Description of Miscellaneous Tax Bills Listed for a Hearing Before the Subcommittee on Taxation and Debt Management Generally of the Committee on Finance on August 4, 1980U.S. Government Printing Office, 1980 - 28 pages |
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$20 million 80-5 and Revenue actuarial affiliated group bill would provide capital gain cents per pound Code sec Code section consolidated return regulations cooperative telephone credit or refund December 31 deduction is allowed deemed dispositions Deferred Compensation Plans defined benefit plans determined display listings earnings and profits Effective date employees Erie Lackawanna Railway ERISA excess inventories excess loss account excise tax credit excludable from gross Federal foreign tax credit foreign trusts gross income group of corporations Internal Revenue Service inventory accounting March 31 member-income test method of accounting method of inventory million in fiscal mutual or cooperative nonqualified plans nonresident aliens operating losses ordinary income participants percent Present law Rail reorganization replacement tire requirements Revenue effect Revenue Procedure 80-5 Revenue Ruling 80-60 scholarships special rules tax liability Tax on Tires tax on unrelated taxpayer Thor Power decision tion transfer transferor railroad U.S. corporation warranty or guarantee
Popular passages
Page 21 - Such term also includes any public or other nonprofit collegiate or associate degree school of nursing and any school which provides not less than a oneyear program of training to prepare students for gainful employment in a recognized occupation and which meets the provisions of clauses (1), (2), (4), and (5).
Page 21 - institution of higher education" means" an educational institution in any State which (1) admits as regular students only persons having a certificate of graduation from a school providing secondary education, or the recognized equivalent of such a certificate, (2) is legally authorized within such State to provide a program of education beyond...
Page 21 - institution of higher education" means an educational institution in any State which (1) admits as regular students only persons having a certificate of graduation from a school providing secondary education, or the recognized equivalent of such a certificate, (2) is legally authorized within such State to provide a program of education beyond secondary education, (3) provides an educational program for which it awards...
Page 23 - The common parent corporation owns directly stock possessing at least 80 percent of the voting power of all classes of stock and at least 80 percent of each class of the nonvoting stock of at least one of the other includible corporations. As used in this subsection, the term "stock" does not include nonvoting stock which is limited and preferred as to dividends. (3) The term "affiliated group...
Page 3 - Code of 1954; (3) such plan is maintained solely for the purpose of complying with applicable workmen's compensation laws or unemployment compensation or disability insurance laws; (4) such plan is maintained outside of the United States primarily for the benefit of persons substantially all of whom are nonresident aliens; or (5) such plan is an excess benefit plan (as defined in section 3(36) ) and is unfunded.
Page 6 - Under an accrual method of accounting, an expense is deductible for the taxable year in which all the events have occurred which determine the fact of the liability and the amount thereof can be determined with reasonable accuracy.
Page 11 - The bill also requires that whatever accounting1 method is used to determine the deductible amount must be used consistently. Changes in the accounting method (but not actuarial assumptions) would require the permission of the Service. Effect on earnings and pro-fits The bill would provide that, if an amount would be deductible under the special rules provided by the bill, the earnings and profits of the corporation are to be reduced to the same extent. Foreign trusts The bill would make it clear...
Page 4 - The bill would reduce the excise taxes on new tires by 2.5 percent, beginning on January 1, 1981, and disallow an excise tax credit or refund with respect to tires for which a warranty or guarantee adjustment is made after December 31, 1982. The bill also...
Page 3 - Ruling 80-60 require taxpayers to conform their method of inventory accounting to that method of inventory accounting approved by the Supreme Court in Thor Power Tool Co. v. Commissioner, 439 US 522 (1979). For taxpayers with...
Page 4 - Treatment of Mutual or Cooperative Telephone and Electric Companies The bill would provide that, in determining whether a mutual or cooperative telephone or electric company meets the 85-percent member-income requirement for tax exemption (under Code sec. 501 (c) (12) ), any income from rental of poles (used in the cooperative's exempt activities) or from display listings in a directory is to be disregarded. The bill also would provide that income from the rental of such poles by mutual or cooperative...