Tax Reform Act of 1976


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Tax Reform Act of 1976

Legislation aimed at tightening provisions relating to taxation, including changes in the capital gains tax laws.

Tax Reform Act of 1976

Legislation in the United States that expanded various tax credits and deductions. Among other provisions, it increased the standard deduction to 16% and created a $175,000 exemption from the estate tax.
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719, 719 (1978) ("[A]ccording to Chairman Ullman, the increases in the marital deduction and the exemptions provided by the Tax Reform Act of 1976 were in exchange for the carryover basis rules.
antiboycott laws are included in the Export Administration Act of 1979 (EAA) and the Ribicoff Amendment to the Tax Reform Act of 1976 (TRA).
traders and dealmakers are aware of the strictures of the Foreign Corrupt Practice Act, and know to be mindful of the anti-boycott provisions of the Export Administration Regulations and the Tax Reform Act of 1976, particularly when dealing with Middle Eastern countries.
Interestingly, the term "special allocation" does not appear in the IRC itself but does appear in the Regs and the legislative history to the Tax Reform Act of 1976 (S.
19) The Tax Reform Act of 1976 also merged the estate tax exclusion and the lifetime gift tax exclusion into a "single, unified estate and gift tax credit, which may be used to offset gift tax liability during the donor's lifetime but which, if unused at death, is available to offset the deceased donor's estate tax liability.
Staff of Joint Committee on Taxation, General Explanation of the Tax Reform Act of 1976 (H.
William Simon's three-year tenure as Secretary of the Treasury saw several major economic developments, including the recession of 1974, as well as major tax initiatives, including the Tax Reduction Act of 1975, and The Tax Reform Act of 1976.
The Tax Reform Act of 1976 allowed accelerated depreciation on rehabilitated buildings.
Some critics of the anti-bribery provisions of the Tax Reform Act of 1976 (along with the Foreign Corrupt Practices Act of 1977, which made bribe payments criminal offenses) argued that the legislation was sufficiently difficult to enforce that it would have no impact.
Part of the problem is that in attempting to tighten the rules in the Tax Reform Act of 1976, Congress inadvertently made them more vague.
The Tax Reform Act of 1976 provided a disability income exclusion, under which a taxpayer who retires before age 65 on disability is entitled to exclude from gross income limited amounts of disability payments received if such payments are reported was wages.