Description of Provisions Listed for Further Hearings by the Committee on Finance on July 20, 21, and 22, 1976

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U.S. Government Printing Office, 1976 - 98 pages

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Page 93 - Unrelated trade or business — (a) General rule. The term "unrelated trade or business" means, In the case oí any organization subject to the tax Imposed by section 511, any trade or business the conduct of which Is not substantially related (aside from the need of such organization for Income or funds or the use It makes of the...
Page 13 - In the active conduct of a trade or business and which are received from a person other than a related person...
Page 79 - ... the promotion and stimulation of interest in, and demand for, the products and services of that industry...
Page 15 - As indicated above, one of the categories of tax haven income subject to current taxation under the subpart F provisions of the code is base company sales income. The Tax Reduction Act of 1975 contained an amendment which provides that base company sales income does not include the sale of agricultural commodities which are not grown in the United States in commercially marketable quantities.
Page 15 - Where the qualified energy investment is financed by the proceeds of any industrial development bond, the interest on which is tax exempt by reason of section 103, only 50 percent of the investment is to be taken into account in determining the amount of the credit against the users tax.
Page 96 - Where real property is acquired subject to a mortgage or other similar lien, the amount of the indebtedness secured by such mortgage or lien shall be considered (whether the acquisition was by gift, devise, or purchase) as an indebtedness of the lessor incurred in acquiring such property even though the lessor did not assume or agree to pay such Indebtedness, except that where...
Page 31 - ... (B) Applicable rules. If the allowance of a credit or refund of an overpayment of tax attributable to a work incentive program credit carryback is otherwise prevented by the operation of any law or rule of law other than section 7122, relating to compromises, such credit or refund may be allowed or made, if claim therefor is filed within the period provided in subparagraph (A) of this paragraph.

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