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- Internal_Revenue_Code_section_212 abstract "Internal Revenue Code § 212 (26 U.S.C. § 212) provides a deduction, for U.S. federal income tax purposes, for expenses incurred in investment activities. Taxpayers are allowed to deduct “all the ordinary and necessary expenses paid or incurred during the taxable year--(1) for the production or collection of income;(2) for the management, conservation, or maintenance of property held for the production of income; or(3) in connection with the determination, collection, or refund of any tax.\"Section 23(a)(2) of the Internal Revenue Code of 1939, the predecessor to section 212 of the current Internal Revenue Code of 1986, was enacted as part of the Revenue Act of 1942, effective retroactively for tax years that began after December 31, 1938, in the wake of the United States Supreme Court decision in the case of Higgins v. Commissioner. In Higgins, the taxpayer attempted to deduct expenses for the years 1932 and 1933 related to his investment efforts, which the U.S. Supreme Court held were rightly disallowed, under the tax statute as applicable to those years, by the Bureau of Internal Revenue (now known as the Internal Revenue Service). The Bureau contended, and the Court ruled, that investment efforts were not deductible as part of a “trade or business.\"The United States Congress responded by enacting section 23(a)(2) of the 1939 Code. Congress did not grant investment activities the status of \"trade or business\" expenses, but instead acknowledged that since investment expenses were costs of producing income, they should be deductible.Section 212(3) may allow for the deduction of accountant's fees associated with preparation of a federal income tax return.".
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- Internal_Revenue_Code_section_212 wikiPageOutDegree "16".
- Internal_Revenue_Code_section_212 wikiPageRevisionID "667477385".
- Internal_Revenue_Code_section_212 wikiPageWikiLink Accountant.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Category:Internal_Revenue_Code.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Category:Personal_taxes.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Category:Taxation_in_the_United_States.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Expense.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Higgins_v._Commissioner.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Income_tax_in_the_United_States.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Internal_Revenue_Code.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Internal_Revenue_Service.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Investment.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Property.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Revenue_Act_of_1942.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Tax.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Tax_deduction.
- Internal_Revenue_Code_section_212 wikiPageWikiLink Taxable_income.
- Internal_Revenue_Code_section_212 wikiPageWikiLink United_States_Congress.
- Internal_Revenue_Code_section_212 wikiPageWikiLinkText "Internal Revenue Code section 212".
- Internal_Revenue_Code_section_212 wikiPageWikiLinkText "Section 212".
- Internal_Revenue_Code_section_212 wikiPageUsesTemplate Template:Reflist.
- Internal_Revenue_Code_section_212 wikiPageUsesTemplate Template:USC.
- Internal_Revenue_Code_section_212 subject Category:Internal_Revenue_Code.
- Internal_Revenue_Code_section_212 subject Category:Personal_taxes.
- Internal_Revenue_Code_section_212 subject Category:Taxation_in_the_United_States.
- Internal_Revenue_Code_section_212 type Diacritic.
- Internal_Revenue_Code_section_212 type Redirect.
- Internal_Revenue_Code_section_212 comment "Internal Revenue Code § 212 (26 U.S.C. § 212) provides a deduction, for U.S. federal income tax purposes, for expenses incurred in investment activities.".
- Internal_Revenue_Code_section_212 label "Internal Revenue Code section 212".
- Internal_Revenue_Code_section_212 sameAs Q6047708.
- Internal_Revenue_Code_section_212 sameAs m.03d6wyk.
- Internal_Revenue_Code_section_212 sameAs Q6047708.
- Internal_Revenue_Code_section_212 wasDerivedFrom Internal_Revenue_Code_section_212?oldid=667477385.
- Internal_Revenue_Code_section_212 isPrimaryTopicOf Internal_Revenue_Code_section_212.