Summary of the Small Business Tax Revision Bill of 1958 (H.R. 13382) as it Passed the House of Representatives. Prepared by the Staff of the Joint Committee on Internal Revenue Taxation PDF Download
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Author: United States. Congress. Senate. Committee on Finance
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 8
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Author: United States. Congress. Joint Committee on Internal Revenue Taxation
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 6
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Book Description
Author: United States. Congress. Senate. Committee on Finance
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 8
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Book Description
Author:
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 0
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Author: United States. Congress
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages :
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Law, bills, reports, hearings.
Author: United States. Congress. Joint Committee on Internal Revenue Taxation
Publisher:
ISBN:
Category : Small business
Languages : en
Pages : 68
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Author: United States; Congress; Joint Committee on Internal Revenue Taxation
Publisher: Forgotten Books
ISBN: 9781330273890
Category : Business & Economics
Languages : en
Pages : 66
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Excerpt from Summary of 1958 Small Business Tax Legislation, Public Law-85-866, 85th Congress I. Introduction The Technical Amendments Act of 1958 (title I, Public Law 85-866) is designed to correct unintended benefits and hardships and to make technical amendments in the Internal Revenue Code of 1954. It contains certain provisions which are of particular aid to small business. The Small Business Tax Revision Act of 1958 (title II of Public Law 85-866) is designed to aid and encourage small business. This document is a summary of all the substantive provisions of title II, and those substantive provisions of title I which are of particular aid to small business. Since the enactment of Public Law 85-866 on September 2, 1958, the Treasury Department has issued certain announcements, temporary rules and proposed regulations amplifying these small-business provisions. For the convenience of the reader such announcements, temporary rules and proposed regulations issued on or before March 17, 1959, have been set forth in the appendixes to this document, and appropriate references to them are made in the text. II. Technical Amendments Act of 1958 A. Small-business investment companies (sec. 57) In 1958 Congress passed the Small Business Investment Act of 1958. This law is designed to make equity capital and long-term credit more readily available for small-business concerns. To carry out this purpose, this act provides for the formation of small-business investment companies. These companies are authorized to provide equity capital to small-business concerns through the purchase of convertible debentures. The small-business investment companies are to be private companies with a paid-in capital and surplus of at least $300,000. Also, the Small Business Administration is authorized to make loans to these companies of up to $150,000 through the purchase of subordinated debentures. Section 57 of the Technical Amendments Act of 1958 added to the 1954 Code certain tax provisions (secs. 1242, 1243 and 243 (b)), relating to the tax treatment of these small-business investment companies and their stockholders in order to substantially increase the effectiveness of these small-business investment companies. First, it provides that these investment companies are to be allowed an ordinary loss deduction, rather than a capital loss deduction, on losses realized on the convertible debentures (including stock received pursuant to the conversion privilege) acquired in connection with the supplying of long-term equity-type capital for various small-business concerns. This loss deduction includes losses due to worthlessness, as well as those arising from the sale or exchange of the security. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: United States. Bureau of Internal Revenue
Publisher:
ISBN:
Category : Tax administration and procedure
Languages : en
Pages : 1928
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Author:
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages :
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Book Description
Law, bills, reports, hearings.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: United States Congress Joint Taxation
Publisher: Forgotten Books
ISBN: 9780332839080
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
Excerpt from Summary of 1958 Small Business Tax Legislation, Public Law-85-866, 85th Congress To. Make certain that an election under this section will not be binding on the taxpayer before the final regulations under this section are published, a specific statutory substitute for Treasury Decision 6124 has been provided First, it provides that an election to be taxed as a corporation under section 1361, which Is filed in accordance with regiilations prescribed by the Secretary or his delegate, is to be treated as a valid election. However, it further provides that a valid election may be subsequently revoked at any time after the enactment of the Technical Amendments Act of 1958 (september and on or before the last day of the third month following the month In which final. Regulations are published on section 1361. Such a revocation, if made, will be effective for all years to which the election applied. The new provision also provides for keeping the statute Of limitations open for an additional period with respect to (i) the assessment of deficiencies attributable to an enterprise which makes an election under section 1361, and (ii) the credit or refund of any overpayments attributable to such an enterprise The Statute of limitations is kept open for the additional period regardless of whether Or not the election is revoked pursuant to this new provision. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
