Administration's Fiscal Year 1984 Budget Proposals--II: Hearings Before the Committee on Finance, United States Senate, Ninety-eighth Congress, First Session, June 15, 16, 22, 23, 28 and 29, 1983U.S. Government Printing Office, 1983 |
Contents
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Common terms and phrases
accelerated depreciation ACRS assets billion budget capital formation capital gains treatment Chairman changes Committee companies Congress Congressional construction contributions Coopers & Lybrand cost recovery deficits dollar economic recovery effective tax rates eliminated employee enacted energy equipment ERTA exemption expenses facilities Federal tax financing fiscal growth IDB's impact income tax individuals industry inflation interest rates investment tax credit investors itemized deductions marginal tax rates ment municipal bond National ordinary income PCIDBS percent plans pollution control private pension production projects raise rate tax real estate recovery period reduce rental housing repeal residential result retirement revenue loss savings sector Senator LONG small issue statement Tax Act tax code tax expenditures tax incentives tax increases tax law tax policy tax provisions tax revenues tax structure tax system tax treatment tax-exempt taxable taxation taxpayers TEFRA timber capital gains tion Treasury tures utilities
Popular passages
Page 326 - tax expenditures" means those revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability; and the term "tax expenditures budget" means an enumeration of such tax expenditures.
Page 301 - The 1974 act defines tax expenditures as "revenue losses attributable to provisions of the federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability.
Page 256 - Through deliberate departures from accepted concepts of net income and through various special exemptions, deductions, and credits, our tax system does operate to affect the private economy in ways that are usually accomplished by expenditures — in effect to produce an expenditure system described in tax language.
Page 93 - Reforestation expenditures shall not include any expenditures for which the taxpayer has been reimbursed under any governmental reforestation cost-sharing program unless the amounts reimbursed have been included in the gross income of the taxpayer.
Page 302 - This option applies to all expenditures made by an operator for wages, fuel, repairs, hauling, supplies, etc., incident to and necessary for the drilling of wells and the preparation of wells for the production of oil or gas.
Page 94 - On the other hand, the ruling provides that "expenditures for silvicultural practices such as weeding and noncommercial thinning . . . incurred after the trees become established . . . are in the nature of maintenance charges and are deductible as ordinary and necessary trade or business expenses...
Page 221 - Option with respect to intangible drilling and development costs in general: All expenditures for wages, fuel, repairs, hauling, supplies, etc., incident to and necessary for the drilling of wells and the preparation of wells for the production of oil or gas...
Page 92 - However, if property used in a trade or business or held for the production of income...
Page 122 - NATIONAL ASSOCIATION OF HOME BUILDERS Mr. Chairman and...
Page 99 - ... ordinary and necessary expenses incurred in carrying on a trade or business...