Committee PrintsU.S. Government Printing Office, 1963 |
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Page 7
... Averaging . In place of the various specialized averaging provisions available under present law , what in effect amounts to averaging of income over a 5 - year period is to be available for the income in the current year which exceeds ...
... Averaging . In place of the various specialized averaging provisions available under present law , what in effect amounts to averaging of income over a 5 - year period is to be available for the income in the current year which exceeds ...
Page 10
... averaging . -40 -320 -320 -320 -10 3. Sales of residences by taxpayers aged 65 or over. REVENUE AND RATE TABLES TABLE 1. - Revenue bill of 1964 , H.R. 8363 - Estimated decrease in tax liability 1 ( - ) and increase ( + ) ( before ...
... averaging . -40 -320 -320 -320 -10 3. Sales of residences by taxpayers aged 65 or over. REVENUE AND RATE TABLES TABLE 1. - Revenue bill of 1964 , H.R. 8363 - Estimated decrease in tax liability 1 ( - ) and increase ( + ) ( before ...
Page 12
... averaging . 14. Minimum standard deduction . 15. Repeal 2 - percent tax on consolidated returns . 16. Political contributions ... 17. Travel expenses . 18. Installment sales treatment . 19. Expropriation loss carryover 20. Retirement ...
... averaging . 14. Minimum standard deduction . 15. Repeal 2 - percent tax on consolidated returns . 16. Political contributions ... 17. Travel expenses . 18. Installment sales treatment . 19. Expropriation loss carryover 20. Retirement ...
Page
... Averaging ( pp . 45 , 89 ) - - II . Corporation ordinary income taxes . A. Tax rates and related matters .. 222222233 28 1. Overall rate reduction ( pp . 35 , 75 , 501 ) __ 3 39 2. Reversal of normal tax and surtax rates ( pp . 35 , 75 ...
... Averaging ( pp . 45 , 89 ) - - II . Corporation ordinary income taxes . A. Tax rates and related matters .. 222222233 28 1. Overall rate reduction ( pp . 35 , 75 , 501 ) __ 3 39 2. Reversal of normal tax and surtax rates ( pp . 35 , 75 ...
Page 2
... AVERAGING ( PP . 45 , 89 ) Provides equivalent of averaging of income over a 5 - year period where income in current year exceeds average of 4 prior years by more than one - third and this excess equals at least $ 3,000 . II ...
... AVERAGING ( PP . 45 , 89 ) Provides equivalent of averaging of income over a 5 - year period where income in current year exceeds average of 4 prior years by more than one - third and this excess equals at least $ 3,000 . II ...
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Common terms and phrases
50 percent additional adjusted gross income agricultural allowed amendments amount apply assets attributable basis beginning after December bracket calendar capital losses charitable contribution committee computed corporation cost December 31 depreciation dividend employee European Economic Community exceed excess exclusion existing law export extent fair market value filing gross income class group-term life insurance holding company income House bill income tax increase individual insurance protection interest investment credit itemized deductions joint return less long-term capital gains married couple medical expenses million minimum standard deduction moving expenses net income option price ordinary income paid payments personal holding company poultry poultry industry premiums present law proposed provides purchase rate reduction received reimbursed residence respect restricted stock result retirement income credit rule Secretary FREEMAN Section Senator BYRD single persons spouse surtax exemption tax liability taxable income taxable years beginning taxpayer tion Total trade treated as ordinary Virginia
Popular passages
Page 9 - For the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body...
Page 50 - Secretary or his delegate under this subtitle corresponding to the regulations which granted the option to deduct as expenses intangible drilling and development costs in the case of oil and gas wells and which were recogmzed and approved by the Congress in House Concurrent Resolution 50, Seventy-ninth Congress.
Page 6 - ... (3) losses of property not connected with a trade or business, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft...
Page 13 - A reasonable allowance for salaries or other compensation for personal services actually rendered; (2) Traveling expenses (including amounts expended for meals and lodging other than amounts which are lavish or extravagant under the circumstances) while away from home in the pursuit of a trade or business...
Page 27 - Commissioner is authorized to distribute, apportion, or allocate gross income, deductions, credits, or allowances between or among such organizations, trades, or businesses, if he determines that such distribution, apportionment, or allocation is necessary in order to prevent evasion of taxes or clearly to reflect the income of any of such organizations, trades, or businesses.
Page 49 - However, if property used in a trade or business or held for the production of income...
Page 27 - In the hands of the transferor corporation, and the principal purpose for which such acquisition was made Is evasion or avoidance of Federal Income tax by securing the benefit of a deduction, credit, or other allowance which such person or corporation would not otherwise enjoy, then such deduction, credit, or other allowance shall not be allowed.
Page 50 - If the stock options do not qualify as restricted, then the difference between the option price and the value of the stock at the time...
Page 7 - The recipient organization must be one which normally receives a substantial portion of its support from the United States or any State or political subdivision thereof or from direct or indirect contributions from the general public, or from a combination of two or more of such sources.
Page 95 - Effective date This provision applies to taxable years beginning after December 31, 1963.