Federal taxable income definition

Federal taxable income means taxable income as defined in section 63 of the internal revenue code, except that federal taxable income shall be calculated as if section 168(k) and section 199 of the internal revenue code were not in effect.

Federal taxable income means taxable income as defined

Federal taxable income means taxable income as defined in section 63 of the internal revenue code.

Examples of Federal taxable income in a sentence

• In order to induce patronage and to assure that the Corporation will operate on a cooperative basis, the Corporation is obligated to assign on a patronage basis to all Members patronage dividends in an aggregate amount equal to the Corporation’s Federal taxable income from business done with or for Members (as computed prior to taking into account any deduction for patronage dividends).

• Check this box if this is the final return for the fiduciary.SCHEDULE 1 - COMPUTATION OF TAXABLE INCOME AND TAX OF FIDUCIARYBefore completing Schedule 1, complete all applicable schedules on the back of Form 770.Line 1: Federal taxable income of the estate or trust.Resident fiduciaries:Enter the federal taxable income reported on Form 1041.Nonresident fiduciaries:Enter the taxable income from Schedule 2, Line 8.Line 2: Fiduciary’s share of Virginia modifications.

• Deductions under Internal Revenue Code Subchapter B, Parts VI and VII which are allowable in determining Federal taxable income (itemized deductions) are not allowable deductions in determining Indiana Adjusted Gross Income.

• Thus, for ex- ample, when for purposes of the cal- culation the taxpayer’s Federal taxable income is adjusted to reflect the exclu- sion from gross income of interest on obligations of the United States, no change shall be made in the amount of the taxpayer’s deduction for medical expenses, or in the amount of his chari- table contribution base, even though such amounts would ordinarily depend upon the amount of adjusted gross in- come.[T.D. 7577, 43 FR 59366, Dec.

• Please fill out the Applicants 2019 and 2020 Federal taxable income.

More Definitions of Federal taxable income

Federal taxable income means the taxable income of Holdings for any taxable year computed pursuant to Section 1363(b) (or any successor provision) of the Code but calculated as if the taxable year of Holdings ended on the date with respect to which such taxable income calculation is made, reduced, but not below zero, by the amount of any Suspended Losses treated as incurred by Holdings in, and allowed as deductions on the tax returns of Holdings’ stockholders for, such taxable year.

Federal taxable income means taxable income as defined in Section

Federal taxable income means taxable income, before operating loss deduction and special deductions, as required to be reported for the taxpayer's taxable year under the Internal Revenue Code.

Federal taxable income means, when referring to an individual, "taxable income", as that term is defined and described in section 63 of the Internal Revenue Code (26 U.S.C. 63), and means, when referring to a trust or estate, "taxable income", as that term is defined and described in subtitle A, chapter 1, subchapter J, of the Internal Revenue Code (26 U.S.C., subchapter J).

Federal taxable income means taxable income as defined in section 63 of the internal revenue code without the deductions described under section 703(a)(2) of the internal revenue code. For the purposes of this part in computing federal taxable income, an S corporation shall be treated as a corporation under section 1361(a)(2) of the internal revenue code and a partnership shall be treated as an association taxable as a corporation pursuant to an election under 26 CFR 301.7701-3(a).

Federal taxable income means the taxable income of Parent for any taxable year computed pursuant to Section 1363(b) (or any successor provision) of the Code but calculated as if the taxable year of Parent ended on the date with respect to which such taxable income calculation is made, reduced, but not below zero, by the amount of any Suspended Losses which are treated as incurred by Parent in, and allowed as deductions on the tax returns of Parent’s stockholders for, such taxable year.

Federal taxable income means taxable income as defined in section 63 of the inter- nal revenue code.