Summary of the Conference Agreement on the Tax Reform Act of 1976 (H.R. 10612) |
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Common terms and phrases
activities addition amortization amount applies to taxable basis beginning after December capital gains capital losses carryover closely held business conference agreement extends conference agreement provides conference agreement requires contributions date of enactment decedent decedent's December 31 depreciation determined disclosure distributions earned income elect eligible employee estate and gift estate tax exceed excess exemption expenses farm Federal filed film foreign corporations foreign tax credit gift tax income tax Individual retirement account interest Internal Revenue Service investment credit January limitation marital deduction ment oil and gas ordinary income partnership payment period person placed in service present law provision applies purposes qualified real property recapture respect return information returns or return Revenue Adjustment Act rules apply sale or exchange shareholders spouse subchapter Tax Reduction Act Tax Reform tax treatment tax-exempt taxable income taxable years beginning taxable years ending taxpayer tion TITLE trade or business transfers transitional rule treated withholding
Popular passages
Page 81 - (a) REQUIREMENTS FOR QUALIFICATION. — A trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan of an employer for the exclusive benefit of his employees or their beneficiaries...
Page 17 - Section 223 (d) (1) (2) (3) defines disability as the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.
Page 42 - Personnel, medical, or similar files, the disclosure of which would constitute an unwarranted invasion of personal privacy...
Page 54 - It is the policy of the United States that any State (or political subdivision thereof) may, in the administration of any tax, general public assistance, driver's license, or motor vehicle registration law within its jurisdiction...
Page 58 - ... sold on or in connection with the first retail sale of a light-duty truck, as described in section 4061(a)(2), if credit or refund of such tax is not available under any other provisions of law...
Page 48 - A $25 penalty is provided for each failure to furnish a proper identification number on a return unless such failure is due to reasonable cause and not willful neglect.
Page 18 - In the case of a member of the Armed Forces of the United States on active duty who moves pursuant to a military order and incident to a permanent change of station...
Page 63 - ... (2) amounts described in paragraph £1) shall be treated as properly chargeable...
Page 52 - Extensive hearings followed before the House Committee on Ways and Means, and the Senate Committee on Finance.
Page 33 - ... (c) Effective Date. — The amendments made by this section shall apply with respect to taxable years of foreign corporations beginning after December 31, 1962, and to taxable years of United States shareholders within which or with which such taxable years of such foreign corporations end.