Description of tax bills (S. 1600, S. 1579, S. 108, S. 1464, and S. 1549: scheduled for a hearing before the Subcommittee on Taxation and Debt Management of the Committee on Finance on August 1, 1983

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U.S. Government Printing Office, 1983 - 21 pages
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Page 18 - Unrelated trade or business — (a) General rule. The term "unrelated trade or business" means. in the case of any organization subject to the tax imposed by section 511, any trade or business the conduct of which is not substantially related (aside from the need of such organization for income or funds or the use it makes of the profits derived) to the exercise or performance by such organization of its charitable, educational, or other purpose or function constituting the basis for its exemption...
Page 13 - ... a twoyear program in engineering, mathematics, or the physical or biological sciences which is designed to prepare the student to work as a technician and at a semiprofessional level in engineering, scientific, or other technological fields which require the understanding and application of basic engineering, scientific, or mathematical principles of knowledge...
Page 14 - The special rule contained in section 41(g) for the pass-through of the credit in the case of an individual who owns an interest in an unincorporated trade or business, is a partner in a partnership, is a beneficiary of an estate or trust, or is a shareholder in an S corporation shall be applied in accordance with the principles set forth in 1.53-3. (d) Carryback and carryover of unused credits. The taxpayer to whom the credit is passed through under paragraph (c) of this section shall not be prevented...
Page 18 - A debt constitutes acquisition indebtedness with respect to property if the debt was incurred in acquiring or improving the property, or if the debt would not have been incurred "but for...
Page 14 - vocational education" means organized educational programs which are directly related to the preparation of individuals for paid or unpaid employment, or for additional preparation for a career requiring other than a baccalaureate or advanced degree ; and, for purposes of this paragraph, the term "organized education program...
Page 7 - Now gross national product, which is the value of all goods and services produced in the United States, in the...
Page 13 - If all these conditions are complied with, the charitable deduction is generally for the sum of (1) the taxpayer's basis in the property and (2) one-half of the unrealized appreciation. However, in no event is a deduction to be allowed for an amount which exceeds twice the basis of the property.
Page 4 - The excess of net long-term capital gain over net short-term capital loss is included in income and a tax at the regular corporate tax rates is computed.
Page 19 - ... (ii) the amount of any indebtedness or any other amount payable with respect to such indebtedness, or the time for making any payment of any such amount, is dependent, in whole or in part, upon any revenue, income, or profits derived from...
Page 18 - ... with respect to each debt-financed property that is unrelated to the organization's exempt function — as an item of gross income derived from an unrelated trade or business — an amount of income from the property, subject to tax in the proportion in which the property is financed by the debt (IRC 514(aXl)).

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