Description of Tax Bills (S. 146, S. 1332, S. 1758, S. 1809, and S. 1857): Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance, on November 17, 1983 |
Other editions - View all
Common terms and phrases
5-year class 50 percent bill would apply bill would provide boat crew members capital construction fund capital-gain property Charitable Deduction Rules Code sec contributions deducted or excluded disposition of assets disqualified person donee organization donor foundation earnings and profits excluded funds exemption from FUTA Explanation of provision fair market value first-tier excise tax fishing boat crew foundation rules funds withdrawn FUTA taxes grant half-year convention income tax individuals Internal Revenue Service investment tax credit lieu of basis ment NOVEMBER 17 personal holding company personal property placed in service post-1982 recovery property present ACRS rules private foundation private nonoperating foundations private operating foundations property in category public charities public utility property qualified vessel qualified withdrawal qualifying property recovery deductions taken recovery percentages reduced Regulated Investment Companies remuneration paid Section 2(a self-dealing service after 1980 spouse substantial contributor taxable years beginning taxpayer elects tion unless the taxpayer vessel is financed withdrawal of previously
Popular passages
Page 12 - ... personal holding company income (ie, certain dividends, interest, rents, and royalties, as defined in the Code), and (2) at any time during the last half of the taxable year more than 50 percent in value of its outstanding stock is owned, directly or indirectly, by or for not more than five individuals.
Page 12 - Stock owned, directly or indirectly, by or for a corporation, partnership, estate, or trust is considered as being owned proportionately by its shareholders, partners, or beneficiaries.
Page 4 - In order to ensure that such grants will be properly used by the recipient for charitable purposes, the grantor must make reasonable efforts, and establish adequate procedures, to see that the grant is spent solely for proper uses, to obtain full reports from the grantee, and to make full reports to the Internal Revenue Service on the grants (sec.
Page 12 - RIC, if the shareholders of the investment company own limited partnership interests in the same partnership. Under the bill, a RIC would not be treated as a personal holding company if, at all times during the second half of the taxable year, (1) the company has at least 100 shareholders that are individuals or are treated as individuals, and (2) not more than 50 percent in value of the company's outstanding stock is owned, directly or indirectly, by or for five or less individuals. Further, for...
Page 6 - ... (C) the payment of the principal on indebtedness incurred in connection with the acquisition, construction or reconstruction of a qualified vessel or a barge or container which is part of the complement of a qualified vessel.
Page 7 - If, in the credit year or in any taxable year subsequent to the credit year, the basis (or cost) of section 38 property is reduced, for example, as a result of a refund of part of the cost of the property...
Page 6 - January 1, 1972, deposits made later than the last date permitted under paragraph (c)(l) of this section but on or before January 9, 1973, in a capital construction fund pursuant to an agreement with the Secretary of Commerce, acting by and through the Administrator of the National Oceanic and Atmospheric Administration, shall be deemed to have been made on the date of the actual deposit or as of the close of business of the last regular business day of such taxable year, whichever is earlier. (d)...
Page 8 - The cost recovery and investment tax credit rules enacted in the Economic Recovery Tax Act of 1981 and the Tax Equity and Fiscal Responsibility Act of 1982...
Page 6 - The term agreement vessel means any eligible vessel or qualified vessel which is subject to an agreement entered into under section 607 of the Act. (4) The term vessel...
Page 6 - Act of 1936 as amended, tax deferment incentives to shipbuilders to construct, reconstruct, recondition, or acquire vessels necessary for national defense or US commerce. Eligible applicants/beneficiaries: US citizens that own in whole or in part one or more vessels operating in the foreign or domestic commerce of the US or in the fisheries; any citizen operating such vessel or vessels owned by another individual.