Description of tax bills (S. 805, S. 1214, S. 1304, S. 1320, and S. 1369): scheduled for a hearing before the Subcommittee on Taxation and Debt Management of the Committee on Finance on July 24, 1981

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U.S. Government Printing Office, 1981 - Taxation - 13 pages
 

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Page 5 - In the case where a corporation which is a member of an affiliated group of corporations filing...
Page 5 - system group" is defined in section 1083 (d) to mean one or more chains of corporations connected through stock ownership with a common parent corporation, if at least 90 percent of each class of stock (other than (1) stock which is preferred as to both dividends and assets, and (2) stock which is limited and preferred as to dividends but which is not preferred as to assets but only if the total value of such stock is less than 1 percent of the aggregate value of...
Page 8 - SEC. 1242. LOSSES ON SMALL BUSINESS INVESTMENT COMPANY STOCK. "If— "(1) a loss is on stock in a small business investment company operating under the Small Business Investment Act of 1958...
Page 13 - In the case of partial loss caused by casualty, the amount of the loss equals the difference between the value of the property immediately preceding the casualty and its value immediately thereafter (Treas. Reg.
Page 8 - ... through the facilities of a national securities exchange or to or through a market maker otherwise than on an exchange. (b) This section shall not apply to any registration statement pertaining to securities issued by a face-amount certificate company or redeemable securities issued by an open-end management company or unit investment trust under the Investment Company Act of 1940 or any registration statement filed by any foreign government or political subdivision thereof. (Sees. 6, 7, 10,...
Page 13 - ... (sec. 165). An individual may deduct the amount of an unrecoverable loss incurred in a trade or business, in a transaction entered into for profit, or (subject to a $100 floor per occurrence) as a casualty or theft loss (sec.
Page 10 - ... to be resold by the purchaser on or in connection with the first retail sale of a light-duty truck...
Page 7 - Such standard deduction, however, may in no event exceed $1,000, or $500 in the case of a separate return by a married individual. For determination of marital status see ! 1.143-1. See section 4 and the regulations thereunder for rules relating to standard deduction in respect of optional tax. The optional tax tables provided for in section 3 reflect the standard deduction provided for in section 141. (b) Ten-percent standard deduction.
Page 10 - ... parts Under the bill, the present manufacturers excise tax on heavy-duty trucks, highway tractors and their related trailers and semitrailers would be replaced by a retailers excise tax on those articles. Thus, the tax would be collected when an article is first sold at retail rather than...
Page 6 - CB (Vol. 1) 1. (1) an amount equal to 50 percent of the excess of the company's gain from operations over its taxable investment...

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