A Report of the Subcommittee on Select Revenue Measures of the Committee on Ways and Means, U.S. House of Representatives: Section-by-section Summary, Analysis, and Justification of H.R. 5973 ....United States. Congress. House. Committee on Ways and Means. Subcommittee on Select Revenue Measures U.S. Government Printing Office, 1979 - 8 pages |
Other editions - View all
Common terms and phrases
acquisition indebtedness age of 16 Americans working abroad attained the age benefit pension plan bill and sec budget receipts change The subcommittee civil unrest cooperative education programs debt debt-financed income rules December 31 deduction for excess defined benefit pension defined benefit plan Effective date employee who receives excess foreign living Exempt Organizations expected to meet Explanation of provision foreign country foreign earned income foreign living costs foreign residence hardship areas incurred less than $5 lump sum distribution Money Purchase Pension November 27 organization's exempt participate in qualified passive investment income plan maintained presence requirements present law provision This provision provision would apply purchase pension plan qualified cooperative education qualified pension qualified plan real property Reasons for change residence or presence Revenue effect school or vocational Section subcommittee believes targeted jobs credit taxable years beginning taxpayer Tillamook total distribution unrelated business income vocational school waiver Youth Participating youths who actively
Popular passages
Page 3 - In general, debt-financed property is defined as "any property which is held to produce income and with respect to which there is acquisition indebtedness
Page 5 - If an employer maintains more than one qualified plan of the same type, the plans are aggregated for the purpose of determining whether the balance to the credit of an employee has been distributed. Under the aggregation rules, all pension plans (defined...
Page 3 - ... (1) BONA FIDE RESIDENT OF FOREIGN COUNTRY. In the Case of an individual citizen of the United States, who establishes to the satisfaction of the Secretary or his delegate that he has been a bona fide resident...
Page 3 - ... in a foreign country or countries during at least 510 full days during any period of 18 consecutive months...
Page 5 - For purposes of determining the balance to the credit of an employee under subparagraph (A) — "(i) all trusts which are part of a plan shall be treated as a single trust, all pension plans maintained by the employer shall be treated as a single plan, all profitsharing plans maintained by the employer shall be treated as a single plan, and all stock bonus plans maintained by the employer shall be treated as a single plan, and "(ii) trusts which are not qualified trusts under section...
Page 4 - August 31, 1978 — (i) during any period during which the Secretary determines, after consultation with the Secretary of State or his delegate, that individuals were required to leave such foreign country because of war. civil unrest, or similar adverse conditions in such foreign country which precluded the normal conduct of business by such individuals, and (ii) before meeting the requirements of such paragraph (1), and (C) establishes to the satisfaction of the Secretary that such individual could...
Page 6 - ... and who have not graduated from high school or vocational school. The definitions of a qualified cooperative education program and a qualified school are similar to those used in the Vocational Education Act of 1963. Thus, a qualified cooperative education program...
Page 6 - Code section 501 (a) is taxed only on income from trades and businesses which are unrelated to the organization's exempt purposes; it is not taxed on passive investment income or income from any trade or business which is related to the organization's exempt purposes.1 This system of taxation applies to tax-exempt pension, profitsharing, and stock bonus trusts described in Code sec.
Page 5 - ... location. The new limitations would apply to both domestic and foreign moves. As under present law, if a husband and wife file separate returns, these maximum deductible amounts would be halved. Effective date The amendments made by the bill would apply to taxable years beginning after December 31, 1981. Revenue effect It is estimated that this provision would reduce budget receipts by $272 million in fiscal year 1982, by $940 million in fiscal year 1983, by $1,057 million in fiscal year 1984...
Page 5 - Under the aggregation rules, all pension plans (defined benefit and money purchase) maintained by the employer are treated as a single plan, all profit-sharing plans maintained by the employer are treated as a single plan, and all stock bonus plans maintained by the employer are treated as a single plan.