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 assets basis beginning after December capital gains capital losses 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 election 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 ment oil and gas options ordinary income partnership payment period person placed in service plans present law provision applies purposes qualified real property recapture respect return information returns and return 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 trade or business transfers transitional rule treated
Popular passages
Page 90 - As used in this subsection, the term "farm" includes stock, dairy, poultry, fruit, fur-bearing animal, and truck farms, plantations, ranches, nurseries, ranges, greenhouses or other similar structures used primarily for the raising of agricultural or horticultural commodities, and orchards.
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 91 - Comparable sales of other farm or closely held business land in the same geographical area far enough removed from a metropolitan or resort area so that nonagricultural use is not a significant factor in the sales price, and («) Any other factor which fairly values the farm or closely held business value of the property.
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 53 - 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 63 - ... (2) amounts described in paragraph £1) shall be treated as properly chargeable...
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.
Page 85 - ... years after the close of the first taxable year in which any part of the gain upon the conversion is realized...