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
Page 4
Under the bill , certain exempt organizations would be permitted to invest in limited partnerships owning working interests in domestic oil and gas properties without incurring tax for unrelated business income .
Under the bill , certain exempt organizations would be permitted to invest in limited partnerships owning working interests in domestic oil and gas properties without incurring tax for unrelated business income .
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The plan would be limited to publicly listed common stock of Canadian corporations . Under the Canadian plan , stock purchased under an ISIP would be adjusted each month according to the percentage increase in the consumer price index .
The plan would be limited to publicly listed common stock of Canadian corporations . Under the Canadian plan , stock purchased under an ISIP would be adjusted each month according to the percentage increase in the consumer price index .
Page 10
For 1982 and 1983 , the deduction is limited to 25 percent of the first $ 100 of contributions , or a maximum deduction of $ 25 . For 1984 , the contribution limit is raised to $ 300 , or a maximum deduction of $ 75 .
For 1982 and 1983 , the deduction is limited to 25 percent of the first $ 100 of contributions , or a maximum deduction of $ 25 . For 1984 , the contribution limit is raised to $ 300 , or a maximum deduction of $ 75 .
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Explanation of Provision Overview Section 1 of the bill would provide an augmented charitable deduction for taxpayers ( not limited to corporations ) making certain donations of tangible personal property to a public community college ...
Explanation of Provision Overview Section 1 of the bill would provide an augmented charitable deduction for taxpayers ( not limited to corporations ) making certain donations of tangible personal property to a public community college ...
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Limitations and special rules The amount of the vocational education instruction credit allowable in any taxable year generally would be limited to the taxpayer's income tax liability for the year reduced by ( 1 ) certain items of tax ...
Limitations and special rules The amount of the vocational education instruction credit allowable in any taxable year generally would be limited to the taxpayer's income tax liability for the year reduced by ( 1 ) certain items of tax ...
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Common terms and phrases
accredited acquired acquisition addition allocation allowed amount apply Armstrong augmented charitable basis beginning bill would provide capital asset cents a mile certain charitable deduction compensation computing contributions corporations defined deflator determining disposition divestiture donated property education instructor Effective Date employed employee engineering exceed excess business holdings exempt exempt trust Finance gain gain or loss gas properties higher education includes income tax increase indexed indexed assets individuals inflation adjustment inflation occurring institution of higher interest investment limited limited partner loss manufacturer meaning ment ness oil and gas organization paid partnership percent period persons postsecondary vocational education prepare present law provision qualified real property reasonable recognized reduced requirements respect scientific securities similar special rule substantially tax-qualified pension taxable taxpayer teaching tion trade or business transfer treated trust 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)).
Bibliographic information
| Title | 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 |
| Author | United States. Congress. Joint Committee on Taxation |
| Contributor | United States. Congress. Senate. Committee on Finance. Subcommittee on Taxation and Debt Management |
| Edition | reprint |
| Publisher | U.S. Government Printing Office, 1983 |
| Length | 21 pages |
| Export Citation | BiBTeX EndNote RefMan |