Minor Tax Bills: Hearing Before the Subcommittee on Select Revenue Measures of the Committee on Ways and Means, House of Representatives, Ninety-sixth Congress, Second Session ... March 24, 1980United States. Congress. House. Committee on Ways and Means. Subcommittee on Select Revenue Measures U.S. Government Printing Office, 1980 - 72 pages |
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1,000 barrel amount 75 percent Air Force Association air transportation airline tickets amount paid AMVETS Armed Forces beneficiary associations benefits bill Chairman Code sec Committee CONGRESS THE LIBRARY ConRail reorganization consolidated return regulations controlled corporation DAN ROSTENKOWSKI DERECO determination disclosure DUNCAN election eligible for percentage enactment Erie Lackawanna Railway excess loss account Federal excise tax gas properties group of corporations Internal Revenue Code Internal Revenue Service issue Lackawanna Railway Company legislation LIBRARY OF CONGRESS mailing addresses Major HANST membership Norfolk and Western oil and gas operating losses permanent life insurance present law proposed regulations proven oil purposes Revenue effect ROSTENKOWSKI Section 374 section 501 Select Revenue Measures SHAKOW shareholder single 1,000 barrel social clubs special court statement student loans Subcommittee on Select tax exemption taxable taxpayers term life insurance tion transfer rule transferor railroad transfers of proven Treasury Department value life insurance veterans organizations whole life insurance
Popular passages
Page 54 - If in 1957, instead of requiring the improvements, the buyer releases A from this obligation, A may then claim the application of section 1237 to the sale of lots in 1956 in computing his income tax for 1956, since the period of limitations in which A may file a claim for credit or refund of an overpayment of his 1956 income tax has not expired.
Page 67 - It also would allow claims for tax refunds with respect to oil and gas production between 1974 and the date of enactment. Revenue effect It is estimated that, this provision will reduce budget receipts by...
Page 70 - The common parent corporation owns directly stock possessing at least 80 percent of the voting power of all classes of stock and at least 80 percent of each class of the nonvoting stock of at least one of the other includible corporations. As used in this subsection, the term "stock" does not include nonvoting stock which is limited and preferred as to dividends. (3) The term "affiliated group...
Page 55 - A BILL To amend the Internal Revenue Code of 1954 with respect to the treatment of gain on the sale or exchange of foreign investment company stock.
Page 28 - The exemption of the insurance activities of veterans' organizations from the unrelated business taxable income provisions is in no meaningful way tied to whether or not military service occurred during a time of military conflict. Section 512 (a) (3) of the Code, enacted as part of the Tax Reform Act of 1969, exempts from the unrelated business tax amounts set aside to provide for the payment of life, sickness, accident, or other benefits in the case of voluntary employees beneficiary associations.
Page 53 - A post or organization of war veterans, or an auxiliary unit or society of, or a trust or foundation for, any such post or organization— (A) Organized in the United States or any of its possessions, (B) At least 75 percent of the members of which are war veterans and substantially all of the other members of which are individuals who are veterans (but not war veterans) or are cadets, or are spouses, widows, or widowers of war veterans or...
Page 69 - ... determined ultimately by a special court created for this purpose. In 1976, the Congress also enacted legislation to deal with certain of the tax consequences of this reorganization to ConRail, the transferor railroads, and the shareholders and creditors of the transferor railroads. Under this legislation,2 the transfer of rail properties to ConRail was treated like reorganizations in general (and other bankrupt railroad reorganizations in particular) so that the transferor companies and their...
Page 69 - Present law also provides rules which deal with the filing of consolidated returns by affiliated groups of corporations.3 Under the section 1502 consolidated return regulations, income tax liability generally is based on the combined income of the corporations in the affiliated group. "Where one or more members of the affiliated group have incurred net operating losses, these losses offset taxable income of other members of the affiliated group, and the tax basis of their investment in the stock...
Page 49 - Service performed in the employ of a voluntary employees' beneficiary association providing for the payment of life, sick, accident, or other benefits to the members of such association or their dependents...
Page 35 - ... in the exploration, development and production of crude oil and natural gas.