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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He compiled the factual background and analysis that was adopted by the Senate Finance Committee in changing the effective date of the first generation-skipping transfer (GST) tax in the Tax Reform Act of 1976 to June 12, 1976, and he has been an observer of and occasional participant in the formation of tax policy ever since.
traders and dealmakers are aware of the strictures of the Foreign Corrupt Practice Act, and know to be mindful of the anti-boycott provisions of the Export Administration Regulations and the Tax Reform Act of 1976, particularly when dealing with Middle Eastern countries.
Interestingly, the term "special allocation" does not appear in the IRC itself but does appear in the Regs and the legislative history to the Tax Reform Act of 1976 (S.
19) The Tax Reform Act of 1976 also merged the estate tax exclusion and the lifetime gift tax exclusion into a "single, unified estate and gift tax credit, which may be used to offset gift tax liability during the donor's lifetime but which, if unused at death, is available to offset the deceased donor's estate tax liability.
Staff of Joint Committee on Taxation, General Explanation of the Tax Reform Act of 1976 (H.
The Tax Reform Act of 1976 allowed accelerated depreciation on rehabilitated buildings.
Some critics of the anti-bribery provisions of the Tax Reform Act of 1976 (along with the Foreign Corrupt Practices Act of 1977, which made bribe payments criminal offenses) argued that the legislation was sufficiently difficult to enforce that it would have no impact.
Part of the problem is that in attempting to tighten the rules in the Tax Reform Act of 1976, Congress inadvertently made them more vague.
The Tax Reform Act of 1976 provided a disability income exclusion, under which a taxpayer who retires before age 65 on disability is entitled to exclude from gross income limited amounts of disability payments received if such payments are reported was wages.
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 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.