Computation of capital base: deductions excluded from total income must proportionately reduce the capital for standard deduction. The capital base for the standard deduction must be reduced proportionately where any part of a company's income is not includible in total income; amounts deducted from total income (including Chapter VIA deductions) are treated as not includible and require a corresponding diminution of capital, and assessing officers are to implement and review completed assessments accordingly.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Computation of capital base: deductions excluded from total income must proportionately reduce the capital for standard deduction.
The capital base for the standard deduction must be reduced proportionately where any part of a company's income is not includible in total income; amounts deducted from total income (including Chapter VIA deductions) are treated as not includible and require a corresponding diminution of capital, and assessing officers are to implement and review completed assessments accordingly.
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