High-income Taxpayers and Related Partnership Tax Issues: Hearing Before the Subcommittee on Oversight of the Committee on Ways and Means, House of Representatives, Ninety-ninth Congress, First Session, September 20, 1985U.S. Government Printing Office, 1986 - 175 lappuses |
Citi izdevumi - Skatīt visu
Bieži izmantoti vārdi un frāzes
above-the-line abusive amount assets billion cash Chairman PICKLE CHAPOTON Committee corporate tax CREDIT ITEM current business losses DEFICIT depletion economic income economic losses Enserch federal income filed FOREIGN TAX CREDIT Form growth GUARINI high income individuals high income taxpayers incentives Income Corporate Income Tax Returns industries intangible drilling costs interest expense Internal Revenue Service INVEST CREDIT investment partnerships investment tax credit investors itemized deductions J.J. PICKLE limited partner loopholes master limited partnerships minimum tax net income number of partnerships offering Office of Tax oil and gas ordinary income partnership activity partnership income partnership losses partnership sector PEARLMAN percent of TPI President's profits proposal provisions ratio real estate returns with TPI revenue STANGER Statistics of Income Table Tax Analysis tax avoidance Tax Code tax liability tax losses tax preferences tax reform tax returns tax shelters tax system tax-shelter taxable income tion total positive income write-off
Populāri fragmenti
154. lappuse - Before the Subcommittee on Oversight of the House Committee on Ways and Means...
4. lappuse - ... with respect to its so-called "clearance letters." In addition, we suggested to the IRS more than three years ago that the procedures of the Federal Reserve Board in complying with the Freedom of Information Act also provided a helpful pattern for consideration by the IRS. Similarly, the Office of the Assistant Secretary for Tax Policy in the Department of the Treasury has established a helpful set of Information Act compliance procedures, as a result of a suit by Tax Analysts and Advocates....
96. lappuse - Agreement or any other agreements or documents referred to herein are not complete, and each such statement is deemed to be qualified and amplified in all respects by the provisions of such agreements and documents, copies of which, if not attached hereto, are or will be available for examination at the office of the Partnership located at 25 East 26th Street, New York, New York l00l0.
6. lappuse - Mr. Chairman. First let me thank you for the opportunity to appear before...
3. lappuse - Committee on Ways and Means, US House of Representatives today announced a hearing on...
9. lappuse - Jhat of the 67 percent, 36.2 percent of those losses were partnership losses. It is this kind of data that suggests to us that it is appropriate to examine what it is about those partnership losses that contribute to the use of partnerships by high-income taxpayers. High-income taxpayers as a group, including those paying significant taxes, also make substantial use of above-the-line offsets, but less than the high-income taxpayers with low total tax liability. You ean determine that from looking...
15. lappuse - I would direct you to line 1 of table 9 — three categories of deductions, namely, interest, depreciation, and mineral exploration expenses, accounted for over 40 percent of all deductions — all deductions reported on the partnerships tax forms for 1983 which include wages and salaries, rent, and taxes. In many industries this percentage was higher. In oil and gas, extraction costs alone nearly equal the category of other deductions. In real estate interest deductions were the maior expense; interest...
53. lappuse - Section l23l losses and foreign source income reported on the Schedule K. Note that income from other partnerships is excluded from the aggregate amount and from the partnership income reported for each industry (with the exception of partnerships characterized as "holding companies") . The deductions shown in the third column of Table 2 include salaries and wages, rent, taxes, bad debts, repairs, rental expenses (other than interest and depreciation) , and other deductions shown on the Form l065.
130. lappuse - Id. another measurement of income when four different measurements in use for a number of years are readily available? II. TAXES PAID BY HIGH INCOME TAXPAYERS The Report grossly overstates the percentage of high income taxpayers who paid little or no tax. This is due primarily to the inflated TPI standard discussed earlier. The fact is that the overwhelming majority of high income taxpayers pay high rates of tax. Furthermore, high income taxpayers as ^ group pay the highest percentage of the total...
80. lappuse - That translates into a $4l,0l5 ^deduction generated by an investment of only $J795. 00 Although we do not have the detailed backup information on this offering, it appears that the first year write-off greatly exaggerates the overall write-off available over the life of the investment. Tax law provisions involved. 00 Again, while we do not have backup information with respect to this particular real estate tax shelter, most shelters of this type take advantage of numerous provisions of the tax law...