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 7
... nonbusiness real property , and insurance . Coordination with the Federal income tax system Under the bill , the basis of any property for Federal income tax purposes would not include the portion of the purchase price that represents a ...
... nonbusiness real property , and insurance . Coordination with the Federal income tax system Under the bill , the basis of any property for Federal income tax purposes would not include the portion of the purchase price that represents a ...
Page 13
... nonbusiness purposes . Similarly , credits should not be allowed for inputs allocable to nontaxable transac- tions . If property or services are used partly for nonbusiness pur- poses or partly for nontaxable transactions , the amount ...
... nonbusiness purposes . Similarly , credits should not be allowed for inputs allocable to nontaxable transac- tions . If property or services are used partly for nonbusiness pur- poses or partly for nontaxable transactions , the amount ...
Page 22
... nonbusiness real property . While new nonbusiness real property would be taxed on the full sales price , existing nonbusiness real property would be taxed only on the difference between the sales price and the adjusted basis of the ...
... nonbusiness real property . While new nonbusiness real property would be taxed on the full sales price , existing nonbusiness real property would be taxed only on the difference between the sales price and the adjusted basis of the ...
Page 26
... non- business policyholder , no input credit would be available as premiums are paid and no VAT would be payable with respect to the amount of the gross - up . um attributable to insurance coverage or the actuarial cost of 26.
... non- business policyholder , no input credit would be available as premiums are paid and no VAT would be payable with respect to the amount of the gross - up . um attributable to insurance coverage or the actuarial cost of 26.
Page 27
... nonbusiness depositors who cannot claim an input credit for such tax , however , this approach would result in the ... non- business depositors , it has also been suggested that insurers and other similar financial institutions be taxed ...
... nonbusiness depositors who cannot claim an input credit for such tax , however , this approach would result in the ... non- business depositors , it has also been suggested that insurers and other similar financial institutions be taxed ...
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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