The President's 1978 Tax Program: Detailed Descriptions and Supporting Analyses of the ProposalsDepartment of the Treasury, 1978 - 331 pages Traces the revolutionary spirit that runs through American history, and whose founding father and greatest advocate was Thomas Paine, showing how Paine turned Americans into radicals--and how we have remained radicals at heart ever since. Paine was one of the most remarkable political writers of the modern world, and the greatest radical of a radical age. Through his writings, he not only turned America's colonial rebellion into a revolutionary war but, as Kaye demonstrates, articulated an American identity charged with purpose and promise. Beginning with Paine's life and ideas and following their influence through to our own day, Kaye reveals how, while the powers that be repeatedly sought to suppress, defame, and co-opt Paine's memory, generations of radical and liberal Americans have turned to Paine for inspiration as they endeavored to expand American freedom, equality, and democracy.--From publisher description. |
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ADR system allowed alternative tax amount apply assets audit bad debt deduction buildings cafeteria plan capital gains commercial banks contributions controlled foreign corporation cost credit unions December 31 deferral deferred annuity depreciation deductions dollar earnings economic Effective Date election eligible eliminate employees entertainment expenses equity excess exemption exports Federal financing foreign tax credit governments IDBS income tax increase individual interest rates Internal Revenue Code Internal Revenue Service investment credit investors issued itemized deductions limited partners loan losses method million municipal bond nonrecourse debt Office of Tax offset paid partnership payments permitted pollution control present law purchase real estate Reasons for Change reduce retirement risk rules salvage value Social Security subsidy substantial Tax Analysis tax benefits tax bracket tax liability tax rates tax shelter tax-exempt taxable bond option taxable income taxpayers thrift institutions Treasury Office U. S. shareholders U. S. tax
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Page 81 - However, if property used in a trade or business or held for the production of income...
Page 174 - ... (A) 70 percent or more of all the employees, or 80 percent or more of all the employees who are eligible to benefit under the plan if 70 percent or more of all the employees are eligible to benefit under the plan, excluding in each case employees who have been employed not more than a minimum period prescribed by the plan, not exceeding 5 years, employees whose customary employment is for not more...
Page 214 - The allowance of deductions for such expenses will depend upon whether there Is a sufficient relationship between the taxpayer's trade of business and his attendance at the convention or other meeting so that he is benefiting or advancing the interests of his trade or business by such attendance. If the convention is for political, social or other purposes unrelated to the taxpayer's trade or business, the expenses are not deductible. (e) Commuters' fares are not considered as business expenses and...
Page 326 - Under an accrual method of accounting, an expense is deductible for the taxable year in which all the events have occurred which determine the fact of the liability and the amount thereof can be determined with reasonable accuracy.
Page 264 - Except as provided in this subsection, the term 'section 38 property' means — "(A) tangible personal property, or "(B) other tangible property (not including a building and its structural components) but only if such property — "(i) is used as an integral part of manufacturing, production, or extraction or of furnishing transportation, communications, electrical energy, gas, water, or sewage disposal services, or...
Page 302 - For purposes of this subpart, the term "controlled foreign corporation" does not include any corporation created or organized in the Commonwealth of Puerto Rico or a possession of the United States or...
Page 272 - Under present law, stock owned by a husband and wife which is community property or which is held as joint tenants, tenants by the entirety or tenants in common, is considered to be owned by one shareholder. This has caused a problem in cases where one spouse dies and his interest goes to the estate. Under the proposal the death of either or both of the husband and wife in these circumstances would not change the number of shareholders as long as the stock...
Page 323 - ... (a) General rule. Except as otherwise provided by law, the taxable income from farming of — (1) a corporation engaged in the trade or business of farming, or (2) a partnership engaged in the trade or business of farming, if a corporation is a partner in such partnership, shall be computed on an accrual method of accounting and with the capitalization of preproductive period expenses described in subsection (b).
Page 209 - Dues or fees paid to any social, athletic, or sporting club or organization are considered expenditures with respect to a facility used in connection with entertainment.
Page 122 - A general partner also may make contributions to and share in profits, losses, and distributions as a limited partner. A person who is both a general partner and a limited partner has the rights and powers, and is subject to the restrictions and liabilities, of a general partner and, except as...