Tax Reform Act of 1969: Report to Accompany H.R. 13270, Together with Separate and Individual Views

Front Cover
U.S. Government Printing Office, 1969 - 352 pages
 

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Contents

Distributions of income
34
Stock ownership limitation
38
Limitations on use of assets
45
Limitations as to activities of foundations
46
Disclosure and publicity requirements
52
Change of status
53
Definition of private foundation
56
Private operating foundation definition
60
Hospitals
61
Effective dates B Other taxexempt organizations 1 The Clay Brown provision or debtfinanced prop
62
erty
63
Extension of unrelated business income tax to all exempt organizations
67
Taxation of investment income of social fraternal and similar organizations
71
Interest rents and royalties from controlled corpora tions
73
Limitation on deductions of nonexempt membership organizations
74
Income from advertising etc 7 Effective date
75
Revenue effect C Charitable contributions 1 Fiftypercent charitable contribution deduction 2 Repeal of the unlimited charitable deduction
77
Charitable contributions of appreciated property
80
Repeal of 2year charitable trust rule
82
Gifts of the use of property
83
Charitable contributions by estates and trusts
84
Charitable remainder trusts
86
Charitable income trust with noncharitable mainder
88
Limitations on nonexempt trusts 74
74
75
75
77
77
78
78
80
79
82
82
83
83
84
84
86
86
Farm losses 1 Limitation on deductions attributable to farming
95
Depreciation recapture 3 Holding period for livestock
100
Exchange of livestock of different sexes 5 Hobby losses
102
Gain from disposition of farm land
105
Crop insurance proceeds
106
Revenue effect E Moving expenses
107
F Minimum taxes and allocation of deductions
111
G Income averaging
118
H Restricted property
119
General explanationContinued Page I Accumulation trusts multiple trusts etc
124
J Multiple corporations
133
K Corporate mergers etc
137
Limitation on installment sales provision
144
Original issue discount
146
Convertible indebtedness repurchase premiums
149
N Depreciation allowed regulated industries
171
O Treatment of depreciation for earnings and profits
176
P Natural resources
178
Net income limitations on percentage depletion deductions
180
Minerals obtained from saline lakes
181
Mineral production payments
182
Mining exploration expenditures
187
Continental Shelf areas
189
Q Capital gains and losses
190
95
191
Alternative tax rate for corporations
194
Capital losses of individuals
195
Capital loss carrybacks for corporations
197
Collections of letters memorandums etc
198
Holding period of capital assets
200
Sales of life estates etc
203
Certain casualty losses under section 1231
204
Transfers of franchises trademarks and trade names
207
R Real estate depreciation
211
S Subchapter S corporations
215
T Tax treatment of State and municipal bonds
217
Arbitrage bonds
219
U Extension of tax surcharge and excise taxes
220
Continuation of excise taxes on communication serv ices and automobiles
222
Repeal of the investment credit
223
W Amortization of pollution control facilities
248
Amortization of certain railroad rolling stock etc
252
Y Adjustment of tax burden for individuals
255
100
256
Low income allowance
257
Tax treatment of single persons
260
Individual income tax rates
262
Collection of income tax at source on wages
264
Provision for flexibility in withholding procedures
265
Additional withholding allowances for excess itemized deductions
266
Certification of nontaxability for withholding tax purposes
267
Withholding on supplemental unemployment bene
268
fits
269
107
270
Banks for cooperatives
277
Spinoffs by life insurance company
283
Foreign base company income
289
BB Miscellaneous administrative provisions
296
House provisions deleted by committee
305
Individual views of Senator Albert Gore
311
Separate views of Senator Vance Hartke
340
119
346

Common terms and phrases

Popular passages

Page 48 - ... no substantial part of the activities of which is carrying on propaganda, or otherwise attempting to influence legislation, and which does not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of any candidate for public office.
Page 43 - Unrelated, trade or business (a) General rule. The term "unrelated trade or business" means, in the case of any organization subject to the tax imposed by section 511, any trade or business the conduct of which is not substantially related (aside from the need of such organization for income or funds or the use it makes of the profits derived) to the exercise or performance by such organization of its charitable, educational, or other purpose or function constituting the basis for its exemption...
Page 148 - Percentage depletion is not grantedm the case of soil, sod, dirt, turf, water, or mosses or minerals from sea water, the air, or similar inexhaustible sources.
Page 178 - A transfer of a franchise, trademark, or trade name shall not be treated as a sale or exchange of a capital asset if the transferor retains any significant power, right, or continuing interest with respect to the subject matter of the franchise, trademark, or trade name.
Page 122 - Section 368 (c), and it is established to the satisfaction of the Secretary or his delegate that the retention by the distributing corporation of stock (or stock and securities) in the controlled corporation was not in pursuance of a plan having as one of its principal purposes the avoidance of Federal income tax...
Page 270 - A tax-sheltered annuity; and 4. A plan established for its employees by the United States, by a state or political subdivision, or by any agency or instrumentality of the United States or a state or political subdivision, but not eligible state Section 457 plans. Form W-2. If your employer checks the "Pension plan...
Page 31 - ... (C) furnishing of goods, services, or facilities between a plan and a disqualified person; (D) transfer to, or use by or for the benefit of, a disqualified person of the income or assets of a plan...
Page 43 - ... includes any activity which is carried on for the production of income from the sale of goods or the performance of services. For purposes of the preceding sentence, an activity does not lose identity as a trade or business merely because it is carried on within a larger aggregate of similar activities or within a larger complex of other endeavors which may, or may not, be related to the exempt purposes of the organization. Where an activity carried on for profit constitutes an unrelated trade...
Page 212 - September 12, 1966, to another person in a transaction as a result of which the basis of such property in the hands of the transferee is determined by reference to the basis in the hands of the transferor...
Page 77 - The amendment made by section 51 of this Act shall be effective with respect to taxable years ending after the date of enactment of this Act.

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