Description of Miscellaneous Tax Proposals: Scheduled for Hearings Before the House Committee on Ways and Means on July 11-13, 1995
U.S. Government Printing Office, 1995 - Government publications - 306 pages
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activities addition adjusted allowed amount apply assets base basis beginning benefits bill bonds capital certain charitable church compensation contributions corporation costs date of enactment Date The proposal death debt December 31 deduction defined Description of Proposal designated determined diesel fuel distributions dividends earnings Effective Date election eligible employee entity estate tax excess excise tax exclusion exempt expenses extent Federal foreign Fund gain gift tax held House imposed income tax individual interest investment issued January Legislative Background limit loan loss means ment Modification operating organization paid participant payments percent period permitted person portion Present Law produced Proposal The proposal qualified received reduced regulations REIT respect rules share shareholders similar spouse tax credit tax-exempt taxable taxpayer termination tion trade transfer Treasury treated treatment trust United
Page 79 - In no case shall this section apply with respect to amounts paid or incurred for the purpose of ascertaining the existence, location, extent, or quality of any deposit of oil or gas.
Page 87 - The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.
Page 191 - Alternative tax. In the case of a mutual savings bank not having capital stock represented by shares, authorized under State law to engage in the business of issuing life insurance contracts, and which conducts a life insurance business in a separate department the accounts of which are maintained separately from the other accounts of the mutual savings...
Page 79 - Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate ; 3.
Page 172 - Subparagraph (A) of section 851 (b) (4) requires that at the close of each quarter of the taxable year at least 50 percent of the value of the total assets of the...
Page 191 - No gain or loss shall be recognized if stock or securities in a corporation a party to a reorganization are, in pursuance of the plan of reorganization, exchanged solely for stock or securities in such corporation or in another corporation a party to the reorganization.
Page 224 - ... (2) whether there is subordination to or preference over any indebtedness of the corporation, "(3) the ratio of debt to equity of the corporation, ' (4) whether there is convertibility into the stock of the corporation, and "(5) the relationship between holdings of stock in the corporation and holdings of the interest in question.
Page 14 - Sale or exchange of livestock solely on account of drought. (a) The sale or exchange of livestock (other than poultry) held for draft, breeding, or dairy purposes in excess of the number the taxpayer would sell or exchange during the taxable year if he followed his usual business practices shall be treated as an involuntary conversion to which section 1033 and the regulations thereunder are applicable if the sale or exchange of such livestock by the taxpayer is solely on account of...
Page 15 - ... In the case of insurance proceeds received as a result of destruction or damage to crops, a taxpayer reporting on the cash receipts and disbursements method of accounting may elect to include such proceeds in income for the taxable year following the taxable year of destruction or damage, if he establishes that, under his practice, income from such crops would have been reported in a following taxable year. For purposes of the preceding sentence, payments received under the Agricultural Act of...