TO AMEND THE INTERNAL REVENUE CODE OF 1954 TO COMMITTEE ON WAYS AND MEANS AL ULLMAN, Oregon, Chairman DAN ROSTENKOWSKI, Illinois CHARLES B. RANGEL, New York WILLIAM R. COTTER, Connecticut FORTNEY H. (PETE) STARK, California JAMES R. JONES, Oklahoma RICHARD A. GEPHARDT, Missouri BARBER B. CONABLE, JR., New York BILL ARCHER, Texas GUY VANDER JAGT, Michigan BILL FRENZEL, Minnesota JAMES G. MARTIN, North Carolina JOHN H. ROUSSELOT, California JOHN M. MARTIN, Jr., Chief Counsel SUBCOMMITTEE ON SELECT REVENUE MEASURES RAYMOND F. LEDERER, Pennsylvania JOHN J. DUNCAN, Tennessee (II) CONTENTS 71 326ST H.R. 3244-Qualification of leased furniture for the investment tax credit 133, 216 H.R. 3586-Definition of youth participating in a qualified cooperative education program for purposes of the targeted jobs credit__. H.R. 4298-Rollover of money purchase pension plan proceeds_- H.R. 4446-Method of accounting for railroad track assets_ - - Department of the Treasury, Hon. Daniel I. Halperin, Deputy Assistant Secretary for Tax Policy, and David Shakow, Associate Tax Legislative Dempsey, William H., Association of American Railroads_ Meislahn, Edward, Furniture Rental Association of America_. Quinn, Donald P., Boston, Mass Quinn, Thomas F., Jr., American Airlines, Inc... Riddell, James W., United States Brewers Association.... Administrative Office of the U.S. Courts, William E. Foley, letter.. Aidinoff, M. Bernard, Committee on Taxation, Association of the Bar of American Institute of Certified Public Accountants, Arthur J. Dixon, Committee on Bankruptcy and Corporate Reorganization, Burton M. Committee on Taxation, M. Bernard Aidinoff, letter and statement__ Burke, P. John, Kaplan, Livingston, Goodwin, Berkowitz & Selvin, letter. Robert R. Douglass, letter J. Scott Swensen, letter Coughlan, Millard P., General Furniture Leasing, Atlanta, Ga., letter_- Curtis, Christopher C., on behalf of Richard Joyce Smith, trustee of New Dixon, Arthur J., American Institute of Certified Public Accountants, Douglass, Robert R., Chase Manhattan Bank, N.A., letter_ Page 219 193 189 194 216 197 194 220 216 195 214 219 194 195 196 224 170 Foley, William E., Administrative Office of the U.S. Courts, letter. Freeman, Burton M., Committee on Bankruptcy and Corporate Reor- 141 193 216 218, 225 Greenberg, Alan C., Bear, Stearns & Co., New York, N. Y., letter_ Harriss, Prof. C. Lowell, Columbia University, letter and report-- 194 239 195 226 219 79 Jenkins, Hon. Ed, a Representative in Congress from the State of Georgia, statement.. 138 Jerome, John J., American Bankers Association, statement_ 171 Kaplan, Livingston, Goodwin, Berkowitz & Selvin, Gerald J. Mehlman and P. John Burke, letter__ 197 Kiley, Daniel L., Norfolk & Western Railway Co., statement_ 198 239 Mehlman, Gerald J., Kaplan, Livingston, Goodwin, Berkowitz & Selvin, letter. 197 Milken, Lowell J., Drexel Burnham Lambert, Inc., letter. 195 Miskovsky, Milan C., Federal Home Loan Bank Board, letter- 196 240 Neuberger & Berman, Lawrence Zicklin, letter – 213 New York State Bar Association, tax section, David Sachs, letter and report--- 199 Norfolk & Western Railway Co., Daniel L. Kiley, statement_ Sachs, David, tax section, New York State Bar Association, letter and report. 199 St Germain, Hon. Fernand J., a Representative in Congress from the State of Rhode Island, statement. 216 Salomon Bros., letter 242 Smith, Frederick M. R., First Boston Corp., letter. 224 Smith, Richard Joyce, trustee of New York, New Haven & Hartford Railroad Co., Christopher C. Curtis, letter 214 Swensen, J. Scott, Chase Manhattan Bank, letter 220 Union Pacific Corp., Deloitte Haskins & Sells on their behalf, letter- 221 219 243 213 Zinman, Robert M., American Council of Life Insurance, letter__. 188 THE BANKRUPTCY TAX ACT AND MINOR TAX BILLS THURSDAY, SEPTEMBER 27, 1979 HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON SELECT REVENUE MEASURES, COMMITTEE ON WAYS AND MEANS, Washington, D.C. The subcommittee met, at 9:40 a.m., in room H-137, the Capitol, Hon. Dan Rostenkowski (chairman of the subcommittee) presiding. [Press release announcing the hearing follows:] [Press release of Sept. 12, 1979] THE HONORABLE DAN ROSTENKOWSKI (D., ILL.), CHAIRMAN, SUBCOMMITTEE ON SELECT REVENUE MEASURES, COMMITTEE ON WAYS AND MEANS, ANNOUNCES A PUBLIC HEARING ON THE BANKRUPTCY TAX ACT and SEVERAL MINOR TAX BILLS TO BE HELD ON SEPTEMBER 27, 1979 Hon. Dan Rostenkowski (D., Ill.), Chairman, Subcommittee on Select Revenue Measures of the Committee on Ways and Means, today announced that the Subcommittee will conduct a public hearing on the Bankruptcy Tax Act of 1979 and several minor tax bills on Thursday, September 27, 1979. The hearing will be held in Room H-137 of the Capitol beginning at 9:30 a.m. Testimony will be taken at this time on the following bills: BANKRUPTCY TAX ACT OF 1979 H.R. 5043 (Mr. Ullman and Mr. Conable) To amend the Internal Revenue Code of 1954 to provide for the tax treatment of bankruptcy, insolvency, and similar proceedings, and for other purposes. MINOR TAX BILLS H.R. 2993 (Mr. Beard, R. I., and Mr. St Germain) To amend the Rhode Island Indian Claims Settlement Act to provide an exemption from taxes with respect to the settlement lands and amounts received by the State Corporation, and to provide a deferral of capital gains with respect to the sale of settlement lands. H.R. 3244 (Mr. Fowler) To amend the Internal Revenue Code of 1954 to provide for the application of the investment tax credit of property purchased by a person who is engaged in the trade or business of furniture rental or leasing to others. H.R. 3586 (Mr. Rostenkowski) To amend the Internal Revenue Code to raise the age limit to 19 for certain students qualifying for targeted jobs credit. H.R. 4298 (Mr. Rostenkowski) To amend the Internal Revenue Code of 1954 to provide that certain aggregation rules will not apply for purposes of determining whether distributions from money purchase pension plans are eligible for rollover treatment. H.R. 4446 (Mr. Holland, Mr. Conable, Mr. Duncan, Tenn., Mr. Vander Jagt, Mr. Gradison, Mr. Jenkins, Mr. Ford, Tenn., Mr. Bafalis, and Mr. Fowler) To amend the Internal Revenue Code of 1954 to provide that the retirementreplacement-betterment method of accounting for property used by a common carrier (including a railroad switching company of a terminal company) is an acceptable method for determining depreciation allowances for income tax purposes. (1) |