Taxpayer Relief Act of 1997

Legislation forming part of a larger act designed to balance the federal budget. Some of the legislation's provisions included tax credits for taxpayers supporting children, an increase in the amount that could be excluded from estate taxes, and a lower capital gains tax rate.

Taxpayer Relief Act of 1997

Legislation in the United States devoted exclusively to lowering taxes. Among other things, it reduced the top capital gains rate to 20% from 28%, and nearly doubled the exemption from the estate tax. The Act also introduced a credit for each child under the age of 17 living at home; that is, a taxpayer could take a direct dollar-for-dollar reduction in his/her tax liability for each child subject to certain income limits. See also: Short-short test.

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References in periodicals archive

President Clinton applied the line-item veto to two limited tax benefits in the Taxpayer Relief Act of 1997. The first, identified in his special message as Cancellation No.

Presidential approval or disapproval

The Taxpayer Relief Act of 1997 created the Roth IRA Plus.

New IRAs, capital gains, and investment planning

It should be apparent that the Taxpayer Relief Act of 1997 has added quite a bit of management flexibility to REITs.

The Taxpayer Relief Act of 1997: its impact on REITs

Plans not updated for certain tax law changes made from 1995 through 2000 [the Uruguay Round of the General Agreement on Tariffs and Trade (GATT), the Uniformed Services Employment and Reemployment Rights Act of 1994, the Small Business Job Protection Act of 1996, and the Taxpayer Relief Act of 1997, collectively known as the GUST amendments] will lose their tax-qualified status.

Tax alert for retirement plans. (News & Views)

The Taxpayer Relief Act of 1997 allowed eligible taxpayers to reduce their tax liability by receiving up to $1,500 HOPE or $1,000 Lifetime Learning tax credit for tuition and course-related fees paid.

Student Aid and Tax Benefits: Better Research and Guidance Will Facilitate Comparison of Effectiveness and Student Use

The Taxpayer Relief Act of 1997 created a reduced 18% capital gain tax rate for capital assets acquired after 2000 and held for five years.

Capital asset deemed-sale election. (Line Items)

Born out of the Taxpayer Relief Act of 1997, based on legislation written by Sen.

Taxing proposal

It's important to note that the table pictured does not take into account the Taxpayer Relief Act of 1997, which allows you to shelter up to $650,000 of your total assets, translating into a Unified Credit of Roughly $211,000.

Estate Tax Liability

To address transactions that were perceived as abusing the tax-free status conferred by section 355, Congress added section 355(e) to the Code in The Taxpayer Relief Act of 1997.(1) A number of related provisions and conforming amendments were adopted at the same time, the cumulative effect of which is to revise substantially the conditions for obtaining a tax-free separation -- whether as a spin-off, split-off, or split-up(2) -- of one corporation from another pursuant to section 355.

Section 355(e): corporate spinoffs

Master Depreciation Guide reflects recent laws and regulations, including the Taxpayer Relief Act of 1997. It is designed as a summary and working handbook for the three main depreciation-related revenue systems currently in use: the Modified Accelerated Cost Recovery System (MACRS); the Accelerated Cost Recovery System (ACRS); and the Asset Depreciation Range (ADR).

"U.S. MASTER DEPRECIATION GUIDE" & "U.S. MASTER GAAP GUIDE" FROM CCH

The Taxpayer Relief Act of 1997 has awakened interest in IRAs as a means of saving, not only for retirement but also for other long-term goals such as first-time homeownership and a college education.

Is the Roth IRA right for you?

The Taxpayer Relief Act of 1997 allows businesses to deduct the cost of computer equipment donated to elementary and secondary schools.

Tax bill errors beginning to surface