General Explanation of the Tax Reform Act of 1986: (H.R. 3838, 99th Congress; Public Law 99-514)U.S. Government Printing Office, 1987 - 1379 pages |
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Page 7
... expenses ( above an increased floor ) . Other deductions that benefited a limit- ed number of taxpayers , added complexity to tax filing , or were subject to abuse are restricted by the Act . For example , the Act tightens the ...
... expenses ( above an increased floor ) . Other deductions that benefited a limit- ed number of taxpayers , added complexity to tax filing , or were subject to abuse are restricted by the Act . For example , the Act tightens the ...
Page 40
... expenses ( prior - law sec . 117 ( c ) ) . Tuition reduction plans Section 117 ( d ) provides that a reduction in tuition provided to an employee of an educational institution is excluded from gross income if ( 1 ) the tuition is for ...
... expenses ( prior - law sec . 117 ( c ) ) . Tuition reduction plans Section 117 ( d ) provides that a reduction in tuition provided to an employee of an educational institution is excluded from gross income if ( 1 ) the tuition is for ...
Page 42
... expenses . Also , there is no requirement that the student be able to trace the dollars paid for tuition or course - related expenses to the same dol- lars that previously had been deposited in his or her checking ac- count , for ...
... expenses . Also , there is no requirement that the student be able to trace the dollars paid for tuition or course - related expenses to the same dol- lars that previously had been deposited in his or her checking ac- count , for ...
Page 43
... expenses of some nondegree candidates may be allowable to itemizers as trade or business expenses if the requirements of section 162 are met . Performance of services The Act repeals the special rule of prior law under which schol ...
... expenses of some nondegree candidates may be allowable to itemizers as trade or business expenses if the requirements of section 162 are met . Performance of services The Act repeals the special rule of prior law under which schol ...
Page 49
... expenses ex- ceeds a floor ( sec . 213 ) . Under prior law , the floor was five percent of the taxpayer's adjusted gross income . Medical care expenses eligible for the deduction are amounts paid by the taxpayer for ( 1 ) health ...
... expenses ex- ceeds a floor ( sec . 213 ) . Under prior law , the floor was five percent of the taxpayer's adjusted gross income . Medical care expenses eligible for the deduction are amounts paid by the taxpayer for ( 1 ) health ...
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Common terms and phrases
Act provides addition adjusted allocated allowed alternative minimum tax amount annuity assets basis benefits cafeteria plan capital gain computing Congress believed Congress intended contract contributions costs coverage December 31 deduction depreciation determined disallowed distribution dividends Effective Date elective deferrals eligible ESOP example excess excludable expenses Explanation of Provision Finance foreign tax credit gross income H.Rep highly compensated employees income tax incurred individual interest Internal Revenue Service itemized deductions legislative background LIFO limitation line of business loan ment method million in 1989 minimum tax ordinary income paid partnership payments percent percentage period placed in service present law prior and present prior law qualified cash qualified plan real property reflects this intent REIT REMIC rental respect shareholders special rule standard deduction statute reflects tax liability tax purposes tax-exempt taxable years beginning taxpayer technical correction tion trade or business Treasury treated