Technical Corrections Act of 1977: Written Comments Received by Committee on Ways and Means, U.S. House of Representatives, Ninety-fifth Congress, First Session, on H.R. 6715 ...U.S. Government Printing Office, 1977 - 417 pages |
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Common terms and phrases
AL ULLMAN allocation amount apply appreciation assets basis adjustment beneficiary Byrum capital gains carryover basis property carryover basis rules charitable closely held Code Section computing Congress D.C. DEAR decedent December 31 disclaimer distribution dividend eliminate enacted expenses fair market value farm federal estate tax foreign source capital foreign tax credit fresh generation-skipping gift tax grantor gross estate gross income included income tax individual interest Internal Revenue Code Internal Revenue Service itemized deductions Joint Committee legislative history limited material participation ment minimum tax ordinary income paragraph partnership pay death taxes percent period preferred stock prior law problem proposed amendment qualified real property redeemed relating respect result retention of voting Section 1023 h Section 189 section 306 stock shareholder spouse subsection substantial Tax Reform Act taxable income taxpayer Technical Corrections Act Technical Corrections Bill tion treatment trust valuation voting rights Washington
Popular passages
Page 401 - A judicial inquiry investigates, declares, and enforces liabilities as they stand on present or past facts and under laws supposed already to exist. That is its purpose and end. Legislation, on the other hand, looks to the future and changes existing conditions by making a new rule, to be applied thereafter to all or some part of those subject to its power.
Page 360 - For purposes of the tax Imposed by section 2001, the value of the taxable estate shall • • • be determined by deducting from the value of the gross estate...
Page 146 - States, there shall be deducted (for the purpose of computing the net income therefrom) the expenses, losses and other deductions properly apportioned or allocated thereto and a ratable part of other expenses, losses or other deductions which cannot definitely be allocated to some item or class of gross income.
Page 360 - ... the value of the taxable estate shall, except as limited by subsections (b), (c), and (d), be determined by deducting from the value of the gross estate an amount equal to the value of any interest in property which passes or has passed from the decedent to his surviving spouse, but only to the extent that such interest is included in determining the value of the gross estate.
Page 97 - ... (b) Effective Date. — The amendment made by this section shall apply to taxable years ending after December 31, 1974.
Page 237 - In connection with a reorganization under section 368, (2) in a distribution or exchange under section 355 (or so much of section 356 as relates to section 355), (3) in an exchange under section 1036 or (4) in a distribution to which section 305 (a) applies.
Page 150 - Indies, and which satisfies the following conditions: (1) If 95 percent or more of the gross Income of such domestic corporation for the 3-year period Immediately preceding the close of the taxable year (or for such part of such period during which the corporation was In existence) was derived from sources...
Page 225 - ... taxes) imposed because of such decedent's death, and (2) the amount of funeral and administration expenses allowable as deductions to the estate under section 2053...
Page 410 - The provisions of this act are severable and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions of this act. It is hereby declared to be the legislative intent that this act would have been adopted had such unconstitutional provisions not been included therein.
Page 228 - new stock") the basis of which is determined by reference to the basis of stock of a corporation (referred to in this subsection as "old stock"). (2) The old stock was included (for Federal...