in part a sale and in part a gift
Section 1231 - Special Rules for Determining CG and CL Property used in the trade or business and involuntary conversions Non Capital Asset
Revenue Ruling 66-7 capital asset acquired on the last day of any calendar month, regardless of whether the month has 31 days, must not be disposed of until on or after the first day of the seventh succeeding month of the calendar in order to have been = 6mos
Revenue Ruling 66-97 the last day of the holding period is the date on which a contract to sell the property is made
Section 1271 Special rules for Bonds and other Debt Instruments Treatment of amounts received on retirement or sale or exchange of debt instruments
Section 1234 Special Rules for Determining CG and CL Options to buy or sell -- property exchanged/sold has the same character as the property to which the option relates has in the hands of the tp
Created by: Goldie007