Sentences with phrase «of federal tax code»

@Jeff L., The 1031 exchange that @Clayton Plank refers to is a part of the federal tax code.

For millions of moderate - income home buyers, there's an important money - saving question looming in 2017: Will Congress reinstate deductions for mortgage insurance premiums as part of its overhaul of the federal tax code?

The possibility that Congress will succeed in a comprehensive reform of the federal tax code has lessened the value of the federal LIHTC, the most important tool to finance new affordable housing development and recapitalize older affordable housing properties.

In finding for the IRS, the Tax Court focused on the requirements under Section 274 (d) of the federal tax code.

Leveraged knowledge of federal tax code to win IRS abatements that averted tax penalties of $ 11,500 and $ 7,000 for two farm operations.

Exchanging one contract for another is known as a 1035 exchange (named after Section 1035 of the federal tax code).

Without diving too deep into the nuances of the federal tax code, the short answer is no.

Your Florida 529 Savings Plan can be used to pay for any Qualified Higher Education Expense as defined in Section 529 of the federal tax code.

The plans, named 529 after the relevant section of the federal tax code, allow you to save huge sums every year.

Second, I'm going to work with Congress to temporarily reform a key housing provision of the federal tax code, which will make it easier for homeowners to refinance their mortgages during this time of market stress.

Perry also registers CAPITAL PREPARATORY SCHOOLS INCORPORATED as a charter school management company for purposes of the federal tax code: http://www.guidestar.org/organizations/43-4669846/capital-preparatory-schools-incorporated.aspx

STEP TWO: Perry moves company address to a Capital Prep, a Hartford Public School and registers it as a charter school management company for purposes of the federal tax code: http://www.guidestar.org/organizations/43-4669846/capital-preparatory-schools-incorporated.aspx

In 2006, the AASN became incorporated as a non-profit organization under section 501 (c)(3) of the federal tax code.

This is an extraordinary request because no element of the federal tax code is subject to state approval.

The U.S. Senate last week approved a massive, Republican - backed rewrite of the federal tax code that mirrors, in key respects, a bill passed on 16 November by the U.S. House of Representatives.

«For a high - tax state like New York, state and local tax deductibility has been a very important component of the federal tax code,» said DiNapoli, who added that even with a proposed higher standard deduction, it's still not a «win» for New York taxpayers.

Congressional Republicans» major overhaul of the federal tax code is almost a done deal.

«For a high tax state like New York, state and local tax deductibility has been a very important component of the federal tax code,» said DiNapoli who said even with a proposed higher standard deduction it's still not a «win» for New York taxpayers.

A new 527 - type group — the number refers to a section of the federal tax code — would be able to raise money from business organizations and pour the funding into «issues ads» that would attack specific candidates as anti-business, without the funding being counted as a contribution to the opposing candidate.

Specifically, I am urging you to veto any legislation that limits or eliminates the deduction for state and local taxes that has been part of the federal tax code since its inception in 1913.»

Late last month, the Trump administration released plans for a comprehensive overhaul of the federal tax code.

Additionally, the exemption for the estate and gift tax, the most progressive component of the federal tax code, only paid by extremely rich estates, is doubled.

Republicans point to the age of that 1986 legislation — the most recent major overhaul of the federal tax code — as a reason new reforms need to be enacted.

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.

Republicans in the U.S. House of Representatives forged ahead on Tuesday with legislation to reshape the federal tax code, while a top credit - ratings agency said the bill would balloon the budget deficit and give only a temporary boost to the economy.

WASHINGTON, Nov 16 - The Republican - controlled U.S. Congress was approaching a major test on Thursday of its ability to overhaul the federal tax code, as lawmakers prepared for their first full - scale vote on sweeping tax legislation.

Section 162 (m) of the Internal Revenue Code imposes limitations on the deductibility for corporate federal income tax purposes of remuneration in excess of $ 1 million paid to the chief executive officer, chief financial officer and each of the three next most highly compensated executive officers of a public company.

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.

Code Section 162 (m) limits the U.S. federal income tax deduction for compensation paid to our Chief Executive Officer, our Chief Financial Officer and certain other highly compensated executive officers (including, among others, our next three other most highly compensated executive officers (other than the Chief Executive Officer and Chief Financial Officer) as of the end of the calendar year).

The federal tax schedule is constructed in accordance to the Internal Revenue Code of 1986.

In addition, this discussion does not address U.S. federal tax laws other than those pertaining to the U.S. federal income tax, nor does it address any aspects of the unearned income Medicare contribution tax pursuant to Section 1411 of the Code, or U.S. state, local, or non-U.S. taxes.

The payments and benefits provided under his executive agreement in connection with a change in control may not be eligible for a federal income tax deduction for the company pursuant to Section 280G of the Internal Revenue Code.

[7] The federal corporate income tax code's limits on the deductibility of corporate charitable giving are often used by analogy by courts seeking guidance on whether a gift was reasonable in amount.

The proposals from the presidential campaign, reiterated last week by President - elect Donald Trump's choice for Treasury secretary, will massively favour the top 1 per cent of income earners, threaten an explosive rise in federal debt, complicate the tax code and do little if anything to spur growth.

Because of the limitations of Internal Revenue Code Section 162 (m), we generally receive a federal income tax deduction for compensation paid to our chief executive officer and to certain other highly compensated officers only if the compensation is less than $ 1,000,000 per person during any fiscal year or is «performance - based» under Code Section 162 (m).

as a transaction that is generally tax - free, for U.S. federal income tax purposes, under Sections 355 and 368 (a)(1)(D) of the Code.

It does not discuss all aspects of U.S. federal income taxation that may be relevant to particular holders in light of their particular circumstances or to holders subject to special rules under the Code (including, but not limited to, insurance companies, tax - exempt organizations, financial institutions, broker - dealers, partners in partnerships (or entities or arrangements treated as partnerships for U.S. federal income tax purposes) that hold HP Co. common stock, pass - through entities (or investors therein), traders in securities who elect to apply a mark - to - market method of accounting, stockholders who hold HP Co. common stock as part of a «hedge,» «straddle,» «conversion,» «synthetic security,» «integrated investment» or «constructive sale transaction,» individuals who receive HP Co. or Hewlett Packard Enterprise common stock upon the exercise of employee stock options or otherwise as compensation, holders who are liable for the alternative minimum tax or any holders who actually or constructively own 5 % or more of HP Co. common stock).

The Federal and State of California tax codes provide for restrictive limitations on the annual utilization of net operating losses to offset taxable income when the stock ownership of a company significantly changes, as defined.

It is a condition to the distribution that HP Co. receive (i) a private letter ruling from the IRS and / or one or more opinions from its external tax advisors, in each case, satisfactory to HP Co.'s board of directors, regarding certain U.S. federal income tax matters relating to the separation and related transactions, and (ii) an opinion of each of Wachtell, Lipton, Rosen & Katz and Skadden, Arps, Slate, Meagher & Flom LLP, satisfactory to HP Co.'s board of directors, regarding the qualification of the distribution, together with certain related transactions, as a transaction that is generally tax - free, for U.S. federal income tax purposes, under Sections 355 and 368 (a)(1)(D) of the Code.

Based on the limitations imposed by Code Section 162 (m), we generally may receive a federal income tax deduction for compensation paid to our Chief Executive Officer and to certain of our other highly compensated officers only if the compensation is less than $ 1,000,000 per person during any year or is «performance - based» under Code Section 162 (m).

Currently, the federal government generally relies on the Consumer Price Index (CPI) to index provisions of the budget and tax code to account for cost - of - living changes.

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.

The program is named after the 1978 addition of section 401 (k) to the U.S. federal tax code which allowed such pre-tax investments.

Flake does nod in the direction of a grand bargain that combines entitlement cuts with tax increases, but he doesn't mention that he was a longtime supporter of replacing the federal tax code with a 23 - percent national sales tax.

1) Repeal Obamacare; Pursue Patient - Centered Care 2) Stop the Tax Hikes 3) Reverse Obama's Spending Increases 4) Scrap the Code; Replace It with a Flat Tax 5) Pass a Balanced Budget Amendment 6) Reject Cap and Trade 7) Rein in the EPA 8) Unleash America's Vast Energy Potential 9) Eliminate the Department of Education 10) Reduce the Bloated Federal Workforce 11) Curtail Excessive Federal Regulation 12) Audit the Fed

The federal agency revoked the magazine's tax - exempt status for violating a specific regulation that forbids organizations covered by section 501 - c - 3 of the IRS code from endorsing political candidates.

At the same time, the measure changes the reference to the federal tax code to reflect the code that was in effect prior to Dec. 1 of last year.

Gov. Andrew Cuomo last week said he is eyeing an overhaul of the state's tax code in response to the federal tax legislation.

Gov. Andrew Cuomo's proposal to change the state tax code to get around the loss of deductions under the new federal law is «the work of a mind severed from reason and reality,» GOP gubernatorial candidate John DeFrancisco, the deputy state Senate majority leader, said.

Governor Andrew Cuomo earlier this week said the state was exploring using a payroll tax as an alternative to the income tax in order to help residents hurt by new limits on deductions of state taxes from federal returns, under a sweeping overhaul of the U.S. tax code passed in late December.