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 3
... tax , FUTA tax , and Federal income tax withholding , and thus are not subject to such provisions ; instead , such seafood processors are subject to the tax on self - employment income . The bill generally applies begin- ning on January ...
... tax , FUTA tax , and Federal income tax withholding , and thus are not subject to such provisions ; instead , such seafood processors are subject to the tax on self - employment income . The bill generally applies begin- ning on January ...
Page 5
... taxable years beginning after De- cember 31 , 1988 . 6. S. 2611 - Senator Cranston Disclosure of Certain Tax Return Information to Veterans ' Administration The Internal Revenue Code prohibits disclosure of tax returns and return ...
... taxable years beginning after De- cember 31 , 1988 . 6. S. 2611 - Senator Cranston Disclosure of Certain Tax Return Information to Veterans ' Administration The Internal Revenue Code prohibits disclosure of tax returns and return ...
Page 6
... tax- favored retirement arrangement ( this concept is often referred to as ... years beginning after 1991 . 8. H.R. 2792 Tax Treatment of Indian Fishing ... taxable years beginning before or after the date of enactment as to which ...
... tax- favored retirement arrangement ( this concept is often referred to as ... years beginning after 1991 . 8. H.R. 2792 Tax Treatment of Indian Fishing ... taxable years beginning before or after the date of enactment as to which ...
Page 9
... taxable years beginning in 1988 and 1989 , the rate of tax on self - employment income is 13.02 percent ; in taxable years begin- ning after 1989 , the rate is 15.3 percent . The comparable FICA rates ( total of employer and employee ...
... taxable years beginning in 1988 and 1989 , the rate of tax on self - employment income is 13.02 percent ; in taxable years begin- ning after 1989 , the rate is 15.3 percent . The comparable FICA rates ( total of employer and employee ...
Page 18
... years and carried forward 15 years , beginning with the earliest year . of $ 260,000 for 1987. The new - business rule provides that the taxpayer is deemed to have base period expenditures of zero for pre - 1986 years . Without regard ...
... years and carried forward 15 years , beginning with the earliest year . of $ 260,000 for 1987. The new - business rule provides that the taxpayer is deemed to have base period expenditures of zero for pre - 1986 years . Without regard ...
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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),...