§1201 — Repealed. Pub. L. 115–97, title I, § 13001(b)(2)(A), Dec. 22, 2017, 131 Stat. 2096]

income ofthe members ofthe group which are personal holding companies; (d) Ifparagraph (b) ofthis section does not apply, the tax imposed by section 531 on the consolidated accumulatedtaxable income (see §1.1502-43); (e) The tax imposed by section 594(a) in lieu ofthe taxes imposed by section 11 or 1201 on the taxable income ofa life insurance department ofthe common parent ofa group which is a mutual savings bank; (f) The tax imposed by section 802(a) on consolidated life insurance companytaxab

The tax imposed by section 802(a) on consolidated life insurance company taxable income; (g) The tax imposed by section 831(a) on the consolidated insurance company taxable income of the members which are subject to such tax; (h) The tax imposed by section 1201, instead of the taxes computed under paragraphs (a) and (g) of this section, computed by reference to the net capital gain of the group (see §1.1502-22) (or, for consolidated return years to which §1.1502-22 does not apply, computed by r

ed individuals who were qualified IV-A recipients, qualified veterans, qualified ex-felons, high-risk youth, vocational rehabilitation referrals, qualified summer youth employees, or qualified food stamp recipients. Small Business Job Protection Act § 1201, 110 Stat. at 1768. 7 B. The Empowerment Zone Employment Credit The EZEC provides that “any employer” may receive a credit equal to 20% of qualified zone wages paid or incurred during the year the credit is claimed. I.R.C. § 1396(a) and (b). “

1201(2), 40 Stat. at 330. However, in the Tax Reform Act of 1969 (1969 Act), Pub. L. No. 91-172, 83 Stat. 487, Congress enacted a new statutory regime for a subset ofsection 501(c)(3) organizations, designated "private foundations" and defined for the first time in that legislation as, generally speaking, all organizations exempt from tax unde

1201(2), 40 Stat. at 330. However, in the Tax Reform Act of 1969 (1969 Act), Pub. L. No. 91-172, 83 Stat. 487, Congress enacted a new statutory regime for a subset ofsection 501(c)(3) organizations, designated "private foundations" and defined for the first time in that legislation as, generally speaking, all organizations exempt from tax unde

1201 (2012), but whose disability is not determined to be permanent and stable, is eligible to be placed in temporary disability retirement status. See id. sec. 1202. A service member in temporary disability retirement status must submit to periodic physical examinations, and a determination whether a particular disability is permanent and sta

1201 (2012).4 A service member otherwise entitled to retire permanentlyunder the provisions of 10 U.S.C. sec. 1201, but whose disability is not determined to be 3The Coast Guard is a military service and a branch ofthe armed forces of the United States. See 14 U.S.C. sec. 1 (2012). 4The VASRD is set forth at 38 C.F.R. part 4 (2012). -4- perma

Section 1201(a) provides forpreferential treatment with respect to gain realized on the sale ofa capital asset. Section 1221(a)(1) defines a capital asset as "propertyheld by the taxpayer * * * but does not include * * * propertyheld by the taxpayerprimarily for sale to customers in the ordinary course ofhis trade or business". The term "primarily"

Section 1201(a) provides forpreferential treatment with respect to gain realized on the sale ofa capital asset. Section 1221(a)(1) defines a capital asset as "propertyheld by the taxpayer * * * but does not include * * * propertyheld by the taxpayerprimarily for sale to customers in the ordinary course ofhis trade or business". The term "primarily"

3531 : (2) Certain amendments to apply notwithstanding treaties .--The following amendments made by the Reform Act [the 1986 Act] shall apply notwithstanding any treaty obligation of the United States in effect on the date of the enactment of the Reform Act : (A) The amendments made by section 1201 of the Reform Act .

Under this provision, military disability retirement pay is available for, among other things, a disability that is the proximate result of performing active duty, a disability that was incurred in the line of duty in time of war or national emergency, or a disability that was incurred in the line of duty after Sept. 14, 1978. -

Under this provision, military disability retirement pay is available for, among other things, a disability that is the proximate result of performing active duty, a disability that was incurred in the line of duty in time of war or national emergency, or a disability that was incurred in the line of duty after Sept. 14, 1978. See

Accordingly, respondent has taken the net capital gain of $40,354, applied the 35-percent maximum rate under section 1201 and arrived at $15,738 of income tax attributable to the net capital gain.18 After making the “tax attributable” adjustment, respondent reduced taxable income by the $24,616 difference in the process of arriving at accumulated taxable income.

wing provision as section 1012(aa)(2) of TAMRA: - 10 - (2) Certain Amendments To Apply Notwithstanding Treaties.-–The following amendments made by the Reform Act [viz Tax Reform Act of 1986] shall apply notwith- standing any treaty obligation of the United States in effect on the date of the enactment of the Reform Act: (A) The amendments made by section 1201 of the Reform Act.

ss enacted the following provision as section 1012(aa)(2) of TAMRA: - 11 - (2) Certain amendments to apply notwithstanding treaties.-–The following amendments made by the Reform Act [viz, TRA] shall apply notwithstanding any treaty obligation of the United States in effect on the date of the enactment of the Reform Act: (A) The amendments made by section 1201 of the Reform Act.

Accordingly, respondent has taken the net capital gain of $40,354, applied the 35-percent maximum rate under section 1201, and arrived at $15,738 of income tax attributable to the net capital gain.

our calculations, we also assume a 4-percent rate of inflation, based upon the 3- to-5- percent, and 4-percent, estimates of Messrs. Buck and Lax, respectively. As in effect on the valuation date, we assume a 34-percent capital gains tax rate under section 1201. Finally, in selecting a discount rate for our equations, we assume a rate of 20 percent and note that this in between the 17 to 22 percent suggested by Mr. Lax and the 20 to 25 percent suggested by Mr. Buck. - 44 - Based on the foregoin

That case involved a dispute concerning the computation of the alternative tax under section 1201(a) with respect to section 631(a) gains.

ty which becomes worthless during a taxable year. On brief after trial, petitioners argue "there is little significance to whether the loss constituted a short-term capital loss under § 166(d)(1)(B) IRC or a long term capital loss as described under § 1201 et.seq. IRC." They cite no other code sections throughout their brief and reply brief. The separate statutory provisions regarding losses and bad debts are mutually exclusive. Spring City Foundry Co. v. Commissioner, 292 U.S. 182, 189 (1934).

1201(1), 40 Stat. 300, 330 (1917).1 By not allowing a deduction, Congress has signaled that money expended for Federal income taxes constitutes a consumption expenditure, and not a cost of earning income. Congress’ present treatment of Federal income taxes is 1 See sec. 275(a)(1) (no deduction for Federal income taxes); Seidman, Seidman's Legi