Description of Tax Bills (S. 654, S. 738, S. 1147, S. 1194, and S. 1195): Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on May 27, 1983U.S. Government Printing Office, 1983 - 44 pages |
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Page 13
... treated in a manner similar to costs in- 1 While the definition of research generally is the same for purposes both of section 174 de- duction election and the credit , particular research expenditures which qualify for the section 174 ...
... treated in a manner similar to costs in- 1 While the definition of research generally is the same for purposes both of section 174 de- duction election and the credit , particular research expenditures which qualify for the section 174 ...
Page 14
... treat- ment applies to costs incurred in developing new or significantly improved programs or routines that cause ... treated as similar to costs , incurred in product re- search , which are deductible as research expenditures under ...
... treat- ment applies to costs incurred in developing new or significantly improved programs or routines that cause ... treated as similar to costs , incurred in product re- search , which are deductible as research expenditures under ...
Page 15
... treated as paid or incurred during the period during which the qualified research is actually conducted . Expenditures for certain basic research A special rule treats as qualified research expenditures 65 per- cent of certain corporate ...
... treated as paid or incurred during the period during which the qualified research is actually conducted . Expenditures for certain basic research A special rule treats as qualified research expenditures 65 per- cent of certain corporate ...
Page 16
... treated as having research expenditures of zero in such year , for purposes of computing aver- age annual research expenditures during the base period , subject to the 50 - percent limitation rule . 50 - percent limitation rule . - Base ...
... treated as having research expenditures of zero in such year , for purposes of computing aver- age annual research expenditures during the base period , subject to the 50 - percent limitation rule . 50 - percent limitation rule . - Base ...
Page 19
... treated as a nontaxable purchase price adjustment , rather than as a discharge of indebtedness . However , this exception applies only to debt owed to the seller of the property . The exception is thus inapplicable to most mort- gage ...
... treated as a nontaxable purchase price adjustment , rather than as a discharge of indebtedness . However , this exception applies only to debt owed to the seller of the property . The exception is thus inapplicable to most mort- gage ...
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Common terms and phrases
25 percent credit 65 percent allowed amounts paid augmented deduction base period expenditures charitable contributions charitable deduction rules Code sec Code section college or university computer equipment transfers computer software contract research costs credit would apply Danforth date of enactment donated property duction education of students educational organization Effective date enacted in ERTA exclusion faculty fair market value fellowship grant ferred foreign tax credit gross income indebtedness Internal Revenue Service loan forgiveness meaning of sec ment ordinary income paid or incurred penditures percent of amounts present law pursuant qualified computer equipment qualified research ex qualified research expenditures qualified scientific property random access memory recipient research or scientific scholarship scientific equipment section 174 section 44F credit special rule student loans supra Symms taxable years beginning taxpayer taxpayer's basis taxpayer's qualifying tion trade or business transferor transferor's business transferred property Transfers of qualified Tsongas tures vocational education
Popular passages
Page 22 - ... 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 25 - State to provide a program of education beyond high school; (3) provides an educational program for it which awards a bachelor's or higher degree, or provides a program which is acceptable for full credit toward such a degree...
Page 36 - basic research" means any original investigation for the advancement of scientific knowledge not having a specific commercial objective, except that such term shall not include — (A) basic research conducted outside the United States, and (B) basic research in the social sciences or humanities.
Page 11 - research or experimental expenditures", as used in section 174, means expenditures incurred in connection with the taxpayer's trade or business which represent research and development costs in the experimental or laboratory sense. The term includes generally all such costs incident to the development of an experimental or pilot model, a plant process, a product, a formula, an invention, or similar property, and the improvement of already existing property of the type mentioned.
Page 22 - 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 31 - ... (C) a technical or vocational school used exclusively or principally for the provision of vocational education to persons who have completed or left high school and who are available for...
Page 21 - ... (ii) the property is not transferred by the donee in exchange for money, other property, or services; (iii) the taxpayer receives from the donee a written statement representing that its use and disposition of the property will be in accordance with the provisions of...
Page 25 - 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 31 - ... residents of the State or an area of the State designated and approved by the State board, and...
Page 17 - ... provides an exclusion from gross income of the amount of income attributable to the discharge (in whole or in part) of the taxpayer's qualified business indebtedness. Indebtedness is qualified business indebtedness of the taxpayer only if (i) the indebtedness was incurred or assumed by a corporation, or by an individual in connection with property used in the individual's trade or business, and (ii) such taxpayer makes the election under section 108(d)(4) and this section with respect to the...