Impact of the President's Tax Proposal on Small Business: Hearing Before the Subcommittee on SBA and SBIC Authority and General Small Business Problems of the Committee on Small Business, House of Representatives, Ninety-fifth Congress, Second Session, Washington, D.C., February 22, 1978 |
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50 percent accounting accrual accrual accounting additional ADR system allocation alternative tax amount assets Association basis billion cafeteria plan capital gains cash flow Chairman changes Code Committee Congress consent contributions Corp corporate tax D.C. National deduction deferred depreciation DISC dividends dollars economic effect eliminate employees equipment equity Ernst & Ernst excess export sales favor Federal filing Foreign tax credit historical cost impact incentives income tax increase individual Industries inflation Internal Revenue Service investment credit investment tax credit itemized deductions January 21 legislation LIFO limit loan loss Manufacturing National Chamber offset ownership partnership permit present law President's proposal problem Products recommend reduce regulations reporting Revenue Ruling shareholder simplified small business small firms Social Security stockholder Subchapter S corporation surtax exemption tax cut tax laws tax liability tax reductions Tax Reform taxable income taxation taxpayers tion unemployment Washington
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Page 481 - Under an accrual method of accounting, an expense is deductible for the taxable year in which all the events have occurred which determine the fact of the liability and the amount thereof can be determined with reasonable accuracy.
Page 79 - I wish to thank you, Mr. Chairman, and the members of the Committee for this opportunity to testify on the subject of tax reform for small business.
Page 465 - A small business corporation will be permitted to issue up to $1,000,000 of section 1244 stock, which is double the amount permitted by present law. The maximum amount allowed as an ordinary loss in any one year will be increased to $50,000 ($100,000 in the case of a husband and wife filing a joint return), which is also double the amount allowed* under present law.
Page 343 - ... (35 percent of the gross estate or 50 percent of the taxable estate).
Page 481 - Under an accrual method of accounting, income is includible in gross income when all the events have occurred which fix the right to receive such income and the amount thereof can be determined with reasonable accuracy.
Page 417 - ... lower-paid or non-stock-holding employees. Under the present law, it is contended the officers of a corporation may set up pension plans for themselves and make no provision for the other employees. Such actions are not in keeping with the purpose of this provision. "The coverage and nondiscr imination requirements would operate to safeguard the public against the use of the pension plan as a tax-avoidance device by management groups seeking to compensate themselves without paying their appropriate...
Page 476 - In the case of any farming syndicate (as defined in subsection (c)) — (1) the cost of poultry (including egg-laying hens and baby chicks) purchased for use in a trade or business (or both for use in a trade or business and for sale) shall be capitalized and deducted ratably over the lesser of 12 months or their useful life in the trade or business, and (2) the cost of poultry purchased for sale shall be deducted for the taxable year in which the poultry is sold or otherwise disposed of.
Page 67 - OVERPAYMENT OF ESTIMATED INCOME TAX Under current tax law a corporation that has overpaid its estimated income tax does not receive a refund until the end of the taxable year. It is the view of the National Chamber that refunds for overpayment should be made...
Page 365 - DISC benefits in 1979, two-thirds in 1980, and all DISC benefits in 1981 and thereafter. Foreign Tax Deferral Domestic corporations can now avoid paying a US tax on the earnings of their foreign subsidiaries as long as those earnings remain overseas. A US tax is generally deferred until dividends are paid by the subsidiary to its domestic parent, and then US tax liability is offset by a tax credit for foreign income taxes paid on those remitted earnings. Fifty percent of all the benefits of tax deferral...
Page 87 - Other examples, now being considered by the Congress, are the proposed Regulatory Flexibility Act and the Small Business Impact Statement Act. Reform efforts should be based on maintenance of a competitive free market system as the primary source of meeting consumer needs, with regulation only to the extent essential to the protection of health, safety and the general welfare. Regulation should be administered so as to eliminate uneven and inequitable enforcement, or duplication and conflict in requirements....