Public Law 94-455 94th Congress: Tax Reform Act of 1976

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U.S. Government Printing Office, 1976 - 415 pages
 

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Contents

Basis limitation for and recapture of depreciation on player contracts
1545
Certain partnership provisions
1547
Scope of waiver of statute of limitations in case of activities not en gaged in for profit TITLE IIIMINIMUM TAX AND MAXIMUM TAX Sec 301 ...
1549
GEL 11726 90 STAT 1521
1551
Maximum
1554
Extensions of individual income tax reductions
1555
Refunds of earned income credit disregarded in the administration of Federal programs and federally assisted programs TITLE VTAX SIMPLIFICA...
1558
Deduction for alimony allowed in determining adjusted gross income Sec 503 Revision of retirement income credit
1559
Credit for child care expenses
1563
Changes in exclusions for sick pay and certain military etc dis ability pensions certain disability income
1566
Moving expenses
1568
Tax revision study Sec 508 Effective date TITLE VIBUSINESS RELATED INDIVIDUAL INCOME TAX PROVISIONS Sec 601 Deductions for ex...
1569
Deductions for attending foreign conventions
1572
Change in tax treatment of qualified stock options
1574
State legislators travel expenses away from home Sec 605 Deduction for guarantees of business bad debts to guarantors not involved in business
1575
Employee stock ownership plans study of expanded stock ownership
1583
TABLE OF CONTENTSContinued
1591
Investment credit in the case of movie and television films
1596
Small fishing vessel construction reserves
1606
TITLE XCHANGES IN THE TREATMENT OF FOREIGN INCOME
1610
Income tax treatment of nonresident alien individuals who
1612
Amendment of provision relating to investment in United States
1618
Continued
1622
Requirement that foreign tax credit be determined on overall basis
1624
Foreign oil and gas extraction income
1630
Contiguous country branches of domestic life insurance companies
1639
Western Hemisphere trade corporations
1647
PART VIDENIAL OF CERTAIN TAX BENEFITS FOR COOPERATION WITH OR PARTICI PATION IN INTERNATIONAL BOYCOTTS AND I...
1649
Denial of deferral of international boycott amounts Sec 1063 Denial of DISC benefits
1650
Determinations as to participation in or cooperation with an inter national boycott
1651
Foreign bribes
1653
Effective dates Sec 1067 Reports by Secretary
1654
TITLE XIAMENDMENTS AFFECTING DISC Sec 1101 Amendments affecting DISC
1655
TITLE XIIADMINISTRATIVE PROVISIONS Sec 1201 Public inspection of written determinations by Internal Revenue Service
1660
Confidentiality and disclosure of returns and return information
1667
Income tax return preparers
1688
Jeopardy and termination assessments
1695
Administrative summons
1699
Assessments in case of mathematical or clerical errors
1703
Withholding
1704
Stateconducted lotteries Sec 1209 Minimum exemption from levy for wages salary and other income
1709
Joint comunittee refund cases Sec 1211 Social security account numbers Sec 1212 Abatement of interest on errors when return is prepared for taxpay...
1711
TITLE XIIITAX EXEMPT ORGANIZATIONS Sec 1301 Disposition of private foundation property under transition rules of Tax Reform Act of 19...
1713
Minimum distribution amount for private foundations Sec 1304 Extension of time to amend charitable remainder trust governing instrument
1715
Unrelated trade or business income of trade shows State fairs
1716
Declaratory judgments with respect to section 501c3 status and classification
1717
Lobbying by public charities
1720
Tax liens etc not to constitute acquisition indebtedness Sec 1309 Extension of selfdealing transition rules for private foundations Sec 1310 Imputed i...
1729
Clinical services of cooperative hospitals
1730
TITLE XIVCAPITAL GAINS Sec 1401 Increase in amount of ordinary income against which capital loss may be offset Sec 1402 Increase in holdin...
1731
Allowance of 8year capital loss carryover in case of regulated invest ment companies Sec 1404 Sale of residence by elderly
1733
Other changes in limitations and requirements
1749
Excise
1754
Allowance of net operating loss carryover
1755
Alternative tax in case of capital gains
1756
Effective date for title
1757
TITLE XVIIRAILROAD AND AIRLINE PROVISIONS Sec 1701 Certain provisions relating to railroads
1759
Amortization over 50year period of railroad grading and tunnel bores placed in service before 1969
1760
Certain provisions relating to airlines
1761
TITLE XVIIIINTERNATIONAL TRADE AMENDMENTS Sec 1801 United States International Trade Commission
1762
Trade Act of 1974 amendments
1763
TITLE XIXREPEAL AND REVISION OF OBSOLETE RARELY USED ETC PROVISIONS OF INTERNAL REVENUE CODE OF 1954
1764
Amendments of subtitle B estate and gift taxes
1804
Amendments of subtitle C employment taxes
1806
Amendments of subtitle D miscellaneous excise taxes
1810
Amendments of subtitle E alcohol tobacco and certain other excise taxes
1818
Amendments of subtitle F procedure and administration
1824
Amendments of subtitle G the Joint Committee on Internal Revenue Taxation
1835
REPEALS AND SAVINGS PROVISIONS
1836
Provisions of subtitle A income taxes Sec 1952 Provisions of subchapter D of chapter 39 cotton futures
1841
TITLE XXESTATE AND GIFT TAXES Sec 2001 Unified rate schedule for estate and gift taxes unified credit in lieu of specific exemptions
1846
Increase in limitations on marital deductions fractional interests of spouse
1854
Valuation for purposes of the Federal estate tax of certain real property devoted to farming or closely held businesses
1856
Extension of time for payment of estate
1862
Carryover basis
1872
Certain generationskipping transfers
1879
Orphans exclusion
1890
Administrative changes
1891
Miscellaneous provisions
1893
Credit against certain estate taxes TITLE XXIMISCELLANEOUS PROVISIONS Sec 2101 Tax treatment of certain housing associations
1897
Treatment of certain disaster payments Sec 2103 Tax treatment of certain 1972 disaster losses
1900
Tax treatment of certain debts owed by political parties etc to accrual basis taxpayers
1901
Taxexempt bonds for student loans Sec 2106 Personal holding company income amendments
1902
Work incentive program expenses
1903
Repeal of excise tax on lightduty truck parts Sec 2109 Exclusion from excise tax on certain articles resold after modification
1904
Franchise transfers Sec 2111 Employers duties in connection with the recording and reporting of tips Sec 2112 Treatment of certain pollution control...
1905
Clarification of status of certain fishermens organizations Sec 2114 Application of section 6013e of the Internal Revenue Code of 1954
1907
Implementation of FederalState Tax Collection Act of 1972
1910
Cancellation of certain student loans
1911
Treatment of gain or loss on sales or exchanges in connection with simultaneous liquidation of a parent and subsidiary corporation Sec 2119 Regulati...
1912
Prohibition of discriminatory State taxes on production and con sumption of electricity Sec 2122 Allowance of deduction for eliminating architectura...
1914
High income taxpayer reports
1915
Tax incentives to encourage the preservation of historic structures
1916
Amendment to Supplemental Security Income program Sec 2126 Extension of carryover period for Cuban expropriation losses Sec 2127 Outdoor a...
1920
Tax treatment of large cigars
1921
Treatment of gain from sales or exchanges between related parties Sec 2130 Application of section 117 to certain education programs for members o...
1922
Contributions of certain Government publications Sec 2133 Tax incentives study
1925
Prepaid legal expenses Sec 2135 Special rule for certain charitable contributions of inventory and other property
1926
Tax treatment of the grantor of options of stock securities and commodities
1929
Exemptinterest dividends of regulated investment companies Sec 2138 Common trust fund treatment of certain custodial accounts Sec 2139 Support ...
1932
Involuntary conversions of real property Sec 2141 Livestock sold on account of drought
1933

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Page 1566 - 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 1845 - When construing and enforcing the provisions of this Act, the act, omission, or failure of any officer, agent, or other person...
Page 1635 - ... it has been established to the satisfaction of the Secretary or his delegate that such exchange is not in pursuance of a plan having as one of its principal purposes the avoidance of Federal income taxes.
Page 1618 - SEC. 1491. Imposition of tax. There is hereby imposed on the transfer of stock or securities by a citizen or resident of the United States, or by a domestic corporation or partnership, or by a trust which is not a foreign trust, to a foreign corporation as paid-in surplus or as a contribution to capital, or to a foreign trust, or to a foreign partnership...
Page 1601 - ... (A) from or to a trust described in section 401 (a) which is exempt from tax under section 501 (a...
Page 1932 - common trust fund" means a fund maintained by a bank (as defined in section 104) (1) exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in its capacity as a trustee, executor, administrator, or guardian...
Page 1925 - ... of determining gain from a sale or exchange, in whole or in part by reference to the basis of such property in the hands of a taxpayer described in subparagraph (A) or (B...
Page 1636 - ... 10 percent or more of the total combined voting power of all classes of stock entitled to vote of such...
Page 1836 - Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1954.
Page 1844 - Provide that the delivery of cotton under the contract shall not be effected by means of "set-off" or "ring" settlement, but only by the actual transfer of the specified cotton mentioned in the contract. The provisions of the first, third, and fourth subdivisions of this section shall be deemed fully incorporated into any such contract if there be written or printed thereon, or on the document or memorandum evidencing the same, at or prior to the time the same is entered into, the words "Subject...

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