–141, div. U, title IV, §401(b)(34), Mar. 23, 2018, 132 Stat. 1204] (e) Credit for employment of qualified veterans (1) In generalIf a qualified tax-exempt organization hires a qualified veteran with respect to whom a credit would be allowable under section 38 by reason of

(a) Tax on income of certain foreign organizationsIn lieu of the tax imposed by section 4940, there is hereby imposed for each taxable year on the gross investment income (within the meaning of section 4940(c)(2)) derived from sources

(2) the amount of rebates made. For purposes of paragraph (2), the term "rebate" means so much of an abatement, credit, refund, or other repayment, as was made on the ground that the tax imposed was less than the excess of the amount specified in paragraph (1) over the rebates previously made. A rule similar to the rule of section 6211(b)(4)

Section 1297(d) shall not apply in determining whether a corporation is a passive foreign investment company for purposes of this subparagraph. (3) Partnerships, etc.Stock owned, directly or indirectly, by or for a partnership, estate, or trust shall be considered as being owned proportionately by its partners or beneficiaries. (4

(a) A pledge or a subscription, evidenced by a promissory note or otherwise, even though enforceable against the estate, is deductible (subject to any applicable limitations in §20.2053-1) only to the extent that— (1) Liability therefor was contracted bona fide and for an adequate and full consideration in cash or its equivalent, or

(a) General ruleThere is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to the excess (if any) of— (1) the tentative minimum tax for the taxable year, over (2) the regular tax for the taxable year plus, in the case of an applicable corporation, the tax imposed by

obligation received in an exchange subject to such provisions, the first sentence of section 1271(c)(2) 1 shall apply to such gain as though the obligation disposed of or redeemed were the obligation surrendered to the Government in the exchange rather than the obligation actually disposed of or redeemed. For purposes of this paragraph and subpart A of part V of

. This subsection shall apply only with respect to the amount of such expenditures which, but for this subsection, would not be allowable as a deduction for the taxable year. This subsection shall not apply to expenditures for the acquisition or improvement of property of a character which is subject to the allowance for depreciation provided in section 167, but allowances for depreciation shall be

(a) New organizations must notify Secretary that they are applying for recognition of section 501(c)(3) statusExcept as provided in subsection (c), an organization organized after October 9, 1969, shall not be treated as an organization described in

(a) In generalExcept as provided in regulations prescribed by the Secretary, it shall be unlawful for a dealer to purchase distilled spirits for resale from any person other than a wholesale dealer in liquors who is required to keep the records prescribed by section 5121. (b) Limited retail

for tax under this chapter in the same manner as if such article were sold by him. This subsection shall not apply in the case of gasoline used by any person, for nonfuel purposes, as a material in the manufacture or production of another article to be manufactured or produced by him. For the purpose of applying the first sentence of this subsection to coal taxable under section 4121, the words

, be liable to a penalty of 5 percent of the tax due but unpaid. (c) Sale of tobacco products and cigarette papers and tubes for exportExcept as provided in subsections (b) and (d) of section 5704— (1) every person who sells, relands, or receives within the jurisdiction of the United States any tobacco products or

(a) A proprietor may withdraw spirits from bonded premises without payment of tax for: (1) Export, as authorized under 26 U.S.C. 5214(a)(4); (2) Transfer to customs manufacturing bonded warehouses, as authorized under

section 4611(c), (2) amounts recovered under the Oil Pollution Act of 1990 for damages to natural resources which are required to be deposited in the Fund under section 1006(f) of such Act, (3) amounts recovered by such Trust Fund under

(a) In general. Except as otherwise provided in paragraph (b) of this section, the regulations under sections 860A through 860G are effective only for a qualified entity (as defined in §1.860D-1(c)(3)) whose startup day (as defined in section 860G(a)(9) and

which is allocable to its unrelated business income for such year. For purposes of the preceding sentence, the term "unrelated business income" means an amount equal to the amount which, if such trust were exempt from tax under section 501(a) by reason of section 501(c)(3), would be computed as its unrelated

(a) General ruleGross income does not include any amount received as a qualified scholarship by an individual who is a candidate for a degree at an educational organization described in section 170(b)(1)(A)(ii). (b) Qualified scholarshipFor purposes of this section—

Except for §§1.1368-1(e)(2), 1.1368-2(a)(5), and 1.1368-3 Example 2, Example 4, and Example 5, §§1.1368-1, 1.1368-2, and 1.1368-3 apply to taxable years of the corporation beginning on or

beverage use from use in small quantities for flavoring drinks at the time of serving for immediate consumption. (26 U.S.C. 5002, 5171)

(a) General. Any adult may, without payment of tax, produce wine for personal or family use and not for sale. (b) Quantity. The aggregate amount of wine that may be produced exempt from tax with respect to any household may not exceed: (1) 200 gallons per calendar year for a household in which two or more adults reside, or

(a) Revenue Act of 1932If the property was acquired, after February 28, 1913, in any taxable year beginning before January 1, 1934, and the basis thereof, for purposes of the Revenue Act of 1932 was prescribed by section 113(a)(6), (7), or (9) of such Act (47 Stat. 199), then for purposes of this subtitle the basis shall be the same as

of the internal revenue tax imposed on such spirits by 26 U.S.C. 7652. Such spirits so withdrawn and transferred to a distilled spirits plant may be redistilled or denatured only if 185 degrees or more of proof, and may be withdrawn from internal revenue bond for any purpose authorized by 26 U.S.C