Sentences with phrase «federal tax code calls»

From a tax perspective, readers may want to know that there is something that federal tax code calls the passive loss limitation rules that prevent taxpayers from offsetting passive losses against other forms of income.

Not exact matches

Conservative pundits steeped in what George H. W. Bush, running against Reagan for the Republican presidential nomination in 1980, famously called «voodoo economics,» have retorted that Buffett and his limousine - liberal ilk should instead voluntarily pay more to the federal treasury, pointing out the existence of such a provision in the tax code.

Beginning in the 2018 tax year the federal government introduced a number of changes to the tax code to curb so - called «income sprinkling», a tactic used by some higher - income small business owners to shift income to lower - taxed family members.

Three Democratic governors called Friday for a multistate lawsuit against the recently enacted federal tax code revisions, saying they are unfair to 12 states due to new limits on deductions for state income and property taxes.

Thus, as part of the budget proposal, the governor called for restructuring the state's tax code to find was to work around the federal law — which limits the deductibility of state, local and property taxes.

With its calls for an overhaul of the tax code, an infrastructure fund and bipartisanship, the plan is very much in line with what President Obama has sought — and so far failed — to achieve on the federal level.

Often called 1031 exchanges for the section of the IRS code that governs them, these transactions allow the deferral of all federal capital gains taxes when qualified real estate is exchanged for qualified real estate of an equal or greater value.