Description of Tax Provisions Expiring in 1990U.S. Government Printing Office, 1990 - 35 pages |
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Airport and Airway apportionment rules bond financing Budget Reconciliation Act Code December 31 deduction deep seabed treaty Deficit Reduction Act DEFRA disadvantaged summer youth duction educational assistance eligible enacted Excise Tax Provisions exclusion expire in 1990 Expiring Income Tax expiring provisions finance foreign source income foreign tax credit fuels grant administrative expenses group legal services Income Tax Provisions Internal Revenue Service international deep seabed issue January Legislative Background MCCs median gross income Miscellaneous Revenue Act Omnibus Budget Reconciliation orphan drug paid or incurred Present Law production credit qualified mortgage bonds qualified research expenditures qualified research expenses qualified small-issue bonds qualifying distributions R&D allocation regulation R&D expenses research credit Resources Act rules scheduled to expire September 30 source taxable income summer youth employees TAMRA tar sands Tax Act tax credit limitations Tax Reform Act taxable years beginning taxpayer Technical and Miscellaneous tion trade or business Treasury Windfall Profit Tax
Popular passages
Page 12 - ... definitely be allocated to some item or class of gross income. The remainder, if any, shall be included in full as net income from sources within the United States.
Page 5 - Law 98-611 adopted a $5,000 annual limit on the exclusion; this limit was subsequently raised to $5,250 in the Tax Reform Act of 1986. The Technical and Miscellaneous Revenue Act of 1988 made the exclusion inapplicable to graduate-level courses. The...
Page 16 - ... research floors plus (b) an amount reflecting any decrease in nonresearch giving to universities by the corporation as compared to such giving during a fixed-base period, as adjusted for inflation. This separate credit computation is commonly referred to as the "university basic research credit
Page 22 - For purposes of the credit, qualified fuels include: (1) oil produced from shale and tar sands; (2) gas produced from geopressured brine, Devonian shale, coal seams, a tight formation, or biomass...
Page 9 - MCCs entitle homebuyers to nonrefundable income tax credits for a specified percentage of interest paid on mortgage loans on their principal residences. Once issued, an MCC remains in effect as long as the loan remains outstanding and the residence being financed continues to be the certificate-recipient's principal residence.
Page 31 - The IRS provides written responses to questions of individuals, corporations, and organizations relating to their tax status or the effects of particular transactions for tax purposes. The IRS generally charges a fee for requests for a letter ruling, determination letter, opinion letter, or other similar ruling or determination. The Uruguay Round Agreements Act extended the IRS user fee program for five years (until October 1, 2000).
Page 4 - ... also does not include any payment for, or the provision of any benefits with respect to, any graduate level course of a kind normally taken by an individual pursuing a program leading to a law, business, medical, or other advanced academic or professional degree.
Page 4 - ... as a deductible job-related expense of the employee. Amounts expended for education qualify as deductible job-related expenses if the education (1) maintains or improves skills required for the employee's current job, or (2) meets the express requirements of the individual's employer that are imposed as a condition of continued employment (Treas.
Page 10 - ... limitation, capital expenditures during a 6-year period) are taken into account if (1) they are used with respect to a facility located in the same incorporated municipality or the same county (but not in any incorporated municipality) as the facility being financed with the qualified small-issue bonds, and (2) the principal users of both facilities are the same, or two or more related persons.
Page 17 - ... by the average amount of the taxpayer's gross receipts for the four preceding years. If a taxpayer both incurred qualified research expenditures and had gross receipts during each of at least three years from 1984 through 1988, then its "fixed-base percentage...