Under the
Revenue Reconciliation Act of 1993, commercial real estate must be depreciated over a period of 39 years using straight-line depreciation, meaning that a commercial building must be depreciated by an equal amount every year of its useful life.
Also, the
Revenue Reconciliation Act of 1993 (RRA' 93) adds to the tax relief offered by IRC Sec 108.
The
Revenue Reconciliation Act of 1993 allows real estate professionals, who spend the majority of their time engaged in real estate activities, to avoid the passive loss limitations.
Revenue Ruling rev'g reversing RRA
Revenue Reconciliation Act of 1993 SBJPA Small Business Job Protection Act of 1996 Sec.
The
Revenue Reconciliation Act of 1993 added section 7701(l) to the Internal Revenue Code.
Phil Gramm (R-Tex.) then offered an amendment that would have repealed the tax increase on Social Security benefits included in the
Revenue Reconciliation Act of 1993. Since these amendments were seen as equally problematic for both sides of the aisle, debate was stalled and the bill was effectively killed.
The
Revenue Reconciliation Act of 1993 ushered in a number of important income tax changes.
The
Revenue Reconciliation Act of 1993 aims many of its tax increases at "wealthy" taxpayers.
197, enacted as part of the
Revenue Reconciliation Act of 1993 (RRA), includes in the definition of a "Sec.
The
Revenue Reconciliation Act of 1993 inadvertently reduced the dollar thresholds for post-1992 years, preventing many taxpayers from taking a larger interest exclusion; however, the 1996 act retroactively corrected this drafting error.
One of the more significant elements of the debate over passage of the
Revenue Reconciliation Act of 1993 dealt with the retroactive effective dates of certain tax provisions of the law.
One example is the creation of empowerment zones by the
Revenue Reconciliation Act of 1993. Believing that special consideration should be given to the problems of distressed urban and rural areas and that Federal tax incentives could play a role in revitalizing these economically distressed areas, Congress added Internal Revenue Code sections 1396 through 1397D; it was felt that expanding business and employment opportunities, especially for residents of those areas, could help play a part in alleviating both economic and social problems.