Impact on Agriculture from Recent Changes in the U.S. Tax Code (diesel Fuel Tax): Hearing Before the Committee on Agriculture, House of Representatives, One Hundredth Congress, Second Session, March 17, 1988 |
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Page 11
... requirements that make even the brightest bureaucrat shudder . Clearly , in a time of a depressed farm economy our action could not have fallen on a more inappropriate group . Therefore , I believe that we must look at the various ...
... requirements that make even the brightest bureaucrat shudder . Clearly , in a time of a depressed farm economy our action could not have fallen on a more inappropriate group . Therefore , I believe that we must look at the various ...
Page 18
... requirements : to capitalize livestock preproduction expenses and to prepay the diesel fuel excise tax . code . As the April 15th tax filing deadline approaches , it is clear that the honest family farmer has been dealt a bad hand . In ...
... requirements : to capitalize livestock preproduction expenses and to prepay the diesel fuel excise tax . code . As the April 15th tax filing deadline approaches , it is clear that the honest family farmer has been dealt a bad hand . In ...
Page 19
... requirement of preproduction expenses . Second , H.R. 3903 would bar the use of cash accounting to farming businesses with annual sales of more than $ 5 million . This would offset the revenue cost of repealing Section 263A for animals ...
... requirement of preproduction expenses . Second , H.R. 3903 would bar the use of cash accounting to farming businesses with annual sales of more than $ 5 million . This would offset the revenue cost of repealing Section 263A for animals ...
Page 20
... requiring the use of a complicated and time - consuming method of accounting . DIESEL FUEL EXCISE TAX For the past ... requirement could tie up as much as $ 420 million in farm income and exacerbate cash flow problems for some farmers ...
... requiring the use of a complicated and time - consuming method of accounting . DIESEL FUEL EXCISE TAX For the past ... requirement could tie up as much as $ 420 million in farm income and exacerbate cash flow problems for some farmers ...
Page 21
... requirements makes good sense . Repeal of these Mr. Chairman , farmers and ranchers support repeal of the of the so - called heifer tax and diesel fuel tax requirement . With the farm economy starting to rebound , I'm sure you'll agree ...
... requirements makes good sense . Repeal of these Mr. Chairman , farmers and ranchers support repeal of the of the so - called heifer tax and diesel fuel tax requirement . With the farm economy starting to rebound , I'm sure you'll agree ...
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Common terms and phrases
$20 million additional assets Banks for Cooperatives borrowers Budget Reconciliation Act burden Byron Dorgan capital gains cash accounting Chairman changes CHAPOTON citrus collection point COMBEST CONGRESS THE LIBRARY costs dairy farmers deduct depreciation diesel fuel tax diesel tax economic election excise tax exempt users Farm Bureau Farm Credit System farmers and ranchers Federal fuel excise going Government growers hearing heifer tax impact income averaging increase industry Internal Revenue Service Jack Kelsey legislation LIBRARY OF CONGRESS livestock loan loss reserves MADIGAN March 17 MARLENEE material participation National Farmers Union National Grange operations PCA's PCAs percent preproductive expenses preproductive period problem Production Credit Association proposals provision question raising refund rental payments repeal requirement reserve method retail self-employment tax STENHOLM tax code tax collection tax law tax policy tax purposes Tax Reform Act tax-free purchases taxable taxpayer Texas Thank Treasury Department uniform capitalization rules WILSON
Popular passages
Page 187 - ... substantial portion of the expense involved in the operation of the farm or other business in which the real property is used. In the case of a farm, the furnishing by the owner or other family members of a substantial portion of the machinery, implements, and livestock used in the production activities is an important factor to consider in finding material participation.
Page 189 - The determination of what constitutes a separate activity is intended to be made in a realistic economic sense. The question to be answered is what undertakings consist of an integrated and interrelated economic unit conducted in coordination with or reliance upon each other, and constituting an appropriate unit for the measurement of gain or loss.
Page 184 - Larger farms, which generate higher incomes, appear to gain proportionately greater benefits than smaller farms. People in higher marginal tax brackets can benefit more from the tax provisions. This creates an incentive for higher-income people to invest in farming. In practice , losses from farm operations reduce taxes on income by more than the total federal tax revenue from farm profits, implying that total farm income for tax purposes is negative.
Page 63 - ... pm, the committee recessed, to reconvene at 2 pm the same day. ) AFTERNOON SESSION The CHAIRMAN.
Page 57 - I would like to thank the chairman and the members of this committee for the opportunity to testify.
Page 187 - No single factor is determinative of the presence of material participation, but physical work and participation in management decisions are the principal factors to be considered.
Page 168 - For purposes of sections 582 and 584, the term "bank" means a bank or trust company Incorporated and doing business under the laws of the United States (Including laws relating to the District of Columbia), of any State, or of any Territory, a substantial part of the business of which consists of receiving deposits and making loans and discounts, or of exercising fiduciary powers similar to those permitted to national banks under section 11 (k) of the Federal Reserve Act (38 Stat.
Page 176 - The preproductive period ends at the time the animal is ready to perform the primary function intended to be performed by that animal (eg , when the animal becomes productive in marketable quantities) , or when the animal is reasonably expected to be sold or otherwise disposed of. For example, in the case of a cow used for breeding purposes, the preproductive period with respect to the cow ends on the date the first calf is dropped.
Page 71 - ... of the Interior to establish a Lincoln home national historic site in the State of Illinois, and for other purposes. The Department recommends enactment of this legislation. I have a prepared statement which in the interests of your time and with your permission, I would appreciate having included in full in the record, and I will try to summarize it. Mr. TAYLOR. In the absence of objection, a copy of the entire statement will be placed in the record at this point. (The statement referred to...
Page 182 - III shall not apply to any gain from the sale of dairy cattle under a valid contract with the United States Department of Agriculture under the milk production termination program to the extent such gain...