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
... (estate Freezes); and S. 800 (moratorium on Certain State Tax Laws) : Scheduled for a Hearing Before the Senate ... real property . 22 5. Determination of the location of goods and services ........ 23 6. Treatment of insurance and ...
... (estate Freezes); and S. 800 (moratorium on Certain State Tax Laws) : Scheduled for a Hearing Before the Senate ... real property . 22 5. Determination of the location of goods and services ........ 23 6. Treatment of insurance and ...
Page 6
... 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 the property sold or the services performed and would be imposed on the ...
... 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 the property sold or the services performed and would be imposed on the ...
Page 7
... property or services transferred by the taxable person . In the case of imports , the taxable amount would be the ... real property , and insurance . Coordination with the Federal income tax system Under the bill , the basis of any ...
... property or services transferred by the taxable person . In the case of imports , the taxable amount would be the ... real property , and insurance . Coordination with the Federal income tax system Under the bill , the basis of any ...
Page 9
... real property or any importing of property , whether or not engaged in by a corporation or in con- nection with a business . Importing of articles by a consumer free of duty under the personal exemptions of the United States Tariff ...
... real property or any importing of property , whether or not engaged in by a corporation or in con- nection with a business . Importing of articles by a consumer free of duty under the personal exemptions of the United States Tariff ...
Page 10
... property Under the bill , the term " sale of property " would not be restrict- ed to the sale of property for cash ... real property ) . In order to avoid the VAT , the taxpayer could contribute the property to a newly formed corporation ...
... property Under the bill , the term " sale of property " would not be restrict- ed to the sale of property for cash ... real property ) . In order to avoid the VAT , the taxpayer could contribute the property to a newly formed corporation ...
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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