Installment Sales Revision Act of 1980 and 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 ... April 17, 1980United States. Congress. House. Committee on Ways and Means. Subcommittee on Select Revenue Measures U.S. Government Printing Office, 1980 - 230 pages |
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amended American Bar Association amortization amount annuity apply assets Association basis recovery benefits cash Chairman committee report community income community property Congress DAN ROSTENKOWSKI deductible deferred compensation arrangements distilled spirits products distilled spirits tax election eliminate employees enactment entities ERISA exchange exempt expenses fair market value Federal flavor materials going concern gross profit income tax installment method installment obligation installment reporting Installment Sales Revision installment treatment Internal Revenue Code Internal Revenue Service legislation like-kind property liquidation ment ordinary and necessary partnership percent present law problem professional corporation proof gallon property received purchaser purposes qualified plan regulations related party result Revenue Ruling ROSTENKOWSKI Sales Revision Act second disposition section 337 section 453 seller selling price shareholder simplification spouse startup costs startup expenditures statement status Subcommittee tax avoidance tax law Tax Section tax treatment tax-exempt organizations taxable taxation taxpayer tion trade or business transaction Treasury Department wine industry
Popular passages
Page 165 - If an exchange would be within the provisions of subsection (b), (1), (2), (3), or (5) of this section if it were not for the fact that the property received in exchange consists not only of property permitted by such paragraph to be received without the recognition of gain, but also of other property or money...
Page 154 - Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the total profit realized or to be realized when the payment is completed, bears to the total contract price.
Page 154 - A) is includible in gross income for the taxable year, or (B) The portion of the tax for the adjustment year which is attributable to the gross profit described in subparagraph (A). The adjustment referred to in paragraph (1)(B) for the adjustment year is the sum of the amounts determined under the preceding sentence. (3) Rule for applying paragraph (2). For purposes of paragraph (2), the portion of the tax for a prior taxable year, or for the adjustment year, which is attributable to the gross profit...
Page 181 - ... be treated as deferred expenses. In computing taxable income, such deferred expenses shall be allowed as a deduction ratably over such period of not less than 60 months as may be selected by the taxpayer (beginning with the month in which the taxpayer first realizes benefits from such expenditures).
Page 154 - BASIS. (a) DEALERS IN PERSONAL PROPERTY. — Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price.
Page 172 - The basis of the obligation shall be the excess of the face value of the obligation over an amount equal to the income which would be returnable were the obligation satisfied in full.
Page 151 - Act of 1980". (b) AMENDMENT OF 1954 CODE. — 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 provisions of the Internal Revenue Code of 1954.
Page 154 - If a taxpayer entitled to the benefits of subsection (a) elects for any taxable year to report his net income on the installment basis, then in computing his income for the year of change or any subsequent year, amounts actually received during any such year on account of sales or other dispositions of property made in any prior year shall not be excluded.
Page 156 - ... to such an insurance company or to a partnership of which such an insurance company is a partner, no provision of this subtitle providing for the nonrecognition of gain shall apply with respect to any gain resulting under paragraph (1) . If a corporation which is a life insurance company for the taxable year was (for the preceding taxable year) a corporation which was not a life insurance company, such corporation shall, for purposes of this...
Page 154 - In determining the adjustment referred to in paragraph (1)(B), first determine, for each taxable year before the year of change, the amount which equals the lesser of— (A) The portion of the tax for such prior taxable year which is attributable to the gross profit which was included in gross income for such prior taxable year, and which by reason of paragraph...