Code, Regulations, Revenue Rulings and Court Cases
Internal Revenue Code Section |
Description |
Page |
|---|---|---|
IRC § 61 |
Gross income consists of all income, from all sources, such as compensation for services, business income, interest, rents, dividends and gains from the sale of property. Only items specifically exempt may be excluded. Gross income is the starting point in determining tax liability and is broadly defined. |
1-1, 2-16 |
IRC § 77 |
Election to report Commodity Credit Loans as income when received |
2-8, 2-9, 5-1, 5-7 |
IRC § 108 |
Income from Discharge of Indebtedness |
4-4 |
IRC § 114 |
Extraterritorial Income Exclusion – repealed in 2004 by PL 108-357 |
4-11 |
IRC § 121 |
Exclusion of Gain from Sale of Principal Residence |
3-3 |
IRC § 162 |
The issue of trade or business expenses |
4-1, 4-3, 4-4 |
IRC § 165 |
Losses |
2-13, 3-7 |
IRC § 166 |
Bad Debts |
2-13 |
IRC § 168 |
Accelerated Cost Recovery System |
3-4, 4-4 |
IRC § 168(k) |
Bonus Depreciation |
3-5 |
IRC § 175 |
Soil & Water Conservation Expenditures |
4-6, 6-8 |
IRC § 179 |
Election to Expense Certain Depreciable Business Assets |
3-4, 3-5, 6-9 |
IRC § 180 |
Expenditures by Farmers for Fertilizer, etc. |
4-5, 6-8 |
IRC § 183 |
In the case of an activity engaged in by an individual or an S corporation, if such activity is not engaged in for profit, no deduction attributable to such activity shall be allowed under this chapter except as provided in this section. |
1-4 |
IRC § 199 |
Domestic Production Deduction |
3-7, 4-11 |
IRC § 212 |
Expenses for the Production of Income |
4-4 |
IRC § 263 |
Capital Expenditures |
4-4 |
IRC § 263A |
Uniform Capitalization Rules |
1-6, 4-3, 4-4, 4-8, 4-9, 4-10, 4-11, 6-8. |
IRC § 267 |
Related party transactions. |
1-2, 1-10, 2-10, 2-15, 2-16, 4-4, 6-12 |
IRC § 268 |
Sale of Land with Unharvested Crop |
3-3 |
IRC § 280F |
Limitation on Depreciation for Luxury Automobiles, Listed Property. |
3-4 |
IRC § 301 |
Distributions of Property |
2-12 |
IRC § 446 |
Accounting Methods-Examiner authority to change |
2-2 |
IRC § 447 |
Method of Accounting for Corporations Engaged in Farming. |
1-3, 2-2, 2-3, 2-15 |
IRC § 448 |
Limitation on Use of Cash Method of Accounting. |
2-2, 2-3 |
IRC § 451 |
General Rule for Taxable Year of Inclusion of Gross Income |
2-4, 6-11 |
IRC § 453 |
Installment Method of Reporting Sale |
4-4 |
IRC § 464 |
Limitations on Deductions for Certain Farming Expenses |
2-2, 4-2 |
IRC § 465 |
Deductions Limited to Amount at Risk |
1-6 |
IRC § 469 |
Passive Activity Losses and Credits Limited` |
1-4, 2-16, 4-3, 6-10 |
IRC § 481 |
Adjustments required by changes in method of accounting. |
4-11 |
IRC § 482 |
Allocation of Income and Deductions Among Taxpayers |
1-10, 2-16, 4-3, 4-4, 6-12 |
IRC § 483 |
Interest on Certain Deferred Payments |
4-4 |
IRC § 613 |
Percentage Depletion |
3-7 |
IRC § 677 |
Income for Benefit of Grantor |
1-5 |
IRC § 704 |
Partner’s Distributive Share |
1-5, 4-3 |
IRC § 1015 |
Basis of Property Acquired by Gifts and Transfers in Trust |
3-2 |
IRC § 1016 |
Adjustments to Basis |
3-2 |
IRC § 1031 |
Exchange of Property Held for Productive Use or Investment |
3-1 |
IRC § 1231 |
Property Used in the Trade or Business and Involuntary Conversions |
3-3 |
IRC §1245 |
Depreciation Recapture |
3-3, 3-5, 4-11 |
IRC § 2032 |
Alternate Valuation |
3-2 |
IRC § 2032A |
Valuation of Certain Farm, etc., Real Property |
3-2 |
IRC § 2505 |
Unified Credit Against Gift Tax |
1-4 |
IRC § 3505 |
Liability of Third Parties Paying or Providing for Wages |
4-12, 4-13 |
IRC § 6302 |
Mode or Time of Collection |
4-15 |
IRC § 7512 |
Separate Accounting for Certain Collected Taxes, etc. |
4-16 |
IRC § 7872 |
Treatment of Loans With Below- Market Interest Rates |
2-13 |
Regulation |
Topic |
Page |
|---|---|---|
Treas. Reg. § 1.61-4 |
Gross income of farmers defined. |
2-8 |
Treas. Reg. §1.77-1 and §1.77-2(a)(1) |
Election to consider Commodity Credit Corporation loans as income. |
2-9 |
Treas. Reg. §1.162-12 |
Expenses of Farmers |
4-1 |
Treas. Reg . §1.263A-4(a)(4) |
Uniform Capitalization Rules for Farming Business – definition of “farming” |
2-3 |
Treas. Reg. §1.263A-4(d)(4)(ii) |
Required use of IRC 168(g) (2) by the taxpayer or related person making the election out. |
4-4 |
Treas. Reg. §1.263A-4(b)(2)(i)(D) |
Example 4 of required capitalization |
4-9 |
Treas. Reg. §1.263A-4(b)(1)(i) |
Preproductive period costs for plants |
4-10, 6-8 |
Treas. Reg. §1.263A-4(b)(2)(i)(C)(1) |
Preproductive period beginning |
4-10 |
Treas. Reg. §1.263A-4(b)(2)(i)(C)(2)(i) |
Preproductive period ending |
4-10 |
Treas. Reg. §1.263A-4(b)(2)(i)(C)(2)(ii) |
Marketable Quantities defined |
4-10 |
Treas. Reg. §1.274-5T(f)(5)(ii) |
Exception for 10% direct or indirect ownership employees. |
4-3 |
Treas. Reg . §1.301-1(m) |
Cancellation of shareholder indebtedness treated as distribution of property. |
2-12 |
Treas. Reg. §1.446-1(c )(2)(i) |
Accounting Methods – Inventory |
2-3 |
Treas. Reg. § 1.451-2(a ) |
Definition of “Constructive Receipt” |
2-5 |
Treas. Reg. § 1.482-1(i)(5) |
Definition of “Controlled Taxpayer” |
2-17 |
Treas. Reg. § 1.482-2 |
Rules for determination of the true taxable income of “controlled taxpayers” in specific situations |
2-16 |
Treas. Reg. § 1.1015-1 |
New owner’s basis after transfer |
3-2 |
Treas. Reg. § 31.6302-1(g) |
Agricultural employers |
4-15 |
Revenue Rulings and Revenue Procedures |
Chapter Section |
Page |
|---|---|---|
Rev. Rul. 65-296 |
Natural Resources (Depletion) |
3-6 |
Rev. Rul. 66-58 |
Capital Gains and Losses for Cotton Allotment Sale |
3-7 |
Rev. Rul. 67-51 |
Additional First Year Depreciation Allowance – Fruit Trees not Allowed as IRC 179 Deduction |
3-5 |
Rev. Rul. 74-306 |
Losses for Cotton Allocation |
3-7 |
Rev. Rul. 79 - 229 |
Prepaid Expenses |
4-2, 4-3 |
Rev. Rul. 80-19 |
Excess Sales Price Taxable as Ordinary Income |
2-9 |
Rev. Rul. 82-214 |
Depletion (Ground Water) |
3-6 |
Rev. Rul. 85-82 |
Expenses to Farmers – Unharvested Crop Costs |
3-8, 6-12 |
Rev. Rul. 87-103 |
Commodity Certificates |
5-7 |
Rev. Proc. 2002-9 |
Automatic Change of Accounting Procedures |
2-9 |
Court Cases |
Cite |
Page |
|---|---|---|
Benes v. Commissioner |
42 T.C. 358, 381 (1964), aff’d, 355 F. 2d 929 (6 th Cir. 1966) |
2-4 |
Young Door Co., Eastern Div. v. Commissioner |
40 T.C. 890 (1963) |
2-4, 2-5 |
Gullet v. Commissioner |
31 B.T.A. 1067, 1069 (1935) |
2-4 |
Ross v. Commissioner |
169 F. 2d 483, 490 (1 st Cir. 1948) |
2-5 |
Amend v. Commissioner |
13 T.C. 178, 185 (1949) |
2-5 |
Basila v. Commissioner |
36 T.C. 111, 116 (1961) |
2-5 |
Hamilton Nat’l Bank of Chattanooga v. Commissioner |
29 B.T.A. 63, 67 (1933) |
2-5 |
Robinson v. Commissioner |
44 T.C. 20 (1965) |
2-5 |
Oates v. Commissioner |
18 T.C. 570 (1952), aff’d, 207 F. 2d 711 (7 th Cir. 1953) |
2-5 |
Oliver v. United States |
193 F. Supp. 930, 933 (E.D. Ark. 1961) |
2-5 |
Thompson v. Commissioner |
322 F. 2d. 122 (5 th Cir. 1963), aff’g and rev’g 38 T.C. 153 (1962) |
2-9 |
United States v. Isaak |
400 F. 2d 869 (9 th Cir. 1968) |
2-9 |
Utley v. Commissioner |
906 F.2d 1033 (5 th Cir. 1990) |
2-17 |
Louisiana Land & Exploration Co. vs. Commissioner |
161 F. 2d 842 (5 th Cir. 1947) |
3-6 |
Lillie v. Commissioner |
45 T.C. 54 (1965), aff’d per curiam, 370 F. 2d 562 (9 th Cir. 1966) |
4-1 |
Social Psychological Services, Inc. v. Commissioner |
T.C. Memo. 1993-565 |
4-3 |
Estate of Straughn v. Commissioner |
55 T.C. 21 (1970) |
4-6 |
Amfac, Inc. v. Commissioner |
626 F. 2d 109 (9 th Cir. 1980) |
4-6 |
Behring v. Commissioner |
32 T.C. 1256 (1959) |
4-6 |
Pelaez and Sons, Inc. v. Commissioner |
114 T.C. 473 (2000), aff’d, 253 F.3d 711 (11 th Cir. 2001) |
4-10 |
