References in periodicals archive ?
Nextel argued that the NLC deduction limitation effectively resulted in disparate treatment of taxpayers, based solely on the size of the business as determined by taxable income.
5% of taxable income or a $3 million deduction, taxpayers with $3 million or less in taxable income in 2007 could offset up to 100% of their taxable income through the NLC deduction limitation.
Specifically, taxable income in 1991 is relatively lower for married couples than for other taxpayers, an additional dependent reduces taxable income by about $2800, and elderly taxpayers report higher taxable incomes than nonelderly persons.
3 This income measure is the sum of all positive and potentially taxable incomes reported on form 1040 before the netting out of any negative income items, such as partnership losses.
Individual taxpayers must now calculate their 1993 AMT at a 26% rate for the first $175,000 of alternative minimum taxable income (AMTI) above the AMT exemption, and at a 28% rate for amounts over that.
Trusts now face a regular tax rate of 36% for taxable income over $5,500 and 39.
For property purchased from a financial institution that acquired the property by foreclosure or that was held by the financial institution at the time it entered into receivership, mortgage payments may, in certain situations, now be based on the revenue, income or profits derived from the real estate activity without being treated as unrelated business taxable income (UBTI).
An increase in the corporate tax rate from 34% to 36% for companies with taxable income over $10 million is slated to raise some $30.
That writeup, in turn, will be accompanied by a charge to earnings generally equal to 2% of taxable income.
6, 1986, it is a tax preference item includible in computing alternative minimum taxable income (AMTI).
Although the components of the ACE adjustment are not identical to the adjustments to taxable income made in arriving at E&P, they are similar.
179 expenses against the taxable incomes from those businesses.