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 10
... assets . The depreciation period of certain assets , such as real property and long - lived equipment , is length- ened to reflect more closely the actual useful life of such assets . Congress believed these changes will help provide a ...
... assets . The depreciation period of certain assets , such as real property and long - lived equipment , is length- ened to reflect more closely the actual useful life of such assets . Congress believed these changes will help provide a ...
Page 90
... Asset Depreciation Range ( " ADR " ) system of the law in effect before 1981. Under the ADR system , a present class life ( " midpoint " ) was provided for all assets used in the same activi- ty , other than certain assets with common ...
... Asset Depreciation Range ( " ADR " ) system of the law in effect before 1981. Under the ADR system , a present class life ( " midpoint " ) was provided for all assets used in the same activi- ty , other than certain assets with common ...
Page 93
... asset vintage accounts for assets in the same recovery class and placed in service in the same taxable year . Under proposed Treasury regulations , the definition of mass assets eligible for this treatment was limited to assets ( 1 ) ...
... asset vintage accounts for assets in the same recovery class and placed in service in the same taxable year . Under proposed Treasury regulations , the definition of mass assets eligible for this treatment was limited to assets ( 1 ) ...
Page 99
... asset - by - asset basis , be cov- ered under the modified rules . The Act provides more accelerated depreciation for the revised three - year , five - year and 10 - year classes , reclassifies certain assets according to their present ...
... asset - by - asset basis , be cov- ered under the modified rules . The Act provides more accelerated depreciation for the revised three - year , five - year and 10 - year classes , reclassifies certain assets according to their present ...
Page 101
... asset or group of assets in the case of vintage accounts ) re- verse over the life of the asset . The reversal of timing differences generally occurs when the amount of the tax depreciation taken with respect to an asset is less than ...
... asset or group of assets in the case of vintage accounts ) re- verse over the life of the asset . The reversal of timing differences generally occurs when the amount of the tax depreciation taken with respect to an asset is less than ...
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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 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 limit 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
Popular passages
Page xi - Extensive hearings followed before the House Committee on Ways and Means, and the Senate Committee on Finance.
Page 540 - The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.
Page 126 - 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 242 - Generally, services are considered rendered to the occupant if they are primarily for his convenience and are other than those usually or customarily rendered in connection with the rental of rooms or other space for occupancy only.
Page 486 - The basis of such section 38 property in the hands of the transferee is determined In whole or in part by reference to the basis of such section 38 property in the hands of the transferor.
Page 33 - ... 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 43 - For the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body (including...
Page 252 - The factors so set forth in the regulations may include among other factors: (1) Whether there is a written unconditional promise to pay on demand or on a specified date a sum certain in money in return for an adequate consideration in money or money's worth, and to pay a fixed rate of interest, (2) Whether there is subordination to or preference over any indebtedness of the corporation, (3) The...
Page 397 - partnership" includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this title, a trust or estate or a corporation; and the term "partner" includes a member in such a syndicate, group, pool, joint venture, or organization.
Page 287 - ... the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Federal Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation, or the National Credit Union Administration. (8) The term "National Institute of Building Sciences" means the institute established by section 809 of the Housing and Community Development Act of 1974.