Internal Revenue Code Provisions PDF

Internal Revenue Code Provisions 1  Basis – 1012 Adjusted Basis – 1016(a)(1) Gain/Loss Realized – 1001(a) Amount Realized – 1001(b) Gain/Loss Recognized – 1001(c) Gifts – 102(a) Gross Income – 61(a) Transferred Basis – 1015(a) T...

Internal Revenue Code Provisions 1  Basis – 1012 Adjusted Basis – 1016(a)(1) Gain/Loss Realized – 1001(a) Amount Realized – 1001(b) Gain/Loss Recognized – 1001(c) Gifts – 102(a) Gross Income – 61(a) Transferred Basis – 1015(a) Transfers of Property between Spouses – 1041 o No gain/loss recognized – 1041(a) o Spouse transferred basis – 1041(b) Stepped-up basis – 1041(a)(1) Part Gift/Part Sale – Reg 1.001-1(e)(1) Discharge of Indebtedness – 108 Cancellation of Debt – 61(a)(12) Exclusion of Damages for Physical Personal Injuries – 104(a)(2) Alimony – 71 Alimony Payor Deduction – 215(a) Alimony Recipient GI – 71(a) Alimony Recapture – 71(f) Child Support – 71(c) No GI/Deduction for Child Support – Reg 1.71-1T(c)QA16 Child Support Common Age (1 yr) – Reg 1.71-1T(c)QA18 Trade or Business Deductions – 162 Depreciation – 167 MACRS – 168 Elections – 179 Goodwill – 197 Expenses for production of income – 212 Payee spouse can deduct portion of attorney fees relating to alimony or tax aspect under 212; Reg. 1.262-1(b)(7) Interest – 163 o Disallowance of deduction for personal interest – 163(h) o Qualified residence interest/home mortgage interest – 163(h)(3) o Investment interest – 163(a) Expenses & Interests Relating to Tax Exempt Income – 265 Adjusted Gross Income – 62 2% floor on miscellaneous itemized deductions – 67 Overall limitation on itemized deductions – PEASE – 68 [suspended] Allowance of deductions for personal exemptions – PEPS – 151 Gross Income Upon Receipt – 451(a) General Rule for Taxable Year of Inclusion – Reg 1.451-1(a) Taxable Year of Deduction – 461(h) Capital Asset Defined – 1221 2  Other Terms Relating to Capital Gains/Losses – 1222 Losses – 165 Net Capital Gain – 1222(11) Holding Period of Property – 1223(9) Cubbyhole #1 – 28% rate gain – 1(h)(4),(5) Cubbyhole #2 – Unrecaptured 1250 gain – 1(h)(6) Cubbyhole #3 – Adjusted Net Capital Gain – 1(h)(3) Limitation of Capital Losses – 1211 Sub-hotchpot – 1231(a)(4)(c) Main Hotchpot – 1231(a)(1) -(a)(4)(B) Gain from Depreciable Personal Property – 1245 Gain from Depreciable Real Property –1250 Bad Debt Deduction – 166 3