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Pursuant to Treas. Reg. Sec. 1.61-14, “treasure trove, to the extent of its value in United States currency, constitutes gross income for the taxable year in which it is reduced to undisputed possession.” [7] Therefore the United States is not barred by the statute of limitations from collecting the $836.51 in tax in 1964. [7]
Each regulation is generally organized to correspond to the Internal Revenue Code section interpreted by that regulation. Citations to the Treasury Regulations may appear in different formats. For instance, the definition of gross income in the regulations may be cited to as "26 C.F.R. 1.61-1" or as "Treas. Reg. 1.61-1."
The tax basis of an asset subject to cost recovery must be reduced by deductions allowed for such cost recovery. [5] For example, if Joe claimed $25,000 of depreciation deductions on his building, his adjusted basis would be the $90,000 as above less $25,000, or $65,000.
Corporate income tax as a share of GDP, 1946–2009. Corporate income tax is imposed at the federal level [2] on all entities treated as corporations (see Entity classification below), and by 47 states and the District of Columbia.
Commissioner v. Duberstein, 363 U.S. 278 (1960), was a United States Supreme Court case from 1960 dealing with the exclusion of "the value of property acquired by gift" from the gross income of an income taxpayer.
[14] Rents and royalties from use of tangible or intangible property. [15] The full amount of rent or royalty is included in income, and expenses incurred to produce this income may be allowed as tax deductions. [16] Alimony and separate maintenance payments. [17] Pensions, [18] annuities, [19] and income from life insurance or endowment ...
[14] Net investment income tax: Net investment income is subject to an additional 3.8% tax for individuals with income in excess of certain thresholds. Tax returns: U.S. corporations and most resident individuals must file income tax returns to self assess income tax if any tax is due or to claim a tax refund.
Section 61 contains a rare example of intensive redundancy, or emphatic redundancy, in the Internal Revenue Code.That is, the parenthetical phrase "but not limited to" redundantly intensifies the significance of the phrase "all income" and the phrase "from whatever source derived."