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Topic: Tax Reform Act of 1986

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	Prentice Hall Documents Library: Tax Reform Act (1986)
		The Tax Reform Act of 1986 was one of the major accomplishments initiated by the Reagan Administration, passed by a Democratic House and Republican Senate.
		Tax reductions were said by some critics to underly the massive mushrooming of the federal deficit during the Reagan administration.
		The Tax Reform Act of 1986 allowed this practice to continue for banks with $400 million or less in total assets but larger banks were restricted to deducting only actual loan-loss charges during a given year.
	cwx.prenhall.com /bookbind/pubbooks/dye4/medialib/docs/tax1986.htm (495 words)

	CSLS Inc._Topics
		The Tax Reform Act of 1986 and amendments (26 USC 17) permits the student taxpayer to exclude from his or her income, and therefore avoid taxation of, that portion of qualifying scholarships and fellowship grants spent for tuition and related educational expenses.
		Tax law is extremely complex and students with specific questions should seek advice from a tax attorney or a certified public accountant.
		Tax treaties with foreign governments may take precedence over this new law but the burden to prove an exception to withholding will be on the foreign student.
	www.unc.edu /student/orgs/sls/pages/topics/tuition_taxes.htm (1001 words)

	The Tax Reform Act of 1986: What It Wasn't (Copyright, 2006, Tax Analysts)
		The Tax Reform Act of 1986 made a serious and wholly commendable effort to deal with base erosion and fairness concerns -- and it even made a feint toward simplification.
		The 1986 act represents the apotheosis of a certain type of tax reform, summed up by a mantra well known to every tax expert: Broaden the base, lower the rates.
		Originally, it was the darling of liberal reformers, who insisted that it would tax people according to their ability to pay.
	www.taxhistory.org /thp/readings.nsf/ArtWeb/59D42C5BE30F3274852572260050D968?OpenDocument (1683 words)

	Destroying real estate through the tax code. (Tax Reform Act of 1986)
		Three major changes in the tax law contributed to this result: 1) the elimination of the capital gains tax differential; 2) the passive loss limitation rules; and 3) the lengthening of the tax write-off period for real property.
		If tax policy is to be efficient, i.e., if it is not to favor one kind of investment over another, all investment costs should be expensed, that is, they should be written off in the year that they are incurred.
		The adverse effects of the 1986 tax changes on real property values were a major contributing factor in the collapse of many savings and loan institutions.
	www.nysscpa.org /cpajournal/old/10917112.htm (1565 words)

	Legacy of the Tax Reform Act of 1986
		Legacy of the Tax Reform Act of 1986
		The tax reform act of 1986 was drafted at the time a considerable boom in Real Estate was taking place.
		The impact of the tax reform act of 1986 should not be underestimated.
	www.samsloan.com /86reform.htm (998 words)

	Tax Analysts: Conferences: Tax Reform Issue 1: The 1986 Tax Reform Act — What are the Lessons for Today?
		Joe was involved in the emergence of tax reform in the early 1980s from his desk at the Urban Institute, and he will discuss how the issue developed and what needs to happen for tax reform to gain the same kind of momentum now.
		In addition to that tax kitty that the tax policymakers had to work with at that time, there was, in addition, the ability that they had to repeal and change several major tax expenditures on the corporate side that made the overall package more attractive and more acceptable to the corporate community.
		However, the 1986 Act was not uncontroversial in the economics community, and there was a very strong opposition to it from an alternative vision, which was a vision that the big flaw in the tax system was the fact that it taxed income from capital.
	www.taxanalysts.com /www/conferences.nsf/Conferences/194A56F9BD21865785256FCC0076D9B8?OpenDocument&link=transcript (13788 words)

	Fred S. McChesney, What's Mine Is Theirs, The Ever-Shimmering Mirage of Lasting Tax Reform: Library of Economics and ... (Site not responding. Last check: 2007-10-31)
		Although the 1986 legislation followed numerous prior changes to the tax code in 1981, 1982 and 1984, the 1986 act was hailed as achieving lasting tax reform.
		If a politician submits a bill to tax my income or property, I have the constitutional right to pay him (directly through a campaign contribution, indirectly by contributing to a political action committee that is supporting him) to induce him to withdraw the bill.
		The Tax Reform Act of 1986 was the fourth bit of tax legislation in six years of Ronald Reagan's presidency.
	www.econlib.org /library/Columns/y2005/Mcchesneytaxreform.html (1947 words)

	Lifting the Burden: Op Ed (Site not responding. Last check: 2007-10-31)
		The purpose of fundamental tax reform is to increase the growth of standards of living by removing barriers to efficiency.
		Again, this approach was tested in the Tax Reform Act of 1986 by removing differences in the tax treatment of different types of assets that resulted from earlier legislation.
		Previous tax reforms in the United States have failed utterly in applying the principle of horizontal equity to owner-occupied housing.
	www.ksg.harvard.edu /jorgensonbooks/oped.htm (1086 words)

	A Smarter Type of Tax: Dale Jorgenson
		This was a key objective of the tax reform act of 1986 and insulated the two-year debate over reform from the contentious issue of the federal deficit.
		Another advantage of a consumption tax is a low marginal tax rate, the rate that applies to the last dollar of consumption.
		Tax reform proposals, like cherry blossoms, are a hardy perennial of the Washington scene.
	www.ksg.harvard.edu /news/opeds/2002/jorgenson_tax_ft_061802.htm (793 words)

	The Tax Reform Act of 1986 Survey of Current Business - Find Articles
		The Tax Reform Act was passed by Congress on September 27, 1986, and signed by the President on October 22, 1986.
		The act was designed to be revenue neutral over a 5-year period; that is, the act neither increases nor decreases Federal Government receipts compared with the previous tax law.
		The estimates of the impact of the individual rate reductions are not based on the new graduated withheld income tax tables, which were not available at the time OTA prepared the data, and reflect the incremental adjustment of withholding allowances that most individual taxpayers followed in the past to reach a satisfactory level of withholding.
	www.findarticles.com /p/articles/mi_m3SUR/is_v67/ai_5012957 (908 words)

	Reform Taxes Action to lower tax rates (Site not responding. Last check: 2007-10-31)
		Corporate tax rates were reduced from 52 percent to 48 percent, a change that decreased gross corporate tax revenue by $1.6 billion in 1964.
		Investors lost a credit against tax liability equal to 4 percent of income from dividends over $50 received from domestic corporations, although they could now exclude the first $100 of such income from their taxable income.
		Corporate tax rates had been 15 to 40 percent on the first $100,000 and 46 percent on any additional income; the new law reduced these to 15 to 30 percent on the first $75,000 and 34 percent thereafter.
	www.brook.edu /gs/cps/research/projects/50ge/endeavors/taxes.htm (577 words)

	93-02: The Tax Reform Act of 1986
		This Memo provides new information on the applicability of the 86 Tax Act to the University's basic research activities, the negotiation of sponsored research agreements and multi-party cooperative research agreements, and conditions under which the University is exempt from certain provisions of the 86 Tax Act.
		All issuers of tax exempt bonds are required to covenant in their bond indentures that the issuer will not permit the financed property or facilities to be used in any manner that would violate the rules surrounding private activity use or otherwise cause the interest to become taxable under IRS income tax provisions.
		Shortly after the passage of the 86 Tax Act and the implementing IRS regulations, the Office of Technology Transfer (OTT), in collaboration with University Counsel, University-retained Bond Counsel, and the Research Administration Office, assessed the applicability and potential impact of the statute on the University's sponsored research function.
	patron.ucop.edu /ottmemos/docs/ott00-01.html (2548 words)

	CTJ Presidential Election Tax Policy Scorecard
		The tax votes included in our analysis of candidate voting records include all of the major pieces of tax legislation enacted in the past two decades and several major bills which were passed by Congress and subsequently vetoed by the President.
		The Tax Reform Act of 1986 was a monumental piece of tax reform legislation designed to close loopholes and lower income tax rates, while maintaining revenues and enhancing progressivity.
		Overall, the 1993 tax changes took back about 40 percent of the remaining Reagan-era tax cuts enjoyed by the best-off one percent of all families, which seems to be the main complaint of those who opposed the bill.
	www.ctj.org /html/taxvotes.htm (2179 words)

	Student Homepage
		Since the 1940s, the tax code has grown very complicated as tax deductions, tax exemptions, and tax credits were implemented.
		The Act also offered tax cuts that lowered the tax rates for individuals and increased tax exemptions for the lower-income groups.
		Activity 1: Tax Reforms of 1969 and 1986-Complete a cause and effect chart for the Tax Reform Acts of 1969 and 1986.
	www.irs.gov /app/understandingTaxes/servlet/IWT2L6ol (420 words)

	Tax Reform Act of 1986: Major Acts of Congress
		As a result, the tax code is now formally known as the Internal Revenue Code of 1986.
		Although the 1986 act reenacted the great bulk of the 1954 code, the fact that Congress renamed the Internal Revenue Code indicates the importance of the changes put in place by the 1986 act.
		Before and after the Tax Reform Act of 1986, the income tax law relied on the concept of taxing only the income taxpayers realized during the taxable year (usually in the form of cash).
	law.enotes.com /major-acts-congress/tax-reform-act (186 words)

	revrul87-4
		Under section 633(d)(3) of the Act, the applicable percentage equals 100 percent reduced by the amount that bears the same ratio to 100 percent as the excess of the applicable value over $5,000,000 bears to $5,000,000.
		Section 633(d)(5) of the Act generally defines 'qualified corporation' as any corporation of which more than 50 percent (by value) of the stock is held by 10 or fewer 'qualified persons,' as defined in section 633(d)(6), and the applicable value of which does not exceed $10,000,000.
		Section 633(d) of the Act achieves this limitation and phase-out for shareholders as a result of the interaction between the application of the transition rule at the corporate level and the provisions of section 333.
	www.taxlinks.com /rulings/1987/revrul87-4.htm (1122 words)

	LOW INCOME HOUSING TAX CREDIT
		Prior to the Tax Reform Act of 1986 billions of dollars were invested in real estate by investors who were attracted by tax write offs (these were the so "tax sheltered investments").
		In the early 1980's the biggest tax goodie was "accelerated depreciation" wherein real property could be depreciated over artificially short periods of time with a large percentage of the tax write-offs being taken in the early years.
		Before 1986 tax shelters were often sold to rich individuals who needed tax write-offs to shelter their otherwise taxable income.
	www.floridacdc.org /forms/lihtc.html (833 words)

	Tax Reform Act of 1986 - Wikipedia, the free encyclopedia
		Although often referred to as the second of the two "Reagan tax cuts" (the Kemp-Roth Tax Cut of 1981 being the first), the bill was actually officially sponsored by two liberal Democrats, Richard Gephardt of Missouri in the House of Representatives and Bill Bradley of New Jersey in the Senate.
		Section 2(a) of the Act also officially changed the name of the Internal Revenue Code from the Internal Revenue Code of 1954 to the Internal Revenue Code of 1986.
		Although the Act made numerous amendments to the Code, it was not a substantial re-codification or reorganization of the overall structure of the Code.
	en.wikipedia.org /wiki/Tax_Reform_Act_of_1986 (533 words)

	Taxation of Foreign Income of Financial Service Companies
		To clarify, a U.S. subsidiary is taxed at an assumed rate of 14.3 percent on income earned in a country such as Taiwan, and then the U.S. parent company is taxed at an additional 20.7 percent on the foreign source investment income-whether it is repatriated or not-for a total of 35 percent.
		The Tax Reform Act of 1986 significantly increased the tax burden on the business income of the various U.S. service industries primarily through the following changes to the Subpart F and foreign tax credit provisions of the code.
		The Tax Reform Act of 1986 extended significantly the scope of Subpart F and imposed new limitations on the foreign tax credit.
	www.accf.org /publications/reports/sr-taxation-foreign-income.html (1427 words)

	Student seeks grad tax appeal
		However with the enactment of the Federal Tax Reform Act of 1986, graduate stipends became taxable income at the federal level.
		Thus graduate students were responsible for taxes beginning in January even though the law was not passed, and the tax/money was not withheld by institutions, until July.
		In this way the Federal Tax Reform Act of 1986, the subsequent Massachusetts law, and the decline in "US interest in graduate education, especially in sciences and engineering," may represent a devaluing of graduate education, Perkins said.
	www-tech.mit.edu /V109/N8/tax.08n.html (862 words)

	Tax Benefits
		This will summarize the effect that tax laws have on the treatment, under the Internal Revenue Code, of donations of appreciated ordinary income property* when contributed by corporations to charitable organizations.
		Donors are advised to consult with their tax advisor in applying the appropriate deduction.
		Congress, in the 1976 Tax reform Act (Section 2135), further refined the statute to allow corporate donors an increased deduction, under certain circumstances, for contributions of ordinary income property to a public charity or to a private operating foundation.
	www.givejoy.org /tax_benefits.html (532 words)

	Capital Gains Testimony
		After the 1976 Tax Reform Act was enacted, for example, the economy's growth rate jumped from 3.9% in the preceding 12 months to 5.2% over the next two years.
		One of the key goals of the 1986 Tax Reform Act was to curb the harmful, tax-motivated economic distortions that the supply-side policies had produced.
		Most notably, in Sept. of 1986, Congress approved the Tax Reform Act of 1986, which increased the maximum capital gains tax rate from 20% to 28%, effective Jan. 1, 1987.
	www.ctj.org /html/cg95test.htm (5074 words)

	The Tax Foundation - Twenty Years Later: The Tax Reform Act of 1986
		The Tax Reform Act of 1986, which was signed into law twenty years ago this month, was considered at the time one of the most significant pieces of legislation ever passed.
		But despite the temporary success of tax reform in 1986 and the apparent conquest of the public interest over the special interests, two failures were evident.
		The Tax Policy Blog is the official weblog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937.
	www.taxfoundation.org /blog/show/1951.html (869 words)

	revrul87-41
		Section 1706(a) of the 1986 Act added to section 530 of the 1978 Act a new subsection (d), which provides an exception with respect to the treatment of certain workers.
		Rather, it merely eliminates the employment tax relief under section 530(a) of the 1978 Act that would otherwise be available to a taxpayer with respect to those workers who are determined to be employees of the taxpayer under the usual common law rules.
		Because of the application of section 530(b) of the 1978 Act, no inference should be drawn with respect to whether the Individual in Situations 2 and 3 is an employee of the Client for federal employment tax purposes.
	www.taxlinks.com /rulings/1987/revrul87-41.htm (3924 words)

	Tax Reform Act of 1986 (Site not responding. Last check: 2007-10-31)
		The year's foremost accomplishment was the enactment of the landmark Tax Reform Act of 1986, which had been given up for dead several times during its two-year journey through Congress.
		An early version of the Tax Reform Act barely got through the House in 1985 and, for a time, seemed doomed in the Senate.
		A transitional system of five tax rates, ranging from 11 per cent to 38.5 per cent, will be in effect in 1987.
	www.worldbook.com /features/taxes/html/1986.htm (325 words)

	Welfare benefits after the repeal of Sec. 89. (Tax Reform Act of 1986) (Employee Benefit Plans)
		Rules covering employee benefit plans that existed before the passage of the Tax Reform Act of 1986 are once again in force due to the repeal of Section 89.
		Treasury regulations and the requirements of the Employee Retirement Income Security Act state that the documentation of self-insured medical reimbursement plans, cafeteria plans, dependent care assistance plans, and group term life plans be written and separate.
		If a DCAP fails any of these nondiscrimination tests, highly- compensated employees will be taxed on all of the dependent care assistance benefits they received during a calendar year.
	www.nysscpa.org /cpajournal/old/10691667.htm (1224 words)

	Tax Reform Act of 1986 Hurt U.S.Competitive Position (Site not responding. Last check: 2007-10-31)
		find that the "organization of international business appears to be very sensitive to its tax treatment." The authors come to their conclusion by examining the impact of the Tax Reform Act of 1986 (TRA 86) on international joint ventures in which American firms have a minority (less than 50 percent) interest.
		The tax law placed new limits on the worldwide averaging of foreign tax credits by requiring companies to segregate income from joint ventures owned 50 percent or less by an American firm into distinct "baskets." This change in the tax law increased the cost of U.S. joint venture activity, especially for ventures in low-tax countries.
		By raising the cost of dividends received from joint ventures in low tax countries, the "basket" provisions also encouraged American firms to prefer higher debt/asset ratios in their affiliates and to substitute royalty payments for dividends from joint venture partners.
	www.nber.org /digest/may97/w5755.html (510 words)

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