Summary of Conference Agreement On H.R. 3838 : Tax Reform Act of 1986 Jcs-16-86
The book Summary of Conference Agreement On H.R. 3838 : Tax Reform Act of 1986 Jcs-16-86 was written by author United States. Congress. Joint Committee On Taxation Here you can read free online of Summary of Conference Agreement On H.R. 3838 : Tax Reform Act of 1986 Jcs-16-86 book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Summary of Conference Agreement On H.R. 3838 : Tax Reform Act of 1986 Jcs-16-86 a good or bad book?
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Corporate Minimum Tax An alternative minimum tax, similar to the individual minimum tax, replaces the present-law add-on tax. The rate is 20 percent, and there is a $40,000 exemption amount (phased out at the rate of 25 cents on the dollar for alternative minimum taxable income in excess of $150,000). (25) 26 The items of tax preference include the corporate preferences under present law, accelerated depreciation (to the extent different from alternative depreciation, using the 150 percent decl...ining bal- ance method for personal property) for all property (other than transitional property) placed in service after 1986, intangible drill- ing costs (with an offset for 65 percent of net oil and gas income), use of the completed contract method of accounting and of the in- stallment method, capital construction funds for shipping compa- nies, and mining exploration and development costs. Tax-exempt interest on newly issued private activity bonds (but not qualified 501(c)(3) bonds), and untaxed appreciation on charitable contribu- tions of appreciated property are preferences.
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