S Corporation Reforms: Hearing Before the Subcommittee on Select Revenue Measures of the Committee on Ways and Means, U.S. House of Representatives, One Hundred Eighth Congress, First Session, June 19, 2003United States. Congress. House. Committee on Ways and Means. Subcommittee on Select Revenue Measures U.S. Government Printing Office, 2003 - 90 pages |
Other editions - View all
Common terms and phrases
assets basis bill built-in gains tax capital carryforwards Chairman MCCRERY charitable contribution Cloutier Committee community banks CONGRESS THE LIBRARY convert Copham Corporation election corporation shareholders corporation status corporation stock current law debt deduction distributions dividends earnings and profits eligible eliminate employees entity ESBT gain/income gross receipts growth hearing holder holding company ICBA income tax intercompany transactions Internal Revenue Code Internal Revenue Service IRC section issue JENNER Jim McCrery Jim Ramstad legislation LIBRARY OF CONGRESS limited liability companies liquidation loan nonresident alien number of shareholders operate ordinary income owners partnership passive activity losses passive income passive investment income percent permitted poration potential current beneficiaries preferred stock proposal provision QSST QSub election qualified subchapter Ramstad recommend regulations restrictions result rules S-CORP Scott McInnis shares subchapter S corporation subchapter S subsidiary suspended losses Tax Relief taxable taxation taxpayers termination Thank tion treated trust TUBBS JONES ZARZAR
Popular passages
Page 69 - ... other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities (gross receipts from such sales or exchanges being taken into account for purposes of this subparagraph only to the extent of gains therefrom) ; except that this subparagraph shall not apply with respect to any corporation If.
Page 40 - ... locations nationwide. Community banks are independently owned and operated and are characterized by attention to customer service, lower fees and small business, agricultural and consumer lending. ICBA's members hold more than...
Page 29 - Simplify S Corporation Qualification Criteria. The definition of an "S corporation" contained in section 1361 establishes a number of qualification criteria. To qualify, the corporation may have only one class of stock and no more than seventy-five shareholders. Complex rules provide that the shareholders must be entirely composed of qualified individuals or entities. On account of state statutory changes and the check-the-box regulations, S corporations are disadvantaged relative to other limited...
Page 1 - Subcommittee) presiding. [The advisory and revised advisory announcing the hearing follow:] ADVISORY FROM THE COMMITTEE ON WAYS AND MEANS SUBCOMMITTEE ON HEALTH FOR IMMEDIATE RELEASE CONTACT: (202) 225-3943 March 25, 2004 No.
Page 88 - A potential current income beneficiary means any person, with respect to the applicable period, who is entitled to, or at the discretion of any person may receive, a distribution from the principal or income of the trust.
Page 3 - Those filing written statements who wish to have their statements distributed to the press and interested public at the hearing should deliver their 200 copies to the Subcommittee on Oversight in room 1136 Longworth House Office Building, in an open and searchable package 48 hours before the hearing.
Page 88 - Income" means gross receipts derived from royalties, rents, dividends, Interest, annuities, and sales or exchanges of stock or securities (gross receipts from such sales or exchanges being taken Into account for purposes of this paragraph only to the extent of gains therefrom).
Page 86 - For purposes of this section, the term "prohibited transaction" means any direct or indirect— (A) sale or exchange, or leasing, of any property between a plan and a disqualified person; (B) lending of money or other extension of credit between a plan and a disqualified person...
Page 33 - THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS The American Institute of Certified Public Accountants (AICPA) appreciates the opportunity to present this statement to you on House Bill HR 14138.