Tax Reform Hearings: Statements of Public Witnesses on the Subjects of Income Earned Abroad (U.S. Possession Corporations), Tax Simplication (sick Pay Exclusion, Retirement Income Credit, Military Moving Expenses, Disability Income), and Income Earned Abroad (individuals) |
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Page 2
... taxed on the world - wide income but to have the full credit for U.S. taxes for business and qualified investment income from Puerto Rico whether or not tax is paid to Puerto Rico . This recommendation was incorporated in a new section ...
... taxed on the world - wide income but to have the full credit for U.S. taxes for business and qualified investment income from Puerto Rico whether or not tax is paid to Puerto Rico . This recommendation was incorporated in a new section ...
Page 15
... taxable year must be derived from sources within a possession of the United States . Second , 50 per- cent of the gross income of the corporation for the same 3 - year period must be derived from the active conduct of a trade or ...
... taxable year must be derived from sources within a possession of the United States . Second , 50 per- cent of the gross income of the corporation for the same 3 - year period must be derived from the active conduct of a trade or ...
Page 17
... taxed on worldwide - income in a manner similar to that applicable to any other U.S. corporation , but a full 48 ... taxable in- come , but losses of possessions corporations can , by filing a consolidated return , reduce U.S. tax on ...
... taxed on worldwide - income in a manner similar to that applicable to any other U.S. corporation , but a full 48 ... taxable in- come , but losses of possessions corporations can , by filing a consolidated return , reduce U.S. tax on ...
Page 18
... taxable year must be from sources with- in a possession . Second , 50 percent or more of its gross income must be derived from the active conduct of a trade or business within a possession . The amount of the credit allowed under this ...
... taxable year must be from sources with- in a possession . Second , 50 percent or more of its gross income must be derived from the active conduct of a trade or business within a possession . The amount of the credit allowed under this ...
Page 19
... taxable income in that taxable year ) . Furthermore , the tax- payer must establish to the satisfaction of the Secretary that the funds invested were obtained from the active conduct of a trade or business within that same possession ...
... taxable income in that taxable year ) . Furthermore , the tax- payer must establish to the satisfaction of the Secretary that the funds invested were obtained from the active conduct of a trade or business within that same possession ...
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Common terms and phrases
39 weeks active duty allowance American amount annuity benefits career Chairman Committee Commonwealth of Puerto Congress consolidated return cost of living deduction disability pay disability retired pay domestic corporation Dominican Republic earnings economy election eligible employees employment excluded from gross EXHIBIT federal income tax fiscal Fleet Reserve Association Foreign Service funds gross income Honduras increase inequities inflation injuries or sickness Internal Revenue Code Internal Revenue Service manufacturing miles military disability retired military member military personnel military retired pay military retirees million moving expenses National overseas payments percent disability possessions corporation present law programs Puerto Rico receive reimbursements repeal retiree's retirement age retirement income credit Rico's Section 104 section 936 credit sick pay exclusion tax exemption tax laws Tax Reform title 26 trade or business U.S. Armed Forces U.S. tax Uniformed Services United States Code Veterans Administration voluntary agencies wage withholding tax
Popular passages
Page 28 - Section 223 (d) (1) (2) (3) defines disability as the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.
Page 27 - Gross income does not include amounts referred to in subsection (a) if such amounts constitute wages or payments in lieu of wages for a period during which the employee is absent from work on account of personal injuries or sickness; but this subsection shall not apply to the extent that such amounts exceed a weekly rate of $100.
Page 35 - ... amounts received as a pension, annuity, or similar allowance for personal injuries or sickness resulting from active service in the armed forces of any country or in the Coast and Geodetic Survey or the Public Health Service.
Page 15 - Indies, and which satisfies the following conditions : (1) if 95 percent or more of the gross income of such domestic corporation for the 3-year period immediately preceding the close of the taxable year (or for such part of such period...
Page 15 - ... possession of the United States; and ***** (3) If, in the case of such citizen, 50 per centum or more of his gross income (computed without the benefit of this section) for such period or such part thereof was derived from the active conduct of a trade or business within a possession of the United States either on his own account or as an employee or agent of another.
Page 43 - ... (4) amounts received as a pension, annuity, or similar allowance for personal injuries or sickness resulting from active service in the armed forces of any country...
Page 32 - To uphold and maintain the Constitution and the laws of the United States, to realize the true American ideals and aims for which those eligible to membership fought; to advance the interests and work for the betterment of all wounded, injured, and disabled American veterans; to cooperate with the United States Veterans...
Page 27 - Injuries or sickness, and amounts received as a pension, annuity, or similar allowance for personal Injuries or sickness resulting from active service In the armed forces of any country; (6) Ministers.
Page 29 - The ratings shall be based, as far as practicable, upon the average impairments of earning capacity resulting from such injuries in civil occupations...
Page 70 - Congress has power to raise and support armies; to provide and maintain a navy; to make rules for the government and regulation of the land and naval forces...