Description of Tax Bills: S. 353 (educational Savings Bonds); S. 442 (value Added Tax); S. 659, S. 838, S. 849 (estate Freezes); and S. 800 (moratorium on Certain State Tax Laws) : Scheduled for a Hearing Before the Senate Committee on Finance on May 17, 1989U.S. Government Printing Office, 1989 - 35 pages |
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Page 3
... Finance on May 17, 1989. any State legislation enacted in response to the New York law . In addition , the bill would establish a commission to study all such legislation . I II . DESCRIPTION OF S. 353 : EDUCATIONAL SAVINGS BONDS 3.
... Finance on May 17, 1989. any State legislation enacted in response to the New York law . In addition , the bill would establish a commission to study all such legislation . I II . DESCRIPTION OF S. 353 : EDUCATIONAL SAVINGS BONDS 3.
Page 6
... addition , a VAT generally would be im- posed upon any sale or leasing of real property and any importing of property , whether or not pursuant to a commercial transaction . The amount of tax generally would be 5 percent of the value of ...
... addition , a VAT generally would be im- posed upon any sale or leasing of real property and any importing of property , whether or not pursuant to a commercial transaction . The amount of tax generally would be 5 percent of the value of ...
Page 7
... addition , the amount allowed as an income tax deduction for any VAT would be determined without regard to any VAT credit . For purposes of computing percentage depletion , gross income would be reduced by the amount of VAT imposed and ...
... addition , the amount allowed as an income tax deduction for any VAT would be determined without regard to any VAT credit . For purposes of computing percentage depletion , gross income would be reduced by the amount of VAT imposed and ...
Page 10
... addition , since the sale of tangible property by a corporation would be subject to the VAT , while the sale of intangible property by an individual would not , a shareholder who wishes to dispose of his or her wholly - owned corporate ...
... addition , since the sale of tangible property by a corporation would be subject to the VAT , while the sale of intangible property by an individual would not , a shareholder who wishes to dispose of his or her wholly - owned corporate ...
Page 12
... addition , even if the fair market price could be determined at the time of the sale , the seller would be required to charge a customer a VAT based on the higher fair market value or make up the shortfall itself . If , on the other ...
... addition , even if the fair market price could be determined at the time of the sale , the seller would be required to charge a customer a VAT based on the higher fair market value or make up the shortfall itself . If , on the other ...
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Common terms and phrases
activities addition amount of VAT bill would provide border tax adjustment calendar quarter claim a credit commercial-type transaction consumer corporation December 31 deposits destination principle determine Educational Savings Bonds EE savings bonds effective date employee estate freeze example exclusion exempt Exon exports fair market value farmers governmental entities grocery store Gross VAT higher education expenses housing impose a VAT intangible property interest Internal Revenue Code Internal Revenue Service legislation nonbusiness real property performance of services plumber preferred stock premiums previously paid primary residence property or services provide a zero provided in regulations rate of tax retail sale of property section 135 seller Series EE savings services provided small businesses stage of production subject to tax tax point taxable amount taxable person taxable transactions taxation taxpayer tion transfer United Value Added Tax VAT credit VAT imposed VAT liability VAT paid VAT system zero rating zero-rated