Tax Reform Act of 1976


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Tax Reform Act of 1976

Created tax incentives for the rehabilitation of income-producing historic structures; penalized demolition, and codified deductions for charitable transfers of preservation easements.
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The Tax Reform Act of 1976 extended many of the 1975 provisions.
Franklin introduced its first municipal bond fund, Franklin Tax-Free Income Fund, in 1977, following the passage of the federal Tax Reform Act of 1976, which altered the rules regarding taxation of municipal bond dividends to allow mutual fund income derived from tax-free securities to be "passed through" to fund shareholders and remain tax-free.
The general explanation accompanying the Tax Reform Act of 1976, prepared by the Joint Committee on Taxation, addressed the ineffectiveness of the 1969 legislation in meeting its objective.
The Tax Reform Act of 1976 expanded the level of ownership to three tiers and changed the percentage requirements to 10 percent for all tiers, provided that the combined percentage ownership of all tiers is at least 5 percent.
166-8(b); Joint Committee on Taxation, General Explanation of the Tax Reform Act of 1976, p.
Staff of the Joint Committee on Taxation, General Explanation of the Tax Reform Act of 1976, 94th Cong.
Before the Tax Reform Act of 1976, there was very little structure to the laws concerning home office deductions.
That represented the first decrease under either income concept since the Tax Reform Act of 1976 required that data be published on individual income tax returns reporting $200,000 or more.
The IRS refused to disclose the written determinations on the grounds that the Tax Reform Act of 1976 and the applicable regulations, which generally require public disclosure of IRS determinations, did not apply to the denial or revocation of tax-exempt status.
The rulings and cases where the IRS has accepted state court reformation of trust terms were reformations authorized under the Tax Reform Act of 1969, the Tax Reform Act of 1976, and where specifically authorized under the IRC [e.
1) Tax Reform Act of 1976, Section 2001 (a)(2) and (4).
11) These laws are currently included in the Export Administration Act of 1979 (EAA) and the Ribicoff Amendment to the Tax Reform Act of 1976 (TRA).