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, 1988U.S. Government Printing Office, 1988 - 31 pages |
From inside the book
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Page 6
... contracts , and IRAS . The bill provides that ( 1 ) in certain circumstances direct transfers to IRAs are required in lieu of distribution ; ( 2 ) the Treas- ury Department may permit the distribution of employee contribu- tions to be ...
... contracts , and IRAS . The bill provides that ( 1 ) in certain circumstances direct transfers to IRAs are required in lieu of distribution ; ( 2 ) the Treas- ury Department may permit the distribution of employee contribu- tions to be ...
Page 16
... contract research conducted on the taxpayer's behalf . Under present law , the credit is scheduled to expire after Decem- ber 31 , 1988 . Definition of research for credit purposes In general . The incremental credit is directed at ...
... contract research conducted on the taxpayer's behalf . Under present law , the credit is scheduled to expire after Decem- ber 31 , 1988 . Definition of research for credit purposes In general . The incremental credit is directed at ...
Page 17
... contract , or otherwise by any person or governmental entity . Computation of allowable credit General rule . - As a general rule , the incremental credit applies to the amount of qualified research expenditures for the current taxable ...
... contract , or otherwise by any person or governmental entity . Computation of allowable credit General rule . - As a general rule , the incremental credit applies to the amount of qualified research expenditures for the current taxable ...
Page 18
... contract research intended to be trans- ferred by the partnership to another ( such as to the general part- ner ) in return for license or royalty payments . Other limitations and carryover The research credit is subject to the general ...
... contract research intended to be trans- ferred by the partnership to another ( such as to the general part- ner ) in return for license or royalty payments . Other limitations and carryover The research credit is subject to the general ...
Page 21
... contract research expenditures would be eligible for the credit only pursuant to the present - law trade or business test . ) If in the year the credit is earned the start - up firm does not have any income tax liability against which ...
... contract research expenditures would be eligible for the credit only pursuant to the present - law trade or business test . ) If in the year the credit is earned the start - up firm does not have any income tax liability against which ...
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Common terms and phrases
50 percent 50-percent limitation accrual acquisition discount base period amount class of securities computed date of enactment December 31 deferred defined benefit plans disclosure Effective Date eligible employee's employer securities employment entitled to direct exceed Federal income tax FICA tax fishing rights-related activity FUTA tax incremental credit incremental research credit individual interest on short-term Internal Revenue Code July 18 Majority Vote Requirement Organ Transplant Trust participants and beneficiaries partnership pension plans permit portability of assets portability of pension present law prior pursuant qualified Indian entity qualified plan qualified research expenditures qualified retirement plans respect retirement arrangement return information rolled rules salary reduction SEPS seafood processors self-employment income short-term obligations Small Banks social security spousal rights tax on self-employment tax return tax sec taxable years beginning taxation taxpayer taxpayer's base termination of employment tion trade or business transferred Transplant Trust Fund Treasury tribution university basic research voting rights Weicker
Popular passages
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),...