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Internal Revenue Code section 1001(c) [1] provides that gains and losses, if realized, are also recognized unless otherwise provided in the Code. This default rule has several exceptions, called "nonrecognition" rules, which are scattered throughout the Code.
According to section 1001(c) of the Internal Revenue Code (IRC § 1001(c)), all realized gains and losses must be recognized "except as otherwise provided in this subtitle." [1] While the general rule of recognition applies in most cases, there are actually several exceptions located throughout the Internal Revenue Code. [2]
The text of the Internal Revenue Code as published in title 26 of the U.S. Code is virtually identical to the Internal Revenue Code as published in the various volumes of the United States Statutes at Large. [3] Of the 50 enacted titles, the Internal Revenue Code is the only volume that has been published in the form of a separate code.
Amount realized, in US federal income tax law, is defined by section 1001(b) of Internal Revenue Code. It is one of two variables in the formula used to compute gains and losses to determine gross income for income tax purposes. The excess of the amount realized over the adjusted basis is the amount of realized gain (if positive) or realized ...
The Internal Revenue Code, which Stephen King declares is “the scariest thing he has ever read," has three major elements that address and acknowledge the value of added and/or advanced ...
A like-kind exchange is a type of "non-recognition provision". According to section 1001(c) of the Internal Revenue Code, all realized gains and losses must be recognized "except as otherwise provided in this subtitle". A like-kind exchange is one of the qualified exceptions, serving as the proto-typical "non-recognition provision".
Cottage Savings Association v. Commissioner, 499 U.S. 554 (1991), was an income tax case before the Supreme Court of the United States. [1]The Court was asked to determine whether the exchange of different participation interests in home mortgages by a savings and loan association was a "disposition of property" under § 1001(a) of the Internal Revenue Code (since this was the requirement for ...
Section 7805 of the Internal Revenue Code gives the United States Secretary of the Treasury the power to create the necessary rules and regulations for enforcing the Internal Revenue Code. [2] These regulations, including but not limited to the "Income Tax Regulations," are located in Title 26 of the Code of Federal Regulations, or "C.F.R ...
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