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Topic: Revenue Act of 1971

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	revrul72-76
		The Revenue Service will follow the Triangle Publication, Inc. decision that the useful life of an asset for investment credit purposes need not be consistent with the estimated life used under Revenue Procedure 62-21 for years not affected by the Revenue Act of 1971; Revenue Rulings 68-449 and 68-450 modified.
		Revenue Ruling 68-449, C.B. 1968-2, 20, involving the "class life system" and Revenue Ruling 68-450, C.B. 1968-2, 23, involving the "individual useful life system," hold that under those "systems" the estimated useful life of an asset for investment credit purposes must be consistent with the estimated useful life of the asset used for computing depreciation.
		The provisions of Revenue Procedure 62-21 as supplemented by Revenue Procedure 65-13, C.B. 1965-1, 759, afford the methods for depreciation purposes by which the useful life of the taxpayer's depreciable assets may be challenged by the Service for taxable years ending before January 1, 1971.
	www.taxlinks.com /rulings/1972/revrul72-76.htm (386 words)

	Opinion #6772
		The revenue sharing payments to local units of government under the State Revenue Sharing Act of 1971 are not subject to retroactive adjustments under section 1027a of 1992 PA 175 based on population count corrections made by the United States Census Bureau.
		You have asked whether the revenue sharing payments to local units of government under the State Revenue Sharing Act of 1971 are subject to retroactive adjustments under section 1027a of 1992 PA 175 based on population count corrections made by the United States Census Bureau.
		It is my opinion, therefore, that the revenue sharing payments to local units of government under the State Revenue Sharing Act of 1971 are not subject to retroactive adjustments under section 1027a of 1992 PA 175 based on population count corrections made by the United States Census Bureau.
	www.ag.state.mi.us /opinion/datafiles/1990s/op06772.htm (882 words)

	Sorcery Act 1971
		The Head of State, acting on advice, may make regulations, not inconsistent with this Act, prescribing all matters that by this Act are required or permitted to be prescribed, or that are necessary or convenient to be prescribed for carrying out or giving effect to this Act.
		is evidence that the act is an act of sorcery within the meaning of this Act and that the doer of the act knew it to be an act of sorcery.
		The burden of proof that an act of sorcery is an act of innocent sorcery is on the person alleging it.
	www.worldlii.org /pg/legis/consol_act/sa1971117 (3067 words)

	The Presidential Election Campaign Fund and Tax Checkoff
		The Revenue Act of 1971 (P.L. 92-178) established today's Presidential Election Campaign Fund-a separate account in the U.S. Treasury to fund (on a voluntary basis) general election campaigns of presidential candidates who met the qualifying conditions and who agreed to abide by the national spending limit.
		Payments were to be made directly to candidates (unlike the 1966 Act), with full grants equal to the spending limit for major party candidates, limited grants to minor party candidates based on prior electoral strength, and post-election payments to new party candidates based on votes in that election.
		The Federal Election Campaign Act (FECA) of 1971 (P.L. 92-225) included a limit of $50,000 on contributions from a presidential candidate and family to his or her campaign, later incorporated in law as a condition for receipt of public funds.
	www.opensecrets.org /2000elect/other/presfund/CRS_s95-824.htm (1934 words)

	Brookings: Campaign Finance Reform: Sourcebook, Abridged, Chapter 2 (Site not responding. Last check: 2007-08-20)
		The act revised the disclosure rules to account for the financial activity that led to the Teapot Dome scandal by requiring all multistate political committees (as well as House and Senate candidates) to file quarterly reports that included all contributions of $100 or more, even in nonelection years.
		The Pendleton Act sought to restrain the influence of the spoils system in the selection of civil service workers and to reduce the reliance of party organizations on the assessment of federal officeholders as a source of campaign revenue.
		Another important feature of the Revenue Act was the creation of a federal income tax credit or tax deduction for small contributions to political candidates at all levels of government and to some political committees, including those associated with national party organizations.
	www.brook.edu /GS/cf/sourcebk/CHAP2.HTM (5100 words)

	Opinion #6559
		The revenue realized was originally dedicated to certain state purposes, including welfare and higher education purposes, subject to legislative appropriation.
		REVENUE SHARING ACT--DISTRIBUTION OF The State Revenue Sharing Act of 1971, 1971 PA 140, supra, additionally makes provisions for the distribution to cities, villages, townships, and counties of state income tax and intangibles tax.
		Remittances under the Act are related to a proportion of the state equalized value of inventory reported in 1975, and the current property tax rate in each tax authority.
	www.ag.state.mi.us /opinion/datafiles/1980s/op06559.htm (2793 words)

	[No title]
		These laws were enacted to remedy widely perceived shortcomings of existing law, the Corrupt Practices Act of 1925, and in response to reports of campaign finance abuses over the years, culminating in the 1972-1974 Watergate scandal.
		Revenue Act of 1978 [P.L. -- Doubled maximum political tax credit to $50 ($100 on joint returns); eliminated tax deduction [repealed by Tax Reform Act of 1986].
		Federal Election Campaign Act Amendments of 1979 [P.L. Impetus for passage was to make FECA requirements less burdensome to candidates, committees, and citizens and foster greater grassroots role for volunteers and state and local parties.
	countingcalifornia.cdlib.org /crs/ascii/97-1040 (1246 words)

	Public Citizen \| Congress Watch \| Congress Watch - Fixing the Voluntary Tax Checkoff Program to Fund the Presidential ...
		Revenues in the Presidential Election Campaign Fund are dedicated exclusively for public financing of the presidential party nominating conventions and presidential candidate campaigns.
		The result is a presidential public financing system in which disbursements continue to grow, while revenues are structurally handicapped, leaving the balance of the Fund struggling to keep pace each election cycle.
		The Revenue Act of 1971 immediately implemented a series of tax incentives for small individual contributions to federal campaigns,[4] and on January 1, 1973 would implement the $1 tax checkoff program to benefit the national parties in presidential general elections.
	www.citizen.org /congress/campaign/issues/pub_fin/articles.cfm?ID=10642 (2902 words)

	[No title]
		Amendments to the Hatch Act (1940): -- limited individual contributions to federal candidates to $5,000 per year, and total contributions to federal candidates and national party committees to $3 million per year.
		Revenue Act of 1971: -- created a $1 check-off box on income tax forms to create a fund for Presidential elections.
		The Hatch "Clean Politics" Act (1939) and its Amendments (1940) -- banned federal employees from engaging in overtly political activity; limited campaign contributions in federal campaigns.
	darkwing.uoregon.edu /~jbloom/american/finance.txt (1728 words)

	I. Revenue Sharing [Mackinac Center for Public Policy]
		Some of these funds are distributed through the Revenue Sharing Act of 1971, while others are distributed through individual tax statutes.
		Revenue sharing taxes some citizens simply to give money to the governments of communities in which they do not reside.
		The state should reduce its revenue sharing by 50 percent of what is not mandated by the Michigan Constitution.
	www.mackinac.org /article.aspx?ID=6618 (419 words)

	Appendix 4: Brief History
		Although the Tillman Act and the Taft-Hartley Act of 1947 banned direct contributions by corporations and labor unions to influence Federal elections, the FECA provided an exception whereby corporations and unions could use treasury funds to establish, operate and solicit voluntary contributions for the organization's separate segregated fund (i.e., PAC).
		Under the Revenue Act-the first of a series of laws implementing Federal financing of Presidential elections-citizens could check a box on their tax forms authorizing the Federal government to use one of their tax dollars to finance Presidential campaigns in the general election.
		Through the passage of the Revenue Act, the FECA and its amendments, Congress has provided public financing for Presidential elections, limited contributions in Federal elections, required substantial disclosure of campaign financial activity and created an independent agency to administer and enforce these provisions.
	www.fec.gov /info/appfour.htm (1562 words)

	revrul88-96
		Furthermore, the regulation's underlying statute, section 47, was repealed by the Revenue Act of 1971.
		Former section 49(a) of the Code, which was added by section 703(a) of the Tax Reform Act of 1969 (1969 Act), 1969-3 C.B. 111, repealed the investment credit by excluding property constructed, reconstructed, erected, or acquired (other than pre-termination property) after April 18, 1969, from the definition of section 38 property.
		Former section 47(a)(5) of the Code was added by section 703(c)(1) of the 1969 Act, 1969-3 C.B. Section 1.47-3(h)(1)(i) of the regulations was promulgated on June 9, 1971.
	www.taxlinks.com /rulings/1988/revrul88-96.htm (547 words)

	Summary of Major Enacted Tax Legislation From 1940 - 2006
		This document and summary tables of legislation by act and by date are available in PDF.
		Extended the increased expensing allowance for depreciable business property from $25,000 to $100,000; increased threshold amount for determining reductions to the expensing allowance; and increased the period during which a taxpayer may revoke an election to expense depreciable business property through 2009.
		An Economic Evaluation of the Economic Growth and Tax Relief Reconciliation Act of 2001 by William G. Gale and Samara R. Potter Brookings Institution March, 2002.
	www.taxpolicycenter.org /legislation.cfm (5891 words)

	Untitled
		This is a topic that no doubt will be discussed for years and years to come and it is therefore necessary to assist those who are doing research on the topic by arranging all of the sources of information in a manner that will enhance their research.
		This act was designed to revise the reporting and disclosure requirements of candidates.
		Acting under the directive of the leadership of the 104th Congress to make Federal legislative information freely available to the Internet public, a Library of Congress team brought the THOMAS World Wide Web system.
	www.wiu.edu /users/mma108/campaignfinance.html (2071 words)

	ACT Revenue Office - Revenue Circulars (Site not responding. Last check: 2007-08-20)
		Under the ACT provisions, as outlined in paragraphs 17 to 19, a person must own, or be able to control, more than half the voting rights or interests in the entities which own the businesses.
		In the ACT the requirement is for a business to prove that it is not subject to control by any other group member.
		A group member employer wishing to claim an ACT proportion of the tax free threshold must provide details of the group’s Australia wide taxable wages and the individual employer’s ACT wages either each month or on an annual basis.
	www.revenue.act.gov.au /circulars/circ59.html (2510 words)

	Public Funding of Presidential Elections Brochure
		Under the 1971 Revenue Act,1 the nominee, rather than the party, receives the public funds accumulated through the dollar checkoff.
		The Revenue Act also placed limits on campaign spending by Presidential nominees who receive public money and a ban on all private contributions to them.
		Those Amendments extended the public funding provisions of the Revenue Act to Presidential primary elections4 and the Presidential nominating conventions of national parties.
	www.fec.gov /pages/brochures/pubfund.shtml (3205 words)

	Global incident of U.S. personal income tax revision Multinational Business Review - Find Articles
		The Foreign Sales Corporation Act of 1984 was signed into law on July 18, 1984 as part of the Deficit Reduction Act of 1984.
		In the United States, the single most important source of tax revenue at the federal level is the personal income tax.
		The Civil War Act, however, was so poorly drafted that Secretary of the Treasury, Salmon P. Chase, decided not to exercise it.
	www.findarticles.com /p/articles/mi_qa3674/is_200010/ai_n8913534 (884 words)

	Party Lines - The Center for Public Integrity
		However, with power of enforcement vested in Congress, the Act was routinely ignored.
		Former Congressman W. Pat Jennings was first Clerk of the House of Representatives to perform his duty under 1925 Corrupt Practices Act to collect campaign finance reports and to report violators.
		Repealed Corrupt Practices Act and created comprehensive framework for regulation of federal campaign financing of primaries, runoffs, general elections, and conventions.
	www.publicintegrity.org /partylines/report.aspx?aid=654 (914 words)

	The Tax Foundation - Backgrounder on the Individual Alternative Minimum Tax (AMT)
		Revenue Act of 1971 (P.L. Imposed minor provisions regarding foreign income.
		Revenue Act of 1978 (P.L. Introduced AMT alongside minimum income tax and moved certain itemized deductions and capital gains to AMT.
		Revenue Act of 1987 (P.L. Made technical corrections related to Tax Reform Act of 1986.
	www.taxfoundation.org /publications/show/498.html (1833 words)

	Internal Revenue Bulletin - January 17, 2006 - REG-137243-02
		Outlines of topics to be discussed at the public hearing scheduled for April 4, 2006, in the Auditorium of the Internal Revenue Building at 1111 Constitution Avenue, NW, Washington, DC 20224, must be received by March 14, 2006.
		The proposed revenue procedure would also provide specific guidance for electronic signatures when a taxpayer executes an electronic consent to the disclosure or use of the taxpayer’s tax return information.
		The act of supplying a taxpayer with a paper or electronic form that meets the requirements of a revenue procedure published pursuant to §301.7216-3(a) is a request for a consent.
	www.irs.gov /irb/2006-03_IRB/ar16.html (8958 words)

	[No title]
		Technical and Miscellaneous Revenue Act of 1988 \par \pard \s4 \sb180\li720\fi-360 {\\bkmkstart 904.XIV.C da}{\\bkmkend 904.XIV.C da}C. Rate Differential Rule \par \pard \s5 \li1080\fi-360 {\\bkmkstart 904.XIV.C.1 da}{\\bkmkend 904.XIV.C.1 da}1.
		Revenue Reconciliation Act of 1990 \par \pard \s4 \sb180\li720\fi-360 {\\bkmkstart 904.XIV.D da}{\\bkmkend 904.XIV.D da}D. Foreign Source Capital Losses \par \pard \s5 \li1080\fi-360 {\\bkmkstart 904.XIV.D.1 da}{\\bkmkend 904.XIV.D.1 da}1.
		Revenue Reconciliation Act of 1990 \par \pard \s4 \sb180\li720\fi-360 {\\bkmkstart 904.XIV.E da}{\\bkmkend 904.XIV.E da}E. Proposed Regulations--Capital Gain and Loss Adjustments \par \pard \s3 \sb180\li360\fi-360 {\*\bkmkstart 904.XV.
	www.bna.com /tm/docs/904_TOC.doc (2735 words)

	26 CFR PART 12 (Site not responding. Last check: 2007-08-20)
		Such election and the determination of tax liability on the tax return are subject to the terms and conditions of section 109 of the Revenue Act of 1971 and the final regulations prescribing the Class Life Asset Depreciation Range System (ADR).
		If the consent is made by a recipient of transferred shares pursuant to paragraph (c) of this section, the statement of consent shall also set forth the name and address of the person who held such shares as of the beginning of such taxable year and the number of such shares.
		Under section 703(b) (as amended by section 304(c) of the Revenue Act of 1971), any election under section 57(c) or 163(d)(7) with respect to property held by a partnership shall be made by each partner separately, rather than by the partnership.
	www.washingtonwatchdog.org /documents/cfr/title26/part12.html (4647 words)

	CRS Product: Campaign Financing: Highlights and Chronology of Current Federal Law
		Current law governing financial activity of campaigns for federal office is based on two principal statutes: the Federal Election Campaign Act (FECA) of 1971, as amended in 1974, 1976, and 1979, and the Revenue Act of 1971.
		Tax incentives created tax credit of up to $12.50 ($25 on joint returns) on half the value of annual political contributions and an alternative tax deduction of up to $50 ($100 on joint returns) on the full value of contributions [tax deductions and credits later repealed, as of 1979 and 1987, respectively].
		Revenue Act of 1978 [P.L. Doubled maximum political tax credit to $50 ($100 on joint returns); eliminated tax deduction [repealed by Tax Reform Act of 1986].
	www.ibiblio.org /slanews/conferences/sla2000/politics/crs.htm (1939 words)

	PACs
		In 1943 Congress acted to ban direct contributions from labor unions to Federal candidates; however, organized labor was quick to react.
		The Revenue Act of 1971 inaugurated public funding of Presidential general elections, later extended to primaries and nominating conventions by the Federal Election Campaign Act Amendments of 1974.
		The Amendments also specially sanctioned the formation of a "political committee" to enable the employees of corporations, members of labor unions or members of professional groups, trade associations or any other political group to pool their dollars and give to the candidates of their choice.
	www.trammell.org /pacs.htm (560 words)

	Loans and Assistance (International Agencies) Act 1971
		[x]Being an Act to provide for the raising of loans and the obtaining of technical and financial assistance by the State from certain international organizations and agencies and for related purposes.
		(3) For the purpose of this Act, an organization or agency is not precluded from being international in nature by reason only that its existence is based solely on the municipal law of a foreign country.
		(1) The Head of State, acting on advice, may, by notice in the National Gazette, appoint a person to be the National Authorizing Officer in relation to a loan agreement or assistance agreement.
	www.worldlii.org /pg/legis/consol_act/laaaa1971387 (1475 words)

	[No title]
		Revenue Act of 1971 \par \pard \s6 \li1440\fi-360 {\\bkmkstart 563.I.A.4.c da}{\\bkmkend 563.I.A.4.c da}c.
		Revenue Act of 1978 \par \pard \s6 \li1440\fi-360 {\\bkmkstart 563.I.A.4.e da}{\\bkmkend 563.I.A.4.e da}e.
		Tax Equity and Fiscal Responsibility Act of 1982 \par \pard \s6 \li1440\fi-360 {\\bkmkstart 563.I.A.4.h da}{\\bkmkend 563.I.A.4.h da}h.
	www.bna.com /tm/docs/563_2_TOC.doc (3761 words)

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