Major estate and gift tax issues: hearings before the Subcommittee on Estate and Gift Taxation of the Committee on Finance, United States Senate, Ninety-seventh Congress, first sessionU.S. Government Printing Office, 1981 |
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American Bar Association amount annual exclusion assets bill burden capital cash rental Chairman Chapter 13 closely held business Committee on Finance complex Congress corporations death tax disclaimer economic effect enacted estate and gift estate planning estate tax laws exemption family business family farms farmers federal estate tax filing generation-skipping tax generation-skipping transfer generation-skipping transfer tax gift tax exclusion gift tax laws gift tax returns GIFT TAXATION gross estate income tax increase inflation inheritance tax Internal Revenue Code Internal Revenue Service legislation marital deduction material participation million National National Taxpayers Union owner payment present law problems productive proposed qualified heir real property repeal rules savings Section Senator SYMMS skipping tax small business special use valuation statement SUBCOMMITTEE ON ESTATE substantial surviving spouse tax liability tax purposes tax rates Tax Reform Act taxable estate taxpayers Thank timber trade or business transfer tax trust unified credit wealth
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38. lappuse - At any time during the last half of the taxable year more than 50 percent in value of its outstanding stock is owned, directly or indirectly, by or for not more than 5 individuals.
35. lappuse - The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.
338. lappuse - Under this 10-year extension, the value of the business must be in excess of either 35 percent of the value of the gross estate or 50 percent of the taxable estate.
159. lappuse - The transmission from generation to generation of vast fortunes by will, inheritance, or gift is not consistent with the ideals and sentiments of the American people.
168. lappuse - Such exemption, on the one hand. Is to obviate the necessity of keeping an account of and reporting numerous small gifts, and, on the other, to fix the amount sufficiently large to cover In most cases wedding and Christmas gifts and occasional gifts of relatively small amounts.
347. lappuse - We respectfully request that this letter be made part of the record of the subcommittee's hearings on estate and gift tax proposals.
116. lappuse - ... fortune. No advantage comes either to the country as a whole or to the individuals inheriting the money by permitting the transmission in their entirety of the enormous fortunes which would be affected by such a tax; and as an incident to its function of revenue raising, such a tax would help to preserve a measurable equality of opportunity for the people of the generations growing to manhood.
154. lappuse - ... (B) the day on which such person attains age 21, (3) such person has not accepted the interest or any of its benefits, and (4) as a result of such refusal, the interest passes without any direction on the part of the person making the disclaimer...
399. lappuse - ... by the decedent or a member of the decedent's family and used for a qualified use, and (ii) there was material participation by the decedent or a member of the decedent's family in the operation of the farm or other business, and (D) such real property is designated in the agreement referred to in subsection (d) (2). (2) Qualified use. — For purposes of this section, the term "qualified use...
4. lappuse - The formula provided by subparagraph (A) shall not be used — (i) where it is established that there is no comparable land from which the average annual gross cash rental...