Enron: The Joint Committee on Taxation's Investigative Report : Hearing Before the Committee on Finance, United States Senate, One Hundred Eighth Congress, First Session, February 13, 2003U.S. Government Printing Office, 2003 - 120 lappuses |
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accommodation party advisors alternative minimum tax amount bankruptcy book income book-tax business purpose carryforward Cash Balance Plan CHAIRMAN Committee on Taxation Committee staff believes Committee staff recommends company's compensation arrangements CONGRE CONGRESS THE LIBRARY corporate tax deferred compensation plans deferred tax earnings effective tax rate Enron Corporation Enron Retirement Plan Enron Savings Plan Enron stock Enron's tax entities equity ESO exercises ESOP executive compensation Federal income tax financial statement financial statement benefits Grassley Income Taxes Note issues Joint Committee staff known as Project LIBRA LIBRARY OF CONGRESS million nonqualified deferred compensation Outslay participants partnership PAULL pension percent rabbi trusts RARY recommendation is provided RESS restricted stock rules Senator BAUCUS shareholders stock option exercises structured transactions subpart F tax benefits tax deduction tax expense tax law tax liability tax return tax shelter tax status tax-motivated transactions taxpayer tion transaction known U.S. tax Vinson & Elkins
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54. lappuse - ... possible errors in measurement [should] be in the direction of understatement rather than overstatement of net income and net assets." In view of the Treasury's markedly different goals and responsibilities, understatement of income is not destined to be its guiding light. Given this diversity, even contrariety, of objectives, any presumptive equivalency between tax and financial accounting would be unacceptable.
71. lappuse - Enron's executive compensation and company-owned life insurance arrangements. 1 This document may be cited as follows: Joint Committee on Taxation...
54. lappuse - The primary goal of financial accounting is to provide useful information to management, shareholders, creditors, and others properly interested; the major responsibility of the accountant is to protect these parties from being misled. The primary goal of the income tax system, in contrast, is the equitable collection of revenue; the major responsibility of the Internal Revenue Service is to protect the public fisc.
100. lappuse - ... the end, when Enron's stock price plummeted. Enron's employees and executives lost millions of dollars in retirement benefits under Enron's qualified plans and nonqualified deferred compensation arrangements and through the loss of value of stock that had been received as compensation for services. Although some executives suffered losses that appear stunning in amount, many executives also reaped substantial gains from their compensation arrangements. Enron's rank and file employees in many...
99. lappuse - Enron did not appear to maintain consistent or centralized recordkeeping with respect to compensation arrangements in general and executive compensation in particular. Enron could not provide documentation relating to many of Enron's special compensation arrangements for its top executives. When asked about compensation arrangements in interviews, current and former Enron employees with responsibility for such matters had no knowledge of certain aspects of executives' compensation, particularly in...
59. lappuse - Reduce deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized.
59. lappuse - A public enterprise shall disclose a reconciliation using percentages or dollar amounts of (a) the reported amount of income tax expense attributable to continuing operations for the year to (b) the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. The "statutory" tax rates shall be the regular tax rates if there are alternative tax systems.
82. lappuse - Joint Committee on Taxation, Study of Present-Law Penalty and Interest Provisions as Required by Section 3801 of the Internal Revenue Service Restructuring and Reform Act of 1998 (including provisions relating to Corporate Tax Shelters...
58. lappuse - Ideally, the second objective might be stated more specifically to recognize the expected future tax consequences of events that have been recognized in the financial statements or tax returns. However, that objective is realistically constrained because (a) the tax payment or refund that results from a particular tax return is a joint result of all the items included in that return, (b) taxes that will be paid or refunded in future years are the joint...
58. lappuse - A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year.