§242 — Repealed. Pub. L. 94–455, title XIX, § 1901(a)(33), Oct. 4, 1976, 90 Stat. 1769]
41 cases·3 followed·2 distinguished·36 cited—7% support
Statute Text — 26 U.S.C. §242
[§ 242. Repealed. Pub. L. 94–455, title XIX, § 1901(a)(33), Oct. 4, 1976, 90 Stat. 1769] Section, acts Aug. 16, 1954, ch. 736, 68A Stat. 72; Feb. 26, 1964, Pub. L. 88–272, title I, § 123(c), 78 Stat. 30, allowed to corporations as a deduction the amount received as interest on obligations of the United States or on obligations of corporations organized under Acts of Congress which are instrumentalities of the United States under certain conditions. Statutory Notes and Related Subsidiaries Effective Date of RepealRepeal effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as an Effective Date of 1976 Amendment note under section 2 of this title.
Treasury Regulations
- Treas. Reg. §Treas. Reg. §1.242-1 Deduction for partially tax-exempt interest
41 Citing Cases
When SCC sold its remaining assets in September 2001, it would have continued to be insolvent pursuant to section 242.02(2) ofthe Wisconsin Statutes.
When SCC sold its remaining assets in September 2001, it would have continued to be insolvent pursuant to section 242.02(2) ofthe Wisconsin Statutes.
When SCC sold its remaining assets in September 2001, it would have continued to be insolvent pursuant to section 242.02(2) ofthe Wisconsin Statutes.
§ 242.300(a) (2009). Petitioner initially operated an alternative trading system. By the years in issue its exchanges were registered as national securities exchanges. From mid-2005 through January 2006, petitioner’s founders wrote software code for the trading of equity securities. In 2006 petitioner launched a trading platform using the software
Where a debtor transfers propertyto a transferee and thereby avoids creditor claims, WIUFTA provides creditors with certain remedies against the transferee. See 4 sec. 242.07; see also 4 sec. 242.01(3) ("'Claim' means a right to payment, whether or not the right is reduced tojudgment, liquidated, unliquidated, fixed, contingent, ma
Where a debtor transfers propertyto a transferee and thereby avoids creditor claims, WIUFTA provides creditors with certain remedies against the transferee. See 4 sec. 242.07; see also 4 sec. 242.01(3) ("'Claim' means a right to payment, whether or not the right is reduced tojudgment, liquidated, unliquidated, fixed, contingent, ma
Where a debtor transfers propertyto a transferee and thereby avoids creditor claims, WIUFTA provides creditors with certain remedies against the transferee. See 4 sec. 242.07; see also 4 sec. 242.01(3) ("'Claim' means a right to payment, whether or not the right is reduced tojudgment, liquidated, unliquidated, fixed, contingent, ma
Where a debtor transfers propertyto a transferee and thereby avoids creditor claims, WIUFTA provides creditors with certain remedies against the transferee. See 4 sec. 242.07; see also 4 sec. 242.01(3) ("'Claim' means a right to payment, whether or not the right is reduced tojudgment, liquidated, unliquidated, fixed, contingent, ma
- 109 - [*109] recharacterized as a liquidation in which those taxpayers received cash from Woodside. See id. at 454-457. In reaching its second holding that the taxpayers in Feldman were trans- ferees ofproperty ofWoodside for purposes ofthe applicable law ofthe State of Wisconsin, the Court ofAppeals first rejected an argument that
- 109 - [*109] recharacterized as a liquidation in which those taxpayers received cash from Woodside. See id. at 454-457. In reaching its second holding that the taxpayers in Feldman were trans- ferees ofproperty ofWoodside for purposes ofthe applicable law ofthe State of Wisconsin, the Court ofAppeals first rejected an argument that
- 109 - [*109] recharacterized as a liquidation in which those taxpayers received cash from Woodside. See id. at 454-457. In reaching its second holding that the taxpayers in Feldman were trans- ferees ofproperty ofWoodside for purposes ofthe applicable law ofthe State of Wisconsin, the Court ofAppeals first rejected an argument that
fers property and thereby avoids creditor claims. If the elements of the Wisconsin UFTA are satisfied, creditors may obtain an attachment or other remedy against the property transferred and against the transferees and their property. Wisconsin UFTA sec. 242.07. Respondent does not argue that petitioners should be liable as transferees under Wisconsin UFTA section 242.04 (1) (a), a provision that requires a debtor's actual intent to defraud, hinder, or delay a creditor. However, respondent argue
fers property and thereby avoids creditor claims. If the elements of the Wisconsin UFTA are satisfied, creditors may obtain an attachment or other remedy against the property transferred and against the transferees and their property. Wisconsin UFTA sec. 242.07. Respondent does not argue that petitioners should be liable as transferees under Wisconsin UFTA section 242.04 (1) (a), a provision that requires a debtor's actual intent to defraud, hinder, or delay a creditor. However, respondent argue
fers property and thereby avoids creditor claims. If the elements of the Wisconsin UFTA are satisfied, creditors may obtain an attachment or other remedy against the property transferred and against the transferees and their property. Wisconsin UFTA sec. 242.07. Respondent does not argue that petitioners should be liable as transferees under Wisconsin UFTA section 242.04 (1) (a), a provision that requires a debtor's actual intent to defraud, hinder, or delay a creditor. However, respondent argue
fers property and thereby avoids creditor claims. If the elements of the Wisconsin UFTA are satisfied, creditors may obtain an attachment or other remedy against the property transferred and against the transferees and their property. Wisconsin UFTA sec. 242.07. Respondent does not argue that petitioners should be liable as transferees under Wisconsin UFTA section 242.04 (1) (a), a provision that requires a debtor's actual intent to defraud, hinder, or delay a creditor. However, respondent argue
fers property and thereby avoids creditor claims. If the elements of the Wisconsin UFTA are satisfied, creditors may obtain an attachment or other remedy against the property transferred and against the transferees and their property. Wisconsin UFTA sec. 242.07. Respondent does not argue that petitioners should be liable as transferees under Wisconsin UFTA section 242.04 (1) (a), a provision that requires a debtor's actual intent to defraud, hinder, or delay a creditor. However, respondent argue
, 3 - 16 - B.T.A. 1186, 1193 (1926) (accrued liability for fire loss is deductible unpaid loss). An insurance company was a life insurance company under the 1921 Act if more than half of its total reserves were life insurance reserves. See 1921 Act sec. 242, 42 Stat. 261. This qualification fraction, which is the genesis of the reserve ratio, meant that an insurance company could not qualify as a life insurance company for Federal income tax purposes unless more than 50 percent of its total insu
The consolidated net operating loss shall be determined by taking into account the following: (1) The separate taxable income (as determined under § 1.1502-12) of each member of the group, computed without regard to any deduction under section 242; (2) Any consolidated capital gain net income (net capital gain for taxable years beginning before January 1, 1977); (3) Any consolidated section 1231 net loss; (4) Any consolidated charitable contributions deduction; (5) Any consolidated dividends rec
The consolidated net operating loss shall be determined by taking into account the following: (1) The separate taxable income (as determined under § 1.1502-12) of each member of the group, computed without regard to any deduction under section 242; (2) Any consolidated capital gain net income (net capital gain for taxable years beginning before January 1, 1977); (3) Any consolidated section 1231 net loss; (4) Any consolidated charitable contributions deduction; (5) Any consolidated dividends rec