Description of Miscellaneous Tax Bills Scheduled for a Hearing Before the Subcommittee on Select Revenue Measures of the Committee on Ways and Means on April 17, 1980United States. Congress. Joint Committee on Taxation, United States. Congress. House. Committee on Ways and Means U.S. Government Printing Office, 1980 - 20 pages |
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60 months abandoned spouse alcohol proof alcoholic flavorings all-in-bond method amounts received applicable wine tax April 17 bill The bill bill would apply blended product Business investigatory expenses Business Startup Costs calendar Code section commonly controlled trades community income community property Compensation Arrangements Maintained compensation plan maintained controlled group date The provisions December 31 deductible Deferred Compensation Arrangements distilled spirits products distilled spirits tax Effective date effective on January Excise Tax Treatment excluded from gross exempt organization described existing business fellowship grants gallon for wines grantor gross income Issue The issue less than 60 Maintained by Tax-Exempt ment nondeductible nonqualified deferred compensation ordinary and necessary partnership ployee produce distilled spirits Purchased for Employees requirements Revenue effect Rostenkowski Senate STANFORD UNIVERSITY startup expenses tax deferral Tax-Exempt Organizations taxable employers taxpayer tion Trade Agreements Act trade or business Uniformed Services University wine excise tax wine gallon wines are taxed wines containing
Popular passages
Page 20 - institution of higher education" means" an educational institution in any State which (1) admits as regular students only persons having a certificate of graduation from a school providing secondary education, or the recognized equivalent of such a certificate, (2) is legally authorized within such State to provide a program of education beyond...
Page 14 - ... more than 50 percent of the voting power (or value) of the stock in two or more corporations, and other conditions are satisfied.
Page 10 - startup costs'" refers to expenses which would be deductible currently if they were incurred after the commencement of business operations. These costs may include expenses relating to advertising, employee training, liningup distributors, suppliers, or potential customers, and professional services in setting up books and records. However, startup expenses also may refer to certain items which are nondeductible and nonamortizable even if they are incurred prior or subsequent to commencement of business...
Page 18 - Act of 1978 provides that the taxable year of inclusion in gross income of any amount covered by a private deferred compensation plan is determined in accordance with the principles set forth in regulations, rulings, and judicial decisions relating to deferred compensation which were in effect on February 1, 1978.
Page 20 - Such term also includes any public or other nonprofit collegiate or associate degree school of nursing and any school which provides not less than a oneyear program of training to prepare students for gainful employment in a recognized occupation and which meets the provisions of clauses (1), (2), (4), and (5).
Page 15 - ... includes but is not limited to, physicians, dentists, chiropractors, osteopaths, optometrists, other licensed practitioners of the healing arts, attorneys at law, public accountants, public engineers, architects, draftsmen, actuaries, psychologists, social or physical scientists, and performing artists.
Page 14 - Secretary or his delegate, all employees of trades or businesses (whether or not incorporated) which are under common control shall be treated as employed by a single employer. The regulations prescribed under this subsection shall be based on principles similar to the principles which apply in the case of subsection (b). "(d) GOVERNMENTAL PLAN. — For purposes of this part, the term 'governmental plan...
Page 12 - ... 1248). Effective date The bill would apply to sales or exchanges after the date of enactment of the bill in taxable years ending after that date. Revenue effect It is estimated that this bill would reduce budget receipts by $5 million in fiscal year 1981 and by less than $1 million annually in later years.
Page 17 - ... payment of an amount of a taxpayer's fixed basic or regular compensation is deferred at the taxpayer's individual election to a taxable year later than that in which the amount would have been payable but for the election, the deferred amount would be treated as received in the earlier taxable year. These proposed regulations would...
Page 16 - ... who live apart In general, if a husband and wife file separate returns, each is required to report one-half of the income attributable to community property under State law. However, if certain requirements are met, relief from tax liability is provided for an abandoned spouse (sec. 66). To qualify, a couple must be married at some time during the calendar year, but live apart during the entire calendar year. The spouse seeking relief must not have filed a joint return, and one or both of the...