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(JOINT COMMITTEE PRINT]

GENERAL EXPLANATION

OF THE
TAX REFORM ACT OF 1986

(H.R. 3838, 99TH CONGRESS;

PUBLIC LAW 99-514)

PREPARED BY THE STAFF

OF THE

JOINT COMMITTEE ON TAXATION

N

MAY 4, 1987

U.S. GOVERNMENT PRINTING OFFICE

72-236

WASHINGTON : 1987

JCS-10-87

For sale by the Superintendent of Documents, U.S. Government Printing Office

Washington, DC 20402

CONGRESS OF THE UNITED STATES

(100TH CONG., 1st Sess.)

JOINT COMMITTEE ON TAXATION

HOUSE

SENATE DAN ROSTENKOWSKI, Illinois,

LLOYD BENTSEN, Texas, Chairman

Vice Chairman SAM GIBBONS, Florida

SPARK M. MATSUNAGA, Hawaii J.J. PICKLE, Texas

DANIEL PATRICK MOYNIHAN, New York JOHN J. DUNCAN, Tennessee

BOB PACKWOOD, Oregon
BILL ARCHER, Texas

ROBERT DOLE, Kansas
DAVID H. BROCKWAY, Chief of Staff
RANDALL D. WEISS, Deputy Chief of Staff

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12

12 89 178

III. General Explanation of the Act..........

TITLE I. INDIVIDUAL INCOME TAX PROVISIONS
TITLE II. CAPITAL Cost PROVISIONS.
TITLE III. CAPITAL GAINS AND LOSSES...
TITLE IV. AGRICULTURE, NATURAL RESOURCES, AND

ENERGY...
TITLE V. TAX SHELTERS; INTEREST EXPENSE
TITLE VI. CORPORATE TAXATION
TITLE VII. MINIMUM Tax PROVISIONS
TITLE VIII. ACCOUNTING PROVISIONS.
TITLE IX. FINANCIAL INSTITUTIONS...
TITLE X. INSURANCE PRODUCTS AND COMPANIES.
TITLE XI. PENSIONS AND DEFERRED COMPENSATION; EM-

PLOYEE BENEFITS; ESOPs ...
TITLE XII. FOREIGN Tax PROVISIONS
TITLE XIII. Tax-EXEMPT BONDS ....
TITLE XIV. TRUSTS AND ESTATES; MINOR CHILDREN; GIFT

AND ESTATE TAXES; GENERATION SKIPPING TRANSFER

Tax........
TITLE XV. COMPLIANCE AND TAX ADMINISTRATION..
TITLE XVI. EXEMPT AND NONPROFIT ORGANIZATIONS..........
TITLE XVII. MISCELLANEOUS PROVISIONS.

187 209 271 429 474 549 575

624 852 1128

1243 1269 1324 1333

.........

Appendix: Estimated Revenue Effects of the Act.

1353

(III)

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