Tax Reform Act of 1984

Tax Reform Act of 1984

Legislation enacted as part of the Deficit Reduction Act of 1984 to reduce the federal budget deficit. Among its provisions are a decrease in the minimum holding period for assets to qualify for long-term capital gains treatment from one year to six months.

Deficit Reduction Act of 1984

Legislation in the United States that closed some loopholes and eliminated some taxes, but for the most part increased American tax levels. Among other provisions, the Act did this by increasing the number of years over which some assets are depreciated, ending the net interest exclusion up to $900, and established stricter rules for income averaging. Its name in the House of Representatives was the Tax Reform Act of 1984.
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The Tax Reform Act of 1984 provides that the application of the Code with respect to the crediting of an overpayment against estimated tax shall be determined without regard to Rev.
As a technical correction to the Tax Reform Act of 1984, section 1804(e)(6) of the 1986 Act adopted the current version of section 332(b)(1), which determines such eligibility by reference to section 1504(a)(2).
The innocent spouse provisions were amended by the Tax Reform Act of 1984 to broaden the scope of relief.
Congress began to clarify the benefits area in the Tax Reform Act of 1984.
In the Tax Reform Act of 1984 Congress enacted a provision generally requiring anyone engaged in a trade or business that receives more than $10,000 in cash in a single transaction, or one or more related transactions, to report this information to the Internal Revenue Service.
Although the Tax Reform Act of 1984 (TRA) increased liabilities by delaying, reducing, or repealing certain tax reductions enacted by ERTA and scheduled to take effect in 1985, the increase was not enough to overcome large final payments arising &om underpayments of the 1984 liabilities.
Under the Tax Reform Act of 1984, signed into law last summer, finance lease laws determine whether a transaction is a lease or a purchase.
What changes from the Tax Reform Act of 1984 will affect my IRA account?
The Tax Reform Act of 1984 (TRA '84), Section 131(b), enacted Sec.
The Tax Reform Act of 1984 redesignated section 44F as section 30, and the Tax Reform Act of 1986 redesignated section 30 as section 41.
Section 467 was part of the Tax Reform Act of 1984 and was designed to keep taxpayers from exploiting rental arrangements in which most (or all) of the payments are due in later years.
However, the Tax Reform Act of 1984 (TRA), which became fully effective in 1985, increased liabilities by delaying, modifying, reducing, or repealing tax reductions enacted by ERTA and scheduled to take effect in 1985.