U.S. Code > Title 26 > Subtitle A > Chapter 1 > Subchapter P > Part V > Subpart C – Discount On Short-Term Obligations
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§ 1281 | Current inclusion in income of discount on certain short-term obligations |
§ 1282 | Deferral of interest deduction allocable to accrued discount |
§ 1283 | Definitions and special rules |
Terms Used In U.S. Code > Title 26 > Subtitle A > Chapter 1 > Subchapter P > Part V > Subpart C - Discount On Short-Term Obligations
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Chambers: A judge's office.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Joint session: When both chambers of a legislature adopt a concurrent resolution to meet together.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Majority leader: see Floor Leaders
- Minority leader: See Floor Leaders
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
- Oversight: Committee review of the activities of a Federal agency or program.
- person: shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation. See 26 USC 7701
- Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
- Recess: A temporary interruption of the legislative business.
- Secretary: means the Secretary of the Treasury or his delegate. See 26 USC 7701
- State: includes the District of Columbia. See 3 USC 21
- taxable year: means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the taxable income is computed under subtitle A. See 26 USC 7701
- taxpayer: means any person subject to any internal revenue tax. See 26 USC 7701
- trade or business: includes the performance of the functions of a public office. See 26 USC 7701
- transaction: includes a series of transactions. See 26 USC 7701
- writing: includes printing and typewriting and reproductions of visual symbols by photographing, multigraphing, mimeographing, manifolding, or otherwise. See 1 USC 1