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.
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.
Before the Tax Reform Act of 1976, there was very little structure to the laws concerning home office deductions.
The Ribicoff amendment to the Tax Reform Act of 1976 requires U.S persons to report operations in, with, or related to countries known to participate in unsanctioned boycotts to the Internal Revenue Service.
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.g., IRC section 2056(d)(5)] and then only where the reformations were initiated in a timely manner.
A direct outgrowth of the Watergate scandal and Nixon Administration's attempt to subvert the Internal Revenue Service in the 1970s, section 6103 was motivated by congressional concern that the disclosure of private information by the IRS "would seriously impair the effectiveness of our country's very successful voluntary assessment system, which is a mainstay of the Federal tax system." Joint Committee on Taxation, General Explanation of the Tax Reform Act of 1976, 94th Cong., 2d Sess.
(1) Tax Reform Act of 1976, Section 2001 (a)(2) and (4).
These "antiboycott" laws are the 1977 amendments to the Export Administration Act of 1969 and the Ribicoff Amendment to the Tax Reform Act of 1976.
transferor continued to be denied a judicial remedy to the extent an adverse IRS determination was issued.(7) In addressing this issue, the Tax Reform Act of 1976 (TRA '76), Section 1042(d)(1), added former Sec.
The Tax Reform Act of 1976 resolved many controversies by eliminating the exclusion prospectively for all members who joIn the armed forces after September 24, 1975.
See Staff of Joint Committee on Taxation, 94th Cong., 2d Sess., General Explanation of the Tax Reform Act of 1976, at 315 (1976).
of Hutchinson(13) discussed the General Explanation of the Tax Reform Act of 1976 and suggested that it should be given weight when supported by other indications of legislative intent.