General Explanation of Tax Legislation Enacted in 1997U.S. Government Printing Office, 1997 - 549 pages |
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Act and sec Act provides addition adjusted alternative minimum tax amount apply assets basis beneficiary bonds budget receipts capital gain carryback Change The Congress Code Congress believed contract contributions date of enactment Date The provision December 31 deduction determined distribution dividend earnings Effect The provision Effective Date election eligible employee empowerment zones estate tax estimated to reduce excise tax Explanation of Provision filing fiscal year budget foreign tax credit gift tax gross income income tax individual interest Internal Revenue Service limitations loss mark-to-market ment million in 1999 million in 2000 paid partner payments percent period PFIC Present and Prior present law prior law provision is effective provision is estimated Provision The Act Reasons for Change reduce Federal fiscal respect Revenue Effect Roth IRA shareholder SIMPLE IRA tax-exempt taxable income taxable years beginning taxpayer tion trade or business transaction transfer Treasury treated tuition
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Page 144 - ... mutual protection and indemnity associations; Dividends from China Trade Act corporations; Compensation of employees of foreign governments. [SEo. 22. GROSS INCOME.] (c) Inventories. Whenever in the opinion of the Commissioner the use of inventories is necessary In order clearly to determine the income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best...
Page 99 - ... accounts or notes receivable acquired in the ordinary course of trade or business for services rendered...
Page 359 - A partner's distributive share of any Item of Income, gain, loss, deduction, or credit shall be determined In accordance with his distributive share of taxable Income or loss of the partnership, as described In section 702 (a) (9). for the taxable year.
Page 125 - net earnings from self-employment" means the gross income derived by an individual from any trade or business carried on by such individual, less the deductions allowed by...
Page 10 - For purposes of this subtitle, the term "dependent" means any of the following Individuals over half of whose support, for the calendar year In which the taxable year of the taxpayer begins, was received from the taxpayer...
Page 244 - Under section 1031(a)(l), no gain or loss is recognized if property held for productive use in a trade or business or for investment...
Page 409 - ... qualified joint and survivor annuity, and (2) in the case of a vested participant who dies before the annuity starting date and who has a surviving spouse, a qualified preretirement survivor annuity shall be provided to the surviving spouse of such participant.
Page 202 - ... an employee stock purchase plan, and the grant of the option will not disqualify the plan or the options granted under such plan or offering. For example, an option granted to an individual who is ineligible to receive an option under an employee stock purchase plan by reason of his ownership of 5 percent or more of the voting power or value of the stock of the grantor corporation (or a related corporation of such corporation), will not be treated as an option granted under an employee stock...
Page 470 - ... the first day of the first calendar quarter beginning after the close of the first regular session of the State legislature that begins after the date of the enactment of this Act.
Page 31 - Such institutions generally are accredited post-secondary educational institutions offering credit toward a bachelor's degree, an associate's degree, a graduate-level or professional degree, or another recognized postsecondary credential.