Study of the Overall State of the Federal Tax System and Recommendations for Simplification, Pursuant to Section 8022(3)(B) of the Internal Revenue Code of 1986: Study of the overall state of the federal tax systemU.S. Government Printing Office, 2001 |
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Common terms and phrases
addition adjusted gross income allocated alternative minimum tax amount annuity apply assets basis cafeteria plan capital gains claim Code Committee staff believes Committee staff recommends computing deferred definition dependency exemption determining distribution dividends earned income credit election eligible eliminated entity exclusion expenditures Federal filing status foreign investment company head of household highly compensated employees income tax individual interest itemized deductions Joint Committee staff limited liability company loss ordinary income partnership passive foreign investment payments percent percentage personal holding company phase-out present law proposal purposes qualified retirement plan qualifying child Recommendation for Simplification regulations relating requirements respect Roth IRA shareholders SIMPLE IRAS Simplification The Joint Social Security Sources of Complexity special rules spouse standard deduction tax benefits tax liability tax rate tax treaties taxable income taxation taxpayer trade or business traditional IRA transactions treated trust two-percent floor U.S. tax
Popular passages
Page 35 - capital assets" means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Page 417 - At any time during the last half of the taxable year more than 50 percent in value of its outstanding stock is owned, directly or indirectly, by or for not more than 5 individuals.
Page 415 - Amounts received under a contract under which the corporation is to furnish personal services; if some person other than the corporation has the right to designate (by name or by description) the individual who is to perform the services, or if the individual who is to perform the services is designated (by name or by description) in the contract; and (B) Amounts received from the sale or other disposition of such a contract.
Page 259 - ... a transfer by a corporation of all or a part of its assets to another corporation...
Page 285 - ... (3) gains and losses from sales or exchanges of property described in section 1231 (relating to certain property used in a trade or business and involuntary conversions...
Page 190 - January 1, 2000, an overall limit applied if an employee was a participant in both a defined contribution plan and a defined benefit plan of the same employer.
Page 436 - Income that is effectively connected with the conduct of a US trade or business is taxed at the graduated rates applicable to US citizens and residents.
Page 103 - Co.) (b) Date acquired (Mo., day, yr.) (c) Date sold (Mo., day, yr.) (d) Sales price (see page...
Page 224 - ... unit of employees covered by an agreement which the Secretary of Labor finds to be a collective bargaining agreement between employee representatives and one or more employers, if...
Page 377 - Under present law, an organization described in sections 501(cX3) or (4) of the Code is exempt from tax only if no substantial part of its activities consists of providing commercial-type insurance.