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26 U.S.C. § 248 — Organizational expenditures

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 248 — Organizational expenditures

**(a) Election to deduct** If a corporation elects the application of this subsection (in accordance with regulations prescribed by the Secretary) with respect to any organizational expenditures— (1) the corporation shall be allowed a deduction for the taxable year in which the corporation begins business in an amount equal to the lesser of— (A) the amount of organizational expenditures with respect to the taxpayer, or (B) $5,000, reduced (but not below zero) by the amount by which such organizational expenditures exceed $50,000, and (2) the remainder of such organizational expenditures shall be allowed as a deduction ratably over the 180-month period beginning with the month in which the corporation begins business. **(b) Organizational expenditures defined** The term “organizational expenditures” means any expenditure which— (1) is incident to the creation of the corporation; (2) is chargeable to capital account; and (3) is of a character which, if expended incident to the creation of a corporation having a limited life, would be amortizable over such life. **(c) Time for and scope of election** The election provided by subsection (a) may be made for any taxable year but only if made not later than the time prescribed by law for filing the return for such taxable year (including extensions thereof). The period so elected shall be adhered to in computing the taxable income of the corporation for the taxable year for which the election is made and all subsequent taxable years.

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Source file: Laws/federal/codes/united-states-code/title-26/section-248-organizational-expenditures--acdcfbc51f.md
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Source location: Title 26, Chapter 1, § 248; chapter-001-normal-taxes-and-surtaxes.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 6013 — Joint returns of income tax by husband and wife

**(a) Joint returns** A husband and wife may make a single return jointly of income taxes under subtitle A, even though one of the spouses has neither gross income nor deductions, except as provided below: (1) no joint return shall be made if either the husband or wife at any time during the taxable year is a nonresident alien; (2) no joint return shall be made if the husband and wife have different taxable years; except that if such taxable years begin on the same day and end on different days because of the death of either or both, then the joint return may be made with respect to the taxable year of each. The above exception shall not apply if the surviving spouse remarries before the close of his taxable year, nor if the taxable year of either spouse is a fractional part of a year under section 443(a)(1); (3) in the case of death of one spouse or both spouses the joint return with respect to the decedent may be made only by his executor or administrator; except that in the case of the death of one spouse the joint return may be made by the surviving spouse with respect to both himself and the decedent if no return for the taxable year has been made by the decedent, no executor or administrator has been appointed, and no executor or administrator is appointed before the last day prescribed by law for filing the return of the surviving spouse. If an executor or administrator of the decedent is appointed after the making of the joint return by the surviving spouse, the executor or administrator may disaffirm such joint return by making, within 1 year after the last day prescribed by law for filing the return of the surviving spouse, a separate return for the taxable year of the decedent with respect to which the joint return was made, in which case the return made b

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6013

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 195 — Start-up expenditures

**(a) Capitalization of expenditures** Except as otherwise provided in this section, no deduction shall be allowed for start-up expenditures. **(b) Election to deduct** (1) **Allowance of deduction** — If a taxpayer elects the application of this subsection with respect to any start-up expenditures— (A) the taxpayer shall be allowed a deduction for the taxable year in which the active trade or business begins in an amount equal to the lesser of— (i) the amount of start-up expenditures with respect to the active trade or business, or (ii) $5,000, reduced (but not below zero) by the amount by which such start-up expenditures exceed $50,000, and (B) the remainder of such start-up expenditures shall be allowed as a deduction ratably over the 180-month period beginning with the month in which the active trade or business begins. (2) **Dispositions before close of amortization period** — In any case in which a trade or business is completely disposed of by the taxpayer before the end of the period to which paragraph (1) applies, any deferred expenses attributable to such trade or business which were not allowed as a deduction by reason of this section may be deducted to the extent allowable under section 165. (3) **Special rule for taxable years beginning in 2010** — In the case of a taxable year beginning in 2010, paragraph (1)(A)(ii) shall be applied— (A) by substituting “$10,000” for “$5,000”, and (B) by substituting “$60,000” for “$50,000”. **(c) Definitions** For purposes of this section— (1) **Start-up expenditures** — The term “start-up expenditure” means any amount— (A) paid or incurred in connection with— (i) investigating the creation or acquisition of an active trade or business, or (ii) creating an active trade or business,

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 195

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2 — Definitions and special rules

**(a) Definition of surviving spouse** (1) **In general** — For purposes of section 1, the term “surviving spouse” means a taxpayer— (A) whose spouse died during either of his two taxable years immediately preceding the taxable year, and (B) who maintains as his home a household which constitutes for the taxable year the principal place of abode (as a member of such household) of a dependent (i) who (within the meaning of section 152, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof) is a son, stepson, daughter, or stepdaughter of the taxpayer, and (ii) with respect to whom the taxpayer is entitled to a deduction for the taxable year under section 151. (2) **Limitations** — Notwithstanding paragraph (1), for purposes of section 1 a taxpayer shall not be considered to be a surviving spouse— (A) if the taxpayer has remarried at any time before the close of the taxable year, or (B) unless, for the taxpayer’s taxable year during which his spouse died, a joint return could have been made under the provisions of section 6013 (without regard to subsection (a)(3) thereof). (3) **Special rule where deceased spouse was in missing status** — If an individual was in a missing status (within the meaning of section 6013(f)(3)) as a result of service in a combat zone (as determined for purposes of section 112) and if such individual remains in such status until the date referred to in subparagraph (A) or (B), then, for purposes of paragraph (1)(A), the date on which such individual died shall be treated as the earlier of the date determined under subparagraph (A) or the date determined under subparagraph (B): (A) the date on which the determination is made under [section 556 of title 37](https://uscode.house.gov/view.xhtml?req=granuleid:

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 248 — Organizational expenditures

Page 993 TITLE 26—INTERNAL REVENUE CODE § 248 sale or exchange of such property shall be treated as— (A) for such amount of the income or gain as is equal to or less than the amount of in- come which would be included in income at the time of contribution under subsection (f)(3) but for the taxpayer’s election under this subsection, ordinary income, and (B) for any amounts of the income or gain which are in excess of the amount of income which would be included in income at the time of contribution under subsection (f)(3) but for the taxpayer’s election under this subsection, having the same character as if this subsection did not apply. (3) Election (A) In general For each taxable year, a Settlement Trust may elect to apply this subsection for any property described in paragraph (1) which was contributed during such year. Any prop- erty to which the election applies shall be identified and described with reasonable par- ticularity on the income tax return or an amendment or supplement to the return of the Settlement Trust, with such election to have effect solely for such taxable year. (B) Revocation Any election made by a Settlement Trust pursuant to this subsection may be revoked pursuant to a timely filed amendment or supplement to the income tax return of such Settlement Trust. (C) Certain dispositions (i) In general In the case of any property for which an election is in effect under this subsection and which is disposed of within the first taxable year subsequent to the taxable year in which such property was contrib- uted to the Settlement Trust— (I) this section shall be applied as if the election under this subsection had not been made, (II) any income or gain which would have been included in the year of con- tribution u

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 248

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