Cfr Title 26 Pt 1(1.140-1.169); Code Of Federal Regulations(paper)2018

Cfr Title 26 Pt 1(1.140-1.169); Code Of Federal Regulations(paper)2018
Code of Federal Regulations, Title 26, Internal Revenue, Pt. 1 (1.140 to 1.169), Revised as of April 1, 2018
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26 CFR, Part 1 (1.140 - 1.169); description continues coverage of rules, regulations, and procedures, and administration related to: TITLE 26—Internal Revenue, CHAPTER I—INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED), SUBCHAPTER A—INCOME TAX (CONTINUED)

Table of Contents


Table of contents.

Tax Exemption Requirements for State and Local Bonds


Definitions and rules of general application.


Private activity bond tests.


Definition of private business use.


Private security or payment test.


Private loan financing test.


Allocation and accounting rules.


Special rules for output facilities.


$15 million limitation for output facilities.


Unrelated or disproportionate use test.


Coordination with volume cap. [Reserved]


Acquisition of nongovernmental output property. [Reserved]


Remedial actions.


Refunding issues.


Anti-abuse rules.


Effective/applicability dates.


Effective dates for qualified private activity bond provisions.


Table of contents.


Exempt facility bonds.


Remedial actions.


Refunding Issues. [Reserved]


Use of proceeds to provide a facility.


Exempt facility bonds: Sewage facilities.


Exempt facility bonds: solid waste disposal facilities.


Manner of making election to terminate tax-exempt bond financing.


Requirements related to arbitrage.


Table of contents.


Qualified small issue bonds, qualified student loan bonds, and qualified redevelopment bonds.


Remedial actions.


Table of contents.


Qualified 501(c)(3) bonds.


Application of private activity bond regulations.


Table of contents.


Other requirements applicable to certain private activity bonds.


Remedial actions.


Bond maturity limitation-treatment of working capital.


Scope and table of contents.


Definitions and elections.


General arbitrage yield restriction rules.


General arbitrage rebate rules.


Yield on an issue of bonds.


Yield and valuation of investments.


General allocation and accounting rules.


Spending exceptions to the rebate requirement.


Small issuer exception to rebate requirement.


Arbitrage rules for refunding issues.


Anti-abuse rules and authority of Commissioner.


Effective/applicability dates.


Federally guaranteed bonds.


Limitations on advance refundings.


Information reporting requirements for tax-exempt bonds.


Hedge bonds.




Proceeds of bonds used for reimbursement.


Change in use of facilities financed with tax-exempt private activity bonds.


Filing notices and elections.

Regulations Applicable to Certain Bonds Sold Prior to July 8, 1997


Definitions and elections.


General arbitrage yield restriction rules.


General arbitrage rebate rules.


Yield on an issue of bonds.


Yield and valuation of investments.


General allocation and accounting rules.


Arbitrage rules for refunding issues.


Anti-abuse rules and authority of Commissioner.


Effective dates.


Limitations on advance refundings.



Deductions for Personal Exemptions


Deductions for personal exemptions.


Additional exemptions for dependents.




Amount of deduction for each exemption under section 151.


General definition of a dependent.


Rules relating to general definition of dependent.


Multiple support agreements.


Special rule for a child of divorced or separated parents or parents who live apart.


Determination of marital status.


Statutory provisions; cross references.

Itemized Deductions for Individuals and Corporations


Allowance of deductions.


Business expenses.


Traveling expenses.


Materials and supplies.




Expenses for education.


Compensation for personal services.


Treatment of excessive compensation.


Bonuses to employees.


Certain employee benefits.


Questions and answers relating to the deduction of employee benefits under the Tax Reform Act of 1984; certain limits on amounts deductible (temporary).




Expenses of farmers.


Depositors' guaranty fund.


Expenditures for advertising or promotion of good will.


Contributions, dues, etc.


Cross reference.


Reporting and substantiation of certain business expenses of employees.


Illegal bribes and kickbacks.


Capital contributions to Federal National Mortgage Association.


Expenditures attributable to lobbying, political campaigns, attempts to influence legislation, etc., and certain advertising.


Fines and penalties.


Treble damage payments under the antitrust laws.


Travel expenses of state legislators.


Deductions with respect to noncash fringe benefits.


Deductions with respect to noncash fringe benefits (temporary).


Certain employee remuneration in excess of $1,000,000.


Allocation of costs to lobbying activities.


Influencing legislation.


The $500,000 deduction limitation for remuneration provided by certain health insurance providers.


Expenses paid or incurred for lodging when not traveling away from home.


Disallowance of deduction for reacquisition payments.


Table of Contents.


Deduction for health insurance costs of self-employed individuals.


Interest deduction in general.


Installment purchases where interest charge is not separately stated.


Deduction for discount on bond issued on or before May 27, 1969.


Deduction for original issue discount on certain obligations issued after May 27, 1969.


Denial of interest deduction on certain obligations issued after December 31, 1982, unless issued in registered form.


Denial of interest deduction on certain obligations issued after December 31, 1982, unless issued in registered form (temporary).


Reduction of deduction where section 25 credit taken (temporary).


Deduction for OID on certain debt instruments.


Allocation of interest expense among expenditures (temporary).


Personal interest (temporary).


Qualified residence interest (temporary).


Allocation of certain prepaid qualified mortgage insurance premiums.


Deduction of original issue discount on instrument held by related foreign person.


Treatment of bond issuance premium.


Time and manner for making elections under the Omnibus Budget Reconciliation Act of 1993 and the Jobs and Growth Tax Relief Reconciliation Act of 2003.


Deduction for taxes.


Deduction denied in case of certain taxes.


Definitions and special rules.


Taxes for local benefits.


Certain retail sales taxes and gasoline taxes.


Apportionment of taxes on real property between seller and purchaser.


Taxes of shareholder paid by corporation.


Payments for municipal services in atomic energy communities.




Obsolescence of nondepreciable property.


Demolition of buildings.


Decline in value of stock.


Worthless securities.


Farming losses.


Casualty losses.


Theft losses.


Sale of residential property.


Wagering losses.


Election in respect of losses attributable to a disaster.


Election to take disaster loss deduction for preceding year (temporary).


Denial of deduction for losses on registration-required obligations not in registered form.


Questions and answers relating to the treatment of losses on certain straddle transactions entered into before the effective date of the Economic Recovery Tax Act of 1981, under section 108 of the Tax Reform Act of 1984 (temporary).


Bad debts.


Evidence of worthlessness.


Partial or total worthlessness.


Reserve for bad debts.


Nonbusiness debts.


Sale of mortgaged or pledged property.


Worthless bonds issued by an individual.


Losses of guarantors, endorsers, and indemnitors incurred on agreements made before January 1, 1976.


Losses of guarantors, endorsers, and indemnitors incurred, on agreements made after December 31, 1975, in taxable years beginning after such date.


Reserve for guaranteed debt obligations.


Depreciation in general.


Tangible property.




Leased property.


Apportionment of basis.


Application of section 1060 to section 167 (temporary).


Depreciation in special cases.


Accounting for depreciable property.






When depreciation deduction is allowable.


Depreciation based on class lives and asset depreciation ranges for property placed in service after December 31, 1970.


Depreciation based on class lives for property first placed in service before January 1, 1971.


Certain elections for intangible property (temporary).


Treatment of certain intangible property excluded from section 197.


Methods of computing depreciation.


Straight line method.


Declining balance method.


Sum of the years-digits method.


Other methods.


Limitations on methods of computing depreciation under section 167(b) (2), (3), and (4).


Agreement as to useful life and rates of depreciation.


Change in method.


Reduction of salvage value taken into account for certain personal property.


Basis for depreciation.


Life tenants and beneficiaries of trusts and estates.


Depreciation of improvements in the case of mines, etc.


Limitations on reasonable allowance in case of property of certain public utilities.


Public utility property; election as to post-1969 property representing growth in capacity.


Multiple regulation, asset acquisitions, reorganizations, etc.


Public utility property; election to use asset depreciation range system.


Class lives.


Special rules.


Modified accelerated cost recovery system.




Table of contents for the applicable convention rules.


Applicable conventions—half-year and mid-quarter conventions.


Safe-harbor lease information returns concerning qualified mass commuting vehicles (temporary).


Like-kind exchanges involving tax-exempt use property.


Table of contents for the general asset account rules.


General asset accounts.


Lease term.


Treatment of excess deferred income tax reserve upon disposition of deregulated public utility property.


Changes in use.


Table of contents.


Like-kind exchanges and involuntary conversions.


Accounting for MACRS property.


Dispositions of MACRS property.


Questions and answers concerning tax-exempt entity leasing rules (temporary).


Table of contents.


Additional first year depreciation deduction.


Amortization of emergency facilities; general rule.


Election of amortization.


Election to discontinue amortization.




Adjusted basis of emergency facility.


Depreciation of portion of emergency facility not subject to amortization.


Payment by United States of unamortized cost of facility.


Amortization of pollution control facilities.




Amortizable basis.


Time and manner of making elections.


Lawyers, law librarians and law students should be familiar with the Code of Federal Regulations. Law libraries and some academic libraries should have a copy of this publication for their patrons. In addition, members of government and policymakers, members of Congress, tax preparers, investment counselors and brokers, social activists, political consultants, media writers and producers, university instructors and professors, political scientists, and taxpayers would find this publication useful.


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