Tax Reform Proposals: Hearing Before the Committee on Finance, United States Senate, Ninety-ninth Congress, First Session, Volume 4, Part 24; Volume 24U.S. Government Printing Office, 1986 - 470 pages |
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Common terms and phrases
936 Corporations Administration Proposal ainus Line alternative minimum tax AMERICAN SAMOA assets banks Bell Atlantic capital cost recovery Cash Flow CCRS Depreciation Chairman cogeneration Committee Congress corporate tax Cost Recovery System deferred taxes economic electric utility eliminate employees employment exemption Federal tax finance foreign growth increase individual industry inflation insular areas Internal Revenue Code investment tax credit Islands and Guam jurisdiction legislation mainland manufacturing million minimum tax mirror system normalization Northern Mariana Islands Northern Marianas operations passive income percent President's proposal President's tax Puerto Rico Rate Base ratepayers reduce regulated regulatory repeal result Rican Rico's Section 936 companies sector Senator LONG source income tax benefits tax code tax liability tax reform proposal tax system taxable taxation taxpayers telecommunications territorial thrift institutions transition rules U.S. corporation U.S. income tax U.S. tax U.S. Treasury U.S. Virgin Islands United wage credit
Popular passages
Page 69 - Subsection (a) shall not apply in the case of an individual citizen of the United States who is a bona fide resident...
Page 331 - ... formed or availed of for the purpose of avoiding the income tax with respect to its shareholders or the shareholders of any other corporation, by permitting earnings and profits to accumulate instead of being divided or distributed.
Page 96 - Department of the Treasury, the Operation and Effect of the Possessions Corporation System of Taxation^ First, Third and Fourth Reports.
Page 176 - 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 108 - States — (1) If 80 per centum or more of the gross income of such citizen or domestic corporation (computed without the benefit of this section) for the three-year period immediately preceding the close of the taxable year (or for such part of such period immediately preceding the close of such taxable year as may be applicable...
Page 106 - In subsection (c), all persons, In whatever capacity acting (Including lessees or mortgagors of real or personal property, fiduciaries, employers, and all officers and employees of the United States) having the control, receipt, custody, disposal, or payment of any of the Items of income specified In subsection (b) (to the extent that any of such items constitutes gross income from sources within the United States...
Page 155 - ... solely by reason of being absent therefrom in compliance with military or naval orders, or to have acquired a residence or domicile in, or to have become resident in or a resident of, any other State, Territory...
Page 105 - shall satisfy their income tax obligations under applicable taxing statutes of the United States by paying their tax on income derived from all sources both within and outside the Virgin Islands into the treasury of the Virgin Islands".
Page 27 - That the income tax laws now in force in the United States of America and those which may hereafter be enacted shall be held to be likewise in force in the Virgin Islands of the United States, except that the proceeds of such taxes shall be paid into the treasuries of said islands," and the Act of July 1, 1922 (ch.
Page 74 - ... 50 percent of its gross income from the active conduct of a trade or business...