General Explanation of the Revenue Act of 1971, H.R. 10947, 92nd Congress, Public Law 92-178: Prepared by the Staff of ..., Dec. 15, 19721972 - 139 lappuses |
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accumulated DISC income Act and sec Act provides addition adjusted gross income amortization amount apply August 15 automobiles basis billion calendar year 1972 carryovers class life system Congress believed December 31 deemed distribution depreciation determining DISC or former DISC's dividends domestic earnings and profits election eligible excise tax expenses export property export trade corporation extent film foreign corporation former DISC gross income class gross receipts income levels income tax increase individual income tax Internal Revenue Service investment credit itemized deductions lease light-duty trucks limitation low-income allowance manufacturer married couple minimum standard deduction ordinary income percent personal exemption placed in service previously taxed income prior law producer's loan purposes qualified export assets qualified export receipts real property reduced repeal reserve ratio respect Revenue Act shareholders subsidiary substantially tax credit tax deferred tax liability tax reduction tax return taxpayer tion Treasury treated treatment United withholding
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43. lappuse - Finance have requested their staffs and the staffs of the Treasury Department and the Joint Committee on Internal Revenue Taxation to study and develop a basis adjustment mechanism for consideration within the next two years.
98. lappuse - ... (2) Gain realized on exchanges to which section 356 (relating to receipt of additional consideration in certain reorganizations) applies; or (3) Any amount to the extent that such amount is, under any other provision of the Code, treated as (i) a dividend, (ii) gain from the sale of an asset which is not a capital asset, or (iii) gain from the sale of an asset held for not more than 6 months.
29. lappuse - States person; (ix) any cable, or any interest therein, of a domestic corporation engaged in furnishing telephone service to which section 46(c)(3)(B)(iii) applies (or of a wholly owned domestic subsidiary of such a corporation), if such cable is part of a submarine cable system which constitutes part of a communication link exclusively between the United States and one or more foreign countries; and...
73. lappuse - ... penalties" or also to civil penalties as well. In approving the provisions dealing with fines and similar penalties in 1969, it was the intention of the committee to disallow deductions for payments of sanctions which are imposed under civil statutes but which in general terms serve the same purpose as a fine exacted under a criminal statute.
25. lappuse - States commerce in a manner inconsistent with provisions of trade agreements, or (2 ) engages in discriminatory or other acts (including tolerance of international cartels) or policies unjustifiably restricting United States commerce, the President shall...
110. lappuse - DISC's. A DISC is to file a tax return for its taxable year on or before the 15th day of the 9th month following the close of the taxable year on such forms as are prescribed by the Treasury.
79. lappuse - Extensive hearings followed before the House Committee on Ways and Means, and the Senate Committee on Finance.
102. lappuse - Act, a DISC may earn up to 50 percent of the combined taxable income of the DISC and the related person arising from the sale of the property plus an additional amount equal to 10 percent of the DISC's export promotion expenses attributable to the sale.
112. lappuse - DISC system of taxation. Among other things, the report is to include an analysis of the revenue effects of the DISC system as well as its effects on the balance of trade of the United States.
97. lappuse - ... corporation in connection with the use of the purchased property as a component part of the personal property which is sold will be considered to constitute the manufacture of a product if in connection with such property conversion costs (direct labor and factory burden) of such corporation account for 20 percent or more of the total cost of goods sold.