General Explanation of the Revenue Act of 1978, H.R. 13511, 95th Congress, Public Law 95-600 |
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Page vi
... programs ( sec . 161 ) -- Cancellation of student loans ( sec . 162 ) . 118 120 3. Tax counseling for the elderly ( sec . 163 ) 122 4. Employer educational assistance programs ( sec . 164 ) __ 124 TITLE II - TAX SHELTER AND PARTNERSHIP ...
... programs ( sec . 161 ) -- Cancellation of student loans ( sec . 162 ) . 118 120 3. Tax counseling for the elderly ( sec . 163 ) 122 4. Employer educational assistance programs ( sec . 164 ) __ 124 TITLE II - TAX SHELTER AND PARTNERSHIP ...
Page 9
... programs . The tax cut and addi- tional outlays from the increased earned income credit will amount to $ 1 billion for 1979 . The Act repeals the deduction for nonbusiness State and local gaso- line taxes in order to simplify ...
... programs . The tax cut and addi- tional outlays from the increased earned income credit will amount to $ 1 billion for 1979 . The Act repeals the deduction for nonbusiness State and local gaso- line taxes in order to simplify ...
Page 10
... programs . The credit is 50 percent of the first $ 6,000 of wages for the first year of employment and 25 percent of such wages for the second year of emplovment . The expanded earned income credit and WIN and welfare credits were ...
... programs . The credit is 50 percent of the first $ 6,000 of wages for the first year of employment and 25 percent of such wages for the second year of emplovment . The expanded earned income credit and WIN and welfare credits were ...
Page 13
... program and the Public Health Service / National Health Service Corps scholarship program , pending a study of these issues . Also , the Act extends through 1982 the moratorium on taxation of certain student loan cancellations . The Act ...
... program and the Public Health Service / National Health Service Corps scholarship program , pending a study of these issues . Also , the Act extends through 1982 the moratorium on taxation of certain student loan cancellations . The Act ...
Page 14
... programs for Puerto Rico , the Virgin Islands , and Guam . The matching rate is increased from 50 percent to 75 percent , up to a maximum amount of Federal funding for the fiscal year of $ 72 million in Puerto Rico , $ 2.4 million in ...
... programs for Puerto Rico , the Virgin Islands , and Guam . The matching rate is increased from 50 percent to 75 percent , up to a maximum amount of Federal funding for the fiscal year of $ 72 million in Puerto Rico , $ 2.4 million in ...
Common terms and phrases
$1 million Act and sec Act provides adjusted allowed alternative minimum tax amendment beginning after December benefits cafeteria plan capital gains carryback change The Congress Code Congress believes corporation date The provision December 31 deferred compensation determining distribution effect This provision Effective date election eligible employee employment estate tax excluded exemption Explanation of provision facility Federal filed fiscal year 1979 foreign tax credit gift tax gross income GSOC included income tax increase individual individual retirement account Internal Revenue Service itemized deductions limitation method of accounting million in fiscal paid partnership payments percent period present law Prior law provision applies provision The Act provision will reduce qualified Reasons for change recapture receipts by less reduce budget receipts refund respect Revenue effect shareholders spouse tax liability tax rate Tax Reform Act tax return taxable income taxable years beginning taxpayer tion trade or business treated trust
Popular passages
Page 300 - Generally such relationship exists when the person for whom services are performed has the right to control and direct the individual who performs the services, not only as to the result to be accomplished by the work but also as to the details and means by which that result is accomplished.
Page 255 - ... new residence") is purchased and used by the taxpayer as his principal residence, gain (if any) from such sale shall be recognized only to the extent that the taxpayer's adjusted sales price (as defined in subsection (b) ) of the old residence exceeds the taxpayer's cost of purchasing the new residence.
Page 134 - ... personal holding company income as defined in section 543, and if 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 five individuals. (Sections 541-547.) Foreign personal holding companies. — Section 551 (a) requires that the undistributed foreign personal holding company income...
Page 168 - ... persons who have completed or left high school and who are available for full-time study in preparation for entering the labor market...
Page 253 - SO percent (62^2 percent, in the case of a corporation) of the amount of gain which would have been long-term capital gain if the property contributed had been sold by the taxpayer at its fair market value (determined at the time of such contribution).
Page 128 - An individual who owns the entire interest In an unincorporated trade or business shall be treated as his own employer. A partnership shall be treated as the employer of each partner who is an employee within the meaning of paragraph ( 1 ) . (5) Contributions on behalf of owner-employees. The term "contribution on behalf of an owneremployee...
Page 205 - December 31, 1978, this section also applies to each activity — (i) engaged in by the taxpayer in carrying on a trade or business or for the production of income, and (ii) which is not described in paragraph (1).
Page 173 - All employees of all corporations that are members of a controlled group of corporations are to be treated as if they were employees of the same corporation for purposes of determining the years of employment of any employee and wages for any employee up to $6,000.
Page 245 - December 31, 1953, but only if made not later than the time prescribed by law for filing the return for such taxable year (including extensions thereof).
Page 294 - January 1, 1980, the basis of property will be its fair market value at the date of the decedent's death or at the applicable valuation date if the alternate valuation provision is elected for estate tax purposes.