Deductions in computing total income restricted by aggregate cap, exclusivity rules, filing conditions and market value adjustments. Deductions in the Chapter are allowable from gross total income but cannot exceed the gross total income; deductions taken by an association for certain heads bar identical deductions for individual members. Part C deductions are exclusive, capped by the profits of the specific undertaking or business, and are contingent on timely filing and claiming in the return. Inter business transfers must be valued at market value where recorded consideration differs, and 'market value' includes open market price or, for specified domestic transactions, an arm's length price.
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Provisions expressly mentioned in the judgment/order text.
Deductions in computing total income restricted by aggregate cap, exclusivity rules, filing conditions and market value adjustments.
Deductions in the Chapter are allowable from gross total income but cannot exceed the gross total income; deductions taken by an association for certain heads bar identical deductions for individual members. Part C deductions are exclusive, capped by the profits of the specific undertaking or business, and are contingent on timely filing and claiming in the return. Inter business transfers must be valued at market value where recorded consideration differs, and "market value" includes open market price or, for specified domestic transactions, an arm's length price.
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