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C. Limit Deduction for Income Attributable to Property Transferred in Connection
with the Performance of Services to Amount Included in Income by the Service
Provider (sec. 83)................................
D. Payments in Redemption of Stock Held by an ESOP Not Deductible as Dividends
(sec. 404(k))...
113
117
.....
E.
Provide Greater Conformity for Section 403(b) and Section 401(k) Plans
(secs. 402(g), 403(b), and 415(c)(3)).........................................
122
F.
Extend Early Withdrawal Tax to Eligible Deferred Compensation Plans of State
and Local Governments (sec. 72(t)).............
130
G. Modify Prohibited Transaction Rules for Individual Retirement Arrangements
("IRAS") to Reduce Tax Shelter Transactions (sec. 4975)...............
.... 133
H. Repeal Pick-Up Rules for Employee Contributions to State or Local Governmental
Retirement Plans (sec. 414(h))..............
.... 140
V. CORPORATE AND PARTNERSHIP PROVISIONS..........
A. Modify Extraordinary Dividend Rules for Common Stock (sec. 1059)............
B. Reduce Tax-Indifferent Shareholder's Basis in Stock by Nontaxed Portion of
Extraordinary Dividend (sec. 1059)............................................
C. Modify Active Business and Control Requirements for Section 355 Corporate
Divisions (sec. 355) ..............
D. Modify Application of Unrelated Business Income Tax to S Corporation
Shareholders (sec. 512).............
E. Modify Safe Harbor for Allocation of Nonrecourse Deductions and Exclude
Nonrecourse Liabilities From Outside Basis (secs. 704 and 752).....
F. Modify Adjustment Rules for Basis of Undistributed Partnership Property
(sec. 734)...............
168
G. Treat Guaranteed Payments to Partners as Payments to Nonpartners (sec. 707)
170
VI. INTERNATIONAL PROVISIONS
174
A. Amend the Employer-Provided Housing Exclusion and Impose a Stacking Rule
with Respect to Non-Excludable Income (sec. 911).........................................
B.
Amend Rules for Determining Corporate Residency (sec. 7701)
C. Modify Entity Classification Rules to Reduce Opportunities for Tax Avoidance
(sec. 7701)...............
D. Adopt a Dividend Exemption System for Foreign Business Income
186
VII. OTHER BUSINESS PROVISIONS ..................
..... 198
A. Disallow Deduction for Interest on Indebtedness Allocable to Tax-Exempt
Obligations (sec. 265)..............
B. Modify Recapture of Section 197 Amortization (sec. 1245)........
C. Modify Application of Income Forecast Method of Depreciation (sec. 167)..
198
204
207
D. Apply Luxury Automobile Limitations to Sport Utility Vehicles (sec. 280F)......................................... 210
Disallow Deduction for Interest on Debt Allocable to Tax-Exempt Income of
Insurance Companies (secs. 265 and 832)
....... 214
4
10
14
.... 31
I. TAX PROCEDURE AND ADMINISTRATION.........
A. Impose Withholding on Certain Payments Made by Government Entities.
B. Require Partial Payments with Submission of Offers-in-Compromise
C. Clarify Standards of Scrutiny for Certain Transactions with Characteristics of
Tax Shelters ........
II. INDIVIDUAL INCOME TAX
A. Provide Uniform Treatment for Dependent Care Benefits (secs. 21 and 129).................. 31
B. Combine Hope and Lifetime Learning Credits and the Above-the-Line Deduction
for Higher Education Expenses (secs. 25A and 222).
C. Repeal Exclusion for Qualified Tuition Reductions (sec. 117(d))
G. Extend Pro-Rata Basis Allocation Requirement to All Part-Gift, Part-Sale
Transactions (sec. 1011) .........
35
44
D. Deny Refundable Child Credit When Section 911 Exclusion is Elected (sec. 24)........... 47
Repeal the Deduction for Interest on Home Equity Indebtedness (sec. 163).......................................
Limit the Exclusion for Rental Value of a Residence Rented for Fewer Than
15 Days (sec. 280A).............
52
........ 57
..... 59
62
71
74
...... 80
83
H. Simplify Taxation of Minor Children (sec. 1)..........
III. EMPLOYMENT TAXES.
A. Provide Consistent FICA Treatment of Salary Reduction Amounts (sec. 3121(a))...
B. Conform Calculation of FICA Taxes and SECA Taxes (sec. 1402(a)(12)) ....
C. Extend Medicare Payroll Tax to All State and Local Government Employees
(sec. 3121(u)(2))
D. Modify FICA Tax Exception for Students (secs. 3121(b)(10) and 3306(c)(10)).
E. Apply Employment Taxes to Sales Incentive Payments Made by Manufacturers
(secs. 3121, 3306, and 3401) .....
Modify Determination of Amounts Subject to Employment or Self-Employment
Tax for Partners and S Corporation Shareholders (sec. 1402)....
IV. PENSIONS AND EMPLOYEE BENEFITS..........
A.
Conform Definition of Qualified Medical Expenses (secs. 105, 106, 213, 220,
and 223)..............
B. Limit Deduction for Personal Use of Company Aircraft and Other Entertainment
Expenses (sec. 274(e))
91
95
.... 105
105
.... 109
Provider (sec. 83)......................................
(sec. 404(k)).
(secs. 402(g), 403(b), and 415(c)(3)).
...... 122
and Local Governments (sec. 72(t))............................................
("IRAS") to Reduce Tax Shelter Transactions (sec. 4975)..
Retirement Plans (sec. 414(h))............
V. CORPORATE AND PARTNERSHIP PROVISIONS........
A. Modify Extraordinary Dividend Rules for Common Stock (sec. 1059)..
Reduce Tax-Indifferent Shareholder's Basis in Stock by Nontaxed Portion of
Extraordinary Dividend (sec. 1059)..
Divisions (sec. 355) ...............
Shareholders (sec. 512)............
Modify Safe Harbor for Allocation of Nonrecourse Deductions and Exclude
Nonrecourse Liabilities From Outside Basis (secs. 704 and 752)..
(sec. 734)............
G.
Treat Guaranteed Payments to Partners as Payments to Nonpartners (sec. 707) ............................ 170
with Respect to Non-Excludable Income (sec. 911)................................
Amend Rules for Determining Corporate Residency (sec. 7701).
.... 178
(sec. 7701)................
VII. OTHER BUSINESS PROVISIONS.......
Obligations (sec. 265)...............
B. Modify Recapture of Section 197 Amortization (sec. 1245)..
..... 204
D.
Apply Luxury Automobile Limitations to Sport Utility Vehicles (sec. 280F)............... 210
Insurance Companies (secs. 265 and 832).........
214
182