Code of Federal Regulations: Containing a Codification of Documents of General Applicability and Future Effect as of December 31, 1948, with Ancillaries and IndexU.S. General Services Administration, National Archives and Records Service, Office of the Federal Register, 1977 Special edition of the Federal Register, containing a codification of documents of general applicability and future effect ... with ancillaries. |
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Common terms and phrases
accrued benefit Administration amended by T.D. amount annuity apply assets bequest calendar quarter charitable citizen community property computed consent considered contract corporation dece decedent decedent's death decedent's gross estate December 31 dent deposit described in section determined donee spouse donor duction employee employee's entire interest erty Example executor exercise extent fair market value Federal estate tax filed foreign death taxes fund gift tax graph included income tax interest in property Internal Revenue Code June 24 lien limitation marital deduction ment nonresident normal retirement October 21 paid paragraph participant payable payment percent period person power of appointment purposes pursuant qualified real property regulations remainder interest respect rules sions spect Stat Statutory provisions subdivision subparagraph surviving spouse tax imposed tax return taxable estate taxable gifts taxpayer terest term termination thereof tion trade or business transfer treated trust United vessel
Popular passages
Page 232 - ... the right, either alone or in conjunction with any person, to designate the persons who shall possess or enjoy the property or the income therefrom; except in case of a bona fide sale for an adequate and full consideration in money or money's worth.
Page 238 - To the extent of any interest therein of which the decedent has at any time made a transfer, by trust or otherwise, where the enjoyment thereof was subject at the date of his death to any change through the exercise of a power, either by the decedent alone or in conjunction with any person, to alter, amend, or revoke...
Page 445 - ... Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, no substantial part of the activities of which is carrying on propaganda, or otherwise attempting, to influence legislation, and which does not...
Page 373 - An organization exercises due diligence if it maintains reasonable routines for communicating significant information to the person conducting the transaction and there is reasonable compliance with the routines. Due diligence does not require an individual acting for the organization to communicate information unless such communication is part of his regular duties or unless he has reason to know of the transaction and that the transaction would be materially affected by the information. (28) "Organization...
Page 248 - Joint names and payable to either or the survivor, except such part thereof as may be shown to have originally belonged to such other person and never to have been received or acquired by the latter from the decedent for less than an adequate and full consideration in money or money's worth : Provided, That where such property or any part thereof, or part of the consideration with which such property was acquired, is shown to have been at any time acquired by such other person from the decedent for...
Page 480 - Unless another date is specifically fixed by law, the lien imposed by section 6321 shall arise at the time the assessment is made and shall continue until the liability for the amount so assessed is satisfied or becomes unenforceable by reason of lapse of time.
Page 404 - Where property is transferred for less than an adequate and full consideration in money or money's worth, then the amount by which the value of the property exceeded the value of the consideration shall be deemed a gift, and shall be included in computing the amount of gifts made during the calendar year.
Page 238 - ... even though the exercise of the power is subject to a precedent giving of notice or even though the exercise of the power...
Page 292 - Spouse. (a) Allowance of Marital Deduction. — For purposes of the tax imposed by section 2001, the value of the taxable estate shall, except as limited by subsections (b), (c), and (d), be determined by deducting from the value of the gross estate an amount equal to the value of any interest in property which passes or has passed from the decedent to his surviving spouse, but only to the extent that such interest is included in determining the value of the gross estate.
Page 264 - For purposes of the tax imposed by section 2001, the value of the taxable estate shall be determined by deducting from the value of the gross estate the exemption and deductions provided for in this part.