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, 1983U.S. Government Printing Office, 1983 - 21 pages |
From inside the book
Results 1-5 of 7
Page 4
... Business Holdings Provision for the El Pomar Foundation The bill would exempt the El Pomar Foundation of Colorado ... trade or business income of an individual retirement account or annuity ( an IRA ) . Under the bill , certain exempt ...
... Business Holdings Provision for the El Pomar Foundation The bill would exempt the El Pomar Foundation of Colorado ... trade or business income of an individual retirement account or annuity ( an IRA ) . Under the bill , certain exempt ...
Page 5
... trade or business . In addition , gain from the disposition of property used in a trade or business , in excess of depreciation recapture , may be treated as gain from the sale of a capital asset . For a noncorporate taxpayer , only 40 ...
... trade or business . In addition , gain from the disposition of property used in a trade or business , in excess of depreciation recapture , may be treated as gain from the sale of a capital asset . For a noncorporate taxpayer , only 40 ...
Page 7
... company , or , in general , in a foreign corporation.5 An interest in a common trust fund would be treated as stock ... trade or business ( within the meaning of sec . 1231 ) . This includes land , leasehold interests , and buildings ...
... company , or , in general , in a foreign corporation.5 An interest in a common trust fund would be treated as stock ... trade or business ( within the meaning of sec . 1231 ) . This includes land , leasehold interests , and buildings ...
Page 12
... trade or business ( sec . 1231 property ) , the charita- ble deduction must be reduced by the amount of depreciation re- capture which would be recognized on sale of the donated property . Under a special rule , corporations are allowed ...
... trade or business ( sec . 1231 property ) , the charita- ble deduction must be reduced by the amount of depreciation re- capture which would be recognized on sale of the donated property . Under a special rule , corporations are allowed ...
Page 15
... trade or business , is a partner in a partnership , is a beneficiary of an estate or trust , or is a shareholder in an electing small business corporation , the amount of the vocational education credit attributable to such trade , business ...
... trade or business , is a partner in a partnership , is a beneficiary of an estate or trust , or is a shareholder in an electing small business corporation , the amount of the vocational education credit attributable to such trade , business ...
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Common terms and phrases
accredited acquisition adjusted basis allocation amount Armstrong assets held augmented charitable deduction beginning after 1982 bill would apply bill would provide business expense Business Holdings Provision capital asset capital gain cents a mile charitable organization Code sec Colorado Springs consumer price index corporations Date The provisions Debt-financed property December 31 deduct reasonable disposition divestiture requirements donated property education course taught Effective Date excess business holdings exempt trust Explanation of Provision fair market value gain or loss gas properties gross national product indexed assets individual retirement account inflation adjustment inflation occurring institution of higher instructor temporarily employed interest investment ISIP justment limited partner limited partnership oil and gas ordinary income passenger automobile physical or biological Pomar Foundation postsecondary vocational education present law private foundation real property special rule tax-qualified pension taxpayer may deduct tion trade or business unrelated business income unrelated trade vocational education courses vocational education instruction vocational education programs
Popular passages
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)).