1991 tax changes
Article Abstract:
A number of significant tax changes will take effect at the start of the 1991 tax year resulting from the passing of the Omnibus Budget Reconciliation Act of 1990 and other earlier tax bills. Taxpayers and tax planners should take note of these changes, which include providing the social security number of dependents who are at least one year old on Dec 31, 1991. A 2.9% medicare tax will also be imposed on wages and self-employment income within the range of $53,400 to 125,000. Other changes include new regulations regarding earned income credit, the taxation of cosmetic surgery and corporate directors' fees, and the expiration of special rules under the Tax Reform Act of 1986.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
OBRA '89 and business
Article Abstract:
The Omnibus Reconciliation Act of 1989 (OBRA) includes important provisions affecting corporate and partnership taxation such as like-kind exchanges, transfers of property to a controlled corporation, and partnership distributions. According to OBRA, a gain or loss is not recognized when like-kind property is involved in a trade or business, or when property is held for investment purpose is exchanged. A gain or loss is not recognized following the transfer of property to a controlled corporation if only stock is received. A gain or loss is not recognized when a partner contributes property to a partnership.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1990
User Contributions:
Comment about this article or add new information about this topic:
Passive activity and casualty losses
Article Abstract:
The IRS has issued a notice amending a previously issued regulation relating to passive activity losses (PAL) as applicable to casualty losses. If taxpayers have casualty loss deductions, they are considered nonpassive activity losses. If taxpayers have enough insurance coverage so that gains result from the casualty settlements, the gains are treated as passive activity income that can be offset by PAL.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1990
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Long range process design and compatibility among operations. A branch-and-fathom algorithm for the long range process design problem
- Abstracts: IBM pension plan changes are expected to entice thousands of workers to retire. IBM launches retirement plan to cut outlays
- Abstracts: HDTV, DAT technologies fall victim to U.S. politics at electronics show. Sony to market digital tape decks in U.S
- Abstracts: Microsoft, trying to set standard, urges PC makers to display 'Windows' logo. Apple peels prices of its new models
- Abstracts: New AT&T system may sharply boost capacity of marine transmission cables