Description of Tax Bills (S. 1239, S. 1821, S. 2078, S. 2409, S. 2484, S. 2611, H.R. 1961, and H.R. 2792): Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Senate Committee on Finance on July 12, 1988
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accrual acquisition activities addition adjusted allocated allowed annuity apply assets average base period amount basic research beneficiary benefits bill carrying certain Code Committee computed contracts contributions costs date of enactment deduction deemed deferred defined derived designed direct disclosure distribution Effective Date elect eligible employees employment entity equal ESOP established exceed exempt expenses Explanation Federal fishing increase incurred individual intended interest Internal Revenue Code July least limitation ment method paid participant partnership pension plans percent permit portability present law prior qualified plan qualified research expenditures received refers relating research credit respect retirement retirement plans rolled rules section 174 securities share short-term obligations similar substantially tax return taxable years beginning taxation taxpayer term termination tion trade or business transferred Treasury treated treatment tribution Trust Fund voting requirements
Page 10 - ... the approval or disapproval of any corporate merger or consolidation, recapitalization, reclassification, liquidation, dissolution, sale of substantially all assets of a trade or business, or such similar transaction as the Secretary may prescribe in regulations.
Page 24 - ... of employees participating in the plan), vesting (the time at which an employee's benefit becomes nonforfeitable), and benefit accrual (the rate at which an employee earns a benefit). Also, minimum funding standards apply to the rate at which employer contributions are required to be made to the plan to ensure the solvency of pension plans.
Page 18 - ... research floors plus (b) an amount reflecting any decrease in nonresearch giving to universities by the corporation as compared to such giving during a fixed-base period, as adjusted for inflation. This separate credit computation is commonly referred to as the "university basic research credit
Page 18 - S corporation, the amount of credit that can be used in a particular year cannot exceed an amount (separately computed with respect to the person's interest in the trade or business or entity...
Page 14 - Except as provided in subsection (b), there shall be allowed as a deduction in computing taxable income all expenditures paid or incurred during the taxable year for the development of a mine or other natural deposit (other than an oil or gas well) if paid or incurred after the existence of ores or minerals in commercially marketable quantities has been disclosed.
Page 14 - 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 13 - It it intended that this provision apply only to individual taxpayers. (13) 14 procedure is medically necessary, who lack the financial resources to pay for such procedures. A State also could use funds from the Trust to pay for costs incurred by the State's chief health officer to publicize the availability of the Trust Fund and to solicit contributions to the Fund, except that such payments could not exceed five percent of the total payments received by the State from the Trust Fund for the year....
Page 9 - If there is no common stock which meets the requirements of paragraph (1), the term 'employer securities' means common stock issued by the employer (or by a corporation which is a member of the same controlled group) having a combination of voting power and dividend rights equal to or in excess of...
Page 23 - Code (a qualified plan) is accorded special tax treatment under present law. Employees do not include qualified plan benefits in gross income until the benefits are distributed, even though the plan is funded and the benefits are nonforfeitable.
Page 24 - The qualification rules limit the amount of benefits that can be provided through a qualified plan and require that benefits be provided on a basis that does not discriminate in favor of highly compensated employees. In addition, qualified plans are required to meet minimum standards relating to participation (the restrictions that may be imposed on participation in the plan), coverage (the number of employees participating in the plan), vesting (the time at which an employee's benefit becomes nonforfeitable),...