U.S. taxation of foreign activities: where are we heading?
Article Abstract:
Tax reform is necessary and is likely in the area of US taxation of income resulting from the foreign operations of US taxpayers. Increases in foreign business operations has increased IRS enforcement attempts such as Notices 98-11 and 98-5. The attempts are likely to fail with increased trade complexity and even with the IRS's own check-the-box entity classification regulations. Congress probably will side with the business community which has complained about the lack of US Treasury Dept authority to issue some of these anti-abuse rules and of the rules' interference with free trade.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1998
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Tax legislation in 1997
Article Abstract:
The general budget agreement reached by the Clinton Administration and Congress calls for $135 billion in tax relief and $50 billion in revenue increases. The tax cuts will focus on child tax credits, estate tax exemption increases, capital gains cuts, educational expense assistance and individual retirement account expansion. The generally accepted revenue raisers are limitations on Morris Trust transactions and extension of the airline ticket excise tax.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1997
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No capital gain without pain
Article Abstract:
The capital gains rate reduction in the 1997 tax bill will prove problematic for some taxpayers. The legislation introduces revised capital gains rates and increases the rate differential separating capital gains from ordinary income. Taxpayers should be aware of the best strategies for dealing with the rate differential as well as the added complexity in the tax laws due to the 1997 Taxpayer Relief Act.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1997
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