Description of Tax Bills (H.R. 4667, H.R. 4948, H.R. 5177, H.R. 5470, and H.R. 5573): Scheduled for a Hearing Before the Subcommittee on Select Revenue Measures of the Committee on Ways and Means on June 14, 1982U.S. Government Printing Office, 1982 - 18 pages |
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Common terms and phrases
$5X basis amounts received arrangements under money assignee bill would apply budget receipts cash or deferred charitable contributions charitable deduction allowed charitable organization Code sec contributed property contribution of ordinary-income converted property conveyances corporate contributions corporate donations deferred arrangements deferred profit-sharing plans defined contribution plan defined in sec donated property donations of newly donor Economic Recovery Tax Effective date employee enacted ERISA excess of twice excludable from gross fair market value gross income injuries or sickness Internal Revenue Service involuntary conversion June 27 manufactured scientific equipment money purchase pension newly manufactured scientific ordinary-income property out-of-pocket cost payments for personal percent periodic payments personal injury damages plan years beginning present law property sec purchase pension plans qualifying contributions Recovery Tax Act Revenue effect salary reduction arrangement scientific research organizations sophisticated technological equipment tax-qualification rules taxable years ending taxpayer tortfeasor twice the basis unrealized appreciation i.e. usual market value and basis
Popular passages
Page 15 - Provides an educational program for which it awards a bachelor's or higher degree, or provides a program which is acceptable for full credit toward such a degree, or offers a program of training to prepare students for gainful employment in a recognized occupation; and D.
Page 15 - An educational organization which normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of pupils or students in attendance at the place where its educational activities are regularly carried on...
Page 11 - ... amounts received as a pension, annuity, or similar allowance for personal injuries or sickness resulting from active service in the armed forces of any country...
Page 15 - institution of higher education" means an educational institution in any State which— (1) admits as regular students only individuals having a certificate of graduation from a high school, or the recognized equivalent of such a certificate...
Page 15 - school bus' means any automobile bus substantially all the use of which is in transporting students and employees of schools. For purposes of the preceding sentence, the term 'school' means an educational organization which normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of pupils or students in attendance at the place where its educational activities are carried on.
Page 10 - No gain or loss shall be recognized if property held for productive use in trade or business or for investment (not including stock in trade or other property held primarily for sale nor stocks, bonds, notes, choses in action, certificates of trust or beneficial interest, or other securities or evidences of indebtedness or interest) is exchanged solely for property of a like kind to be held either for productive use in trade or business or for investment.
Page 10 - ... one year after the close of the first taxable year in which any part of the gain upon the conversion is realized...
Page 3 - ... similar or related in service or use to the property converted is acquired by the taxpayer within the replacement period (sec. 1033). In such a situation, gain is recognized only to the extent that the amount realized exceeds the cost of the replacement property. The basis of the replacement property...
Page 16 - ... usual market in which he customarily sells, at the time and place of the contribution (and in the case of a contribution of goods in quantity, in the quantity contributed). The usual market of a manufacturer or other producer consists of the wholesalers or other distributors to or through whom he customarily sells, unless he sells only at retail in which event it is his retail customers.
Page 7 - ... the contribution is made in property of a type which the taxpayer sells in the course of his business, the fair market value is the price which the taxpayer would have received if he had sold the contributed property in the lowest usual market in which he customarily sells, at the time and place of contribution (and in the case of a contribution of goods in quantity, in the quantity contributed).