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101 records in US in 1987
United States · United States Congress · 28 October 1987
Sets forth the rule for the consideration of H.R. 3545 (budget reconciliation).
United States · United States Congress · 27 October 1987
Amends employment tax provisions of the Internal Revenue Code and the Social Security Act to grant independent contractor status to any individual fish or shellfish processor whose compensation is based on the quantity of fish or shellfish peeled, shucked, filleted, or otherwise processed.
United States · United States Congress · 27 October 1987
Increases the proposed FY 1988 allocation to the Committee on Agriculture, Nutrition, and Forestry in the Omnibus Committee Funding Resolution of 1987 (S. Res. 80, 100th Congress).
United States · United States Congress · 27 October 1987
Amends the Internal Revenue Code to extend the ten percent energy investment tax credit for geothermal property from December 31, 1988, until July 31, 1991.
United States · United States Congress · 27 October 1987
Amends the Internal Revenue Code to reduce from 28 to 15 percent the maximum income tax rate applicable to the long-term capital gains of individuals. Excludes capital gains from the phaseout affecting personal exemptions and the 15 percent income tax rate.
United States · United States Congress · 27 October 1987
Sets forth the rule for the consideration of H.R. 3100 (foreign assistance programs).
United States · United States Congress · 23 October 1987
Education Savings Act of 1987 - Amends the Internal Revenue Code to permit an income tax exclusion to a taxpayer who transfers a qualified U.S. savings bond to an eligible institution of higher education or vocational school to pay the higher education expenses (tuition, fees, books, supplies, and equipment) of the taxpayer, spouse, or dependent. Excludes from gross income the lesser of: (1) the otherwise taxable amount involved in the transfer; or (2) the amount of the relevant higher education expenses. Phases out the permissible exclusion in the case of taxpayers having adjusted gross income of $75,000 or more, disallowing it entirely when income exceeds $150,000. Directs the Secretary of the Treasury to advise the general public of the program established by this Act. Amends Federal law to permit: (1) the type of transfer of U.S. savings bonds that would be necessary to effect the tax exclusions described in this Act; and (2) redemption of such bonds by recipient institutions.
United States · United States Congress · 23 October 1987
Sets forth the rule for the consideration of H.R. 2224 (Panama Canal Commission funding).
United States · United States Congress · 21 October 1987
Amends the Internal Revenue Code to allow as an income tax deduction the cost of acquiring or modifying property which is used in a trade or business and is specifically designed to enhance the employability and productivity of handicapped and elderly individuals.
United States · United States Congress · 21 October 1987
Equity in Interstate Competition Act of 1987 - Empowers any State and the District of Columbia to require a person to collect a State sales tax imposed with respect to the sale of tangible personal property if: (1) the destination of sale is in such State; and (2) such person engages in regular or systematic soliciting of sales in such State and has, within a specified one-year period, gross receipts from the sale of such property that exceed either $500,000 within the State or $12,500,000 nationally. Sets forth certain requirements that will qualify certain local sales taxes for treatment as State sales taxes. Prohibits a State from requiring any person who collects a State sales tax to make an accounting for the receipts of such tax on the basis of the geographical location at which the taxable transaction occurs. Limits the authority of the State to require a taxpayer to: (1) file more than four tax returns reporting the amount of such tax collected or required to be collected in any one-year period; or (2) file a return and remit the receipts of such tax more frequently than once in a calendar quarter, or before the expiration of the 20-day period beginning on the last day of the period for which such return is required to be filed. Provides that any person required by a State to collect a State sales tax shall be subject to the laws of that State relating to such tax.
United States · United States Congress · 20 October 1987
Title I: Agricultural Programs - Appropriates funds for FY 1988 for the following programs and services: (1) Office of the Secretary of Agriculture; (2) Office of the Assistant Secretary for Administration; (3) rental payments; (4) building operations and maintenance; (5) advisory committees; (6) hazardous waste management; (7) departmental administration; (8) Working Capital Fund; (9) Office of the Assistant Secretary for Governmental and Public Affairs; (10) Office of the Inspector General; (11) Office of the General Counsel; (12) Office of the Assistant Secretary for Economics; (13) Economic Research Service; (14) National Agricultural Statistics Service; (15) World Agricultural Outlook Board; (16) Office of the Assistant Secretary for Science and Education; (17) Agricultural Research Service; (18) Cooperative State Research Service; (19) extension service; (20) National Agricultural Library; (21) Office of the Assistant Secretary of Marketing and Inspection Services; (22) Animal and Plant Health Inspection Service; (23) Food Safety and Inspection Service; (24) Federal Grain Inspection Service; (25) Agricultural Cooperative Service; (26) Agricultural Marketing Service; (27) Packers and Stockyards Administration; (28) Office of the Under Secretary for International Affairs and Commodity Programs; (29) Agricultural Stabilization and Conservation Service; (30) Dairy Indemnity Program; (31) Federal Crop Insurance Corporation; and (32) Commodity Credit Corporation. Authorizes specified amounts to be transferred from the Commodity Credit Corporation to support the General Sales Manager in expanding commodity sales abroad. Directs the Commodity Credit Corporation to make specified amounts available for short-term and intermediate export credit. Amends the Commodity Credit Corporation Charter Act to increase the borrowing authority of the Commodity Credit Corporation. Increases the amount of outstanding obligations the Corporation may have at any one time. Title II: Rural Development Programs - Appropriates funds for rural development assistance as follows: (1) Office of the Under Secretary for Small Community and Rural Development; (2) Farmers Home Administration; (3) Rural Electrification Administration; (4) Soil Conservation Service; and (5) Agricultural Stabilization and Conservation Service. Title III: Domestic Food Programs - Appropriates funds for the: (1) Office of the Assistant Secretary for Food and Consumer Services; (2) Food and Nutrition Service; and (3) Human Nutrition Information Service. Directs the Secretary of Agriculture to report to the Congress not later than February 1, 1990, on a study of savings in assistance to families with newborns under State medical assistance plans (Medicaid) and State indigent health care programs, during the first 60-day period after birth, as the result of the prenatal participation of mothers in the special supplemental food program under the Child Nutrition Act of 1966. Title IV: International Programs - Appropriates funds for: (1) the Foreign Agricultural Service; (2) Public Law 480 (financing the sale of agricultural commodities for convertible foreign currencies); (3) the Office of International Cooperation and Development; and (4) scientific activities overseas. Title V: Related Agencies - Appropriates funds for the: (1) Food and Drug Administration; (2) Commodity Futures Trading Commission; and (3) Farm Credit Administration. Title VI: General Provisions - Limits the expenditure of appropriations for consulting services through procurement contract to those contracts where such expenditures are a matter of public record and available for public inspection. Authorizes the use of funds for replacement passenger motor vehicles and uniforms and allowances. Limits the availability of funds for contracting for research and service work. Prohibits the use of funds for production payments to recipients who harvest marihuana or other prohibited drug-producing plants for illegal use. Limits the amount of transfers to the Working Capital Fund for the purpose of accumulating growth capital for data services and National Finance Center operations. Prohibits the use of funds to implement, administer, or enforce any regulation which has been disapproved pursuant to any resolution of disapproval. Provides that the certificates of beneficial ownership sold by the Farmers Home Administration (FmHA) in connection with specified insurance funds shall not be less than 65 percent of the value of loans closed during the fiscal year. Prohibits the use of funds to carry out any activity related to phasing out the Resource Conservation and Development Program. Prohibits the use of funds to prevent or interfere with the right and obligation of the Commodity Credit Corporation to sell surplus agricultural commodities in world trade at competitive prices. Authorizes the provision of specified commodities to individuals in cases of hardship. Prohibits the payment of any funds out of the Treasury to any private individual or corporation in satisfaction of a loan guarantee entered into by a Federal agency or corporation with respect to loans made and credits extended to the Polish People's Republic, unless: (1) the Republic has been declared to be in default of its debt to such individual or corporation; or (2) the President has provided a monthly written report to specified congressional leaders justifying any such payments during the previous month. Directs the Secretary of Agriculture to initiate construction on not less than 20 new projects under the Watershed Protection and Flood Prevention Act and not less than five new projects under the Flood Control Act. Prohibits the use of funds under any Act to relocate the Hawaii State Office of the Farmers Home Administration from Hilo, Hawaii, to Honolulu, Hawaii. Exempts Department of Agriculture veterinarians from personal service contract restrictions with respect to taking animal blood samples, testing and vaccinating animals, and performing branding and tagging activities on a fee-for-service basis. Prohibits employee reductions below specified levels for the FmHA, the Agricultural Stabilization and Conservation Service, the Rural Electrification Administration, and the Soil Conservation Service. Authorizes the use of funds for a one-year contract which is to be performed in two fiscal years if such contract's total amount is obligated in the same year for which the funds are appropriated. States that appropriations shall be applied only to the objects for which the appropriations were made, unless otherwise provided by law. Prohibits the use of funds to restrict the authority of the Commodity Credit Corporation to lease jointly-occupied space for its own use or on behalf of other Department of Agriculture agencies. Prohibits the use of funds to release information acquired from certain handlers under the Agricultural Marketing Agreement Act of 1937. Prohibits the use of funds by the FmHA to employ or otherwise contract with private debt collection agencies to collect delinquent payments from FmHA borrowers. Amends the Food Security Act of 1985 to continue the program of guaranteed loans and grants to nonprofit national rural development and finance corporations through FY 1988. Directs the Secretary of Agriculture to make available indemnity payments, in the form of cash or negotiable commodity certificates, to persons who plant oil-type sunflowers for harvest during the 1988 crop year. Sets the payment rate at the difference between average market prices and eight cents per pound. Limits the annual payment per recipient and sets a total payment limitation of $18,000,000. Authorizes the Secretary to adjust the payment rate to comply with these limits. Directs the Secretary, after 180 days, but not later than one year following this Act's enactment, to: (1) determine whether the traditional and historic price and market share relationship between cottonseed and its products and sunflowers and their products has been changed as a result of direct payments to sunflower producers; and (2) take steps to restore the traditional relationship if a market share decrease or price decline is noted with respect to cottonseed or its derivative products. Amends the Agricultural Act of 1949 to provide that, notwithstanding the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) and the subsequent sequestration order issued by the President (under such Act), FY 1987 dairy expenditure reductions shall be implemented through a reduction in the price received by milk producers rather than through a reduction in Commodity Credit Corporation payments for dairy product purchases. States that such reductions shall be no greater than needed to equal the reduction in milk support expenditures required by such order.
United States · United States Congress · 20 October 1987
Amends the Federal Unemployment Tax Act to exempt from State unemployment tax law coverage (providing for payments in lieu of unemployment fund contributions) any service performed in the employ of a tax-exempt private elementary or secondary school that is operated primarily for religious purposes. Applies this exemption retroactively to services performed after 1977.
United States · United States Congress · 20 October 1987
Amends the Tax Reform Act of 1986 to delay for one year, from 1987 until 1988, implementation of the increase from 80 percent to 90 percent in the current year liability test for estimated tax payments by individuals.
United States · United States Congress · 16 October 1987
Amends the National Environmental Policy Act of 1969 to direct the Council on Environmental Quality to promulgate regulations implementing the National Environmental Policy Act for all Federal agencies, including independent regulatory commissions. Requires each Federal agency to review on a continuing basis and report to the Council on a statistically significant random sample of environmental impact statements prepared by such agency in which measures were specified for the mitigation of the adverse impact on natural resources, including fish and wildlife populations and habitat, that was predicted to result from the action. Requires each review to assess the implementation of mitigation measures and the accuracy and effectiveness of projected adverse impacts and their mitigation. Directs each Federal agency to comply with requirements for an initial review within 24 months of this Act's enactment. Authorizes appropriations for FY 1987 through 1989 for the operations of the Office of Environmental Quality and the Council on Environmental Quality. Grants a State or interstate water pollution control agency another year in which to satisfy certain certification requirements of the Clean Water Act for hydroelectric projects.
United States · United States Congress · 15 October 1987
Amends the Internal Revenue Code to reduce from 28 to 15 percent the maximum income tax rate applicable to the long-term capital gains of individuals. Excludes capital gains from the phaseout affecting personal exemptions and the 15 percent income tax rate.
United States · United States Congress · 15 October 1987
Smoking and Health Advertising Act of 1987 - Amends the Internal Revenue Code to disallow an income tax deduction for tobacco and tobacco product sale promotion expenses. Defines "tobacco and tobacco products" as any small cigarette, large cigarette, cigar, pipe tobacco, tobacco that can be rolled into a cigarette, or smokeless tobacco product, including snuff and chewing tobacco. Permits the deduction if the taxpayer's expenditures for advertising informing the public of the health effects of tobacco product use exceed five percent of the sales promotion expenses in question for a given taxable year.
United States · United States Congress · 14 October 1987
Amends the Internal Revenue Code to provide a refundable income tax credit of two cents per pound of hazardous waste recycled by the taxpayer.
United States · United States Congress · 13 October 1987
Omnibus Taxpayers' Bill of Rights Act - Requires the Secretary of the Treasury (Secretary) to prepare a statement setting forth in nontechnical terms: (1) the rights and obligations of a taxpayer and of the Internal Revenue Service (IRS) during a tax audit; (2) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file complaints; and (3) the procedures that the IRS may use in enforcing revenue laws. Directs the Secretary to transmit drafts of such statement to specified congressional committees and to distribute the final statement to all taxpayers receiving annual tax filing forms from the IRS. Requires the IRS, upon taxpayer request, to conduct any interview regarding the determination or collection of any tax at a reasonable time and place convenient to the taxpayer and to the IRS, and to permit the taxpayer, at his or her own expense, to record the interview. Authorizes the IRS interviewer to record such interview if the taxpayer has been given prior notice and is provided, upon request and payment of reproduction costs, with a transcript of the recording. Requires the interviewer to explain to the taxpayer the audit process, including the taxpayer's rights with respect to the process. Requires the Secretary to abate any penalty or interest imposed on any deficiency attributable to erroneous advice in writing given to a taxpayer by an IRS officer or employee in response to such taxpayer's specific inquiry. Authorizes the IRS Ombudsman, upon application filed by a taxpayer, to issue a Taxpayer Assistance Order if, in the determination of the Ombudsman: (1) the taxpayer is suffering or is about to suffer from an unusual or irreparable loss as a result of the manner in which the internal revenue laws are being administered by the Secretary; and (2) the Secretary has failed to carry out any of his or her duties or has violated any provision of law. Allows the terms of a Taxpayer Assistance Order to require the Secretary to release property of the taxpayer levied upon or to cease or refrain from certain actions. Requires the Secretary to obey any Taxpayer Assistance Order issued by the Ombudsman. Directs the Secretary, within 90 days of this Act's enactment, to issue regulations with respect to Taxpayer Assistance Orders, including provisions to assure full, fair, and impartial due process for affected taxpayers. Amends the Inspector General Act of 1978 and other Federal law to establish within the Department of the Treasury an Office of Inspector General. Transfers to such Office the existing audit and investigation units of the Department. Sets forth criteria with respect to: (1) the authority of the Inspector General to conduct an investigation; and (2) the authority of the Secretary in cases of audits or investigations requiring access to information of a sensitive or confidential nature. Allows the Secretary to prohibit investigations under specified circumstances. Restricts disclosure by the Inspector General of tax returns and return information. Prohibits records of tax enforcement results from being used to evaluate certain IRS personnel or to impose or suggest production quotas. Requires district directors to certify compliance with this mandate on a monthly basis. Requires the Secretary to certify that a rule proposed by the IRS is substantially the only alternative that meets the mandate of the relevant statute in order for the rule to be considered an interpretative rule (and thereby not subject to analyses under the Regulatory Flexibility Act). Amends the Regulatory Flexibility Act to require regulatory flexibility analyses to include consideration of both the direct and indirect beneficial and negative effects of a proposed or final rule. Amends the Internal Revenue Code to direct the Secretary, with limited exceptions, to send a preliminary letter of deficiency to a taxpayer prior to the mailing of a deficiency notice. Specifies required contents for tax due notices and deficiency notices, including the basis of the deficiency and a breakdown of the total amount into tax, interest, and penalty. Directs the Secretary, within 90 days of this Act's enactment, to issue regulations requiring all IRS personnel to explain and support their position in assessing any penalties or additions to tax. Requires the Comptroller General to study IRS procedures with respect to such assessments and to present findings to specified congressional committees no later than December 31, 1988. Authorizes the Secretary to enter into a binding agreement with a taxpayer under which the taxpayer may pay tax liability in installments if the Secretary determines that such an agreement will facilitate collection of the liability. Permits the Secretary, after proper notice and a hearing, to modify or annul the agreement upon the finding that the financial condition of the affected taxpayer has significantly changed. Renders such an agreement nonbinding if the taxpayer fails to pay any installment or any other tax liability when due. Extends from ten to 30 days the period between the required notice to a person who neglects or refuses to pay tax liability and a levy on such person's salary, wages, or other property. Specifies information that must be incorporated in such notice, including possible alternative actions and the appropriate appeals procedures. Adds to the circumstances triggering termination of such a levy: (1) an agreement between the taxpayer and the Secretary for payment of the liability; and (2) the Secretary's determination that the taxpayer's financial condition precludes enforceability of the liability. Revises the list of property exempt from levy to: (1) increase the exempt amount permitted for certain personal effects, the property of a business, and wages; (2) add an exemption for certain deposits in qualified institutions; and (3) provide an express exemption, except under limited circumstances specified in this Act, for the taxpayer's principal residence, a motor vehicle used by the taxpayer as the primary means of transportation to work, and any tangible personal property essential to the operation of the taxpayer's business in cases when a levy would prevent the taxpayer from carrying on such business. Prohibits a levy on any property when levy and sales expenses would exceed either the liability for which the levy is made or the fair market value of the levied property. Permits the Secretary to demand surrender of bank accounts only after 21 days in escrow have passed since service of the notice of levy on the accounts. Sets forth situations in which the Secretary must release a levy. Applies to jeopardy levies the administrative and judicial review procedures currently applicable to jeopardy assessments. Permits a taxpayer to bring a civil action against the United States in the Tax Court for judicial review of jeopardy levies and assessments. (Under current law an action for judicial review of jeopardy assessments may be filed only in district court.) Increases the time during which a taxpayer may petition for such review. Describes the jurisdictional requirements to be applied to such actions. Allows an administrative appeal of tax liens. Grants to the Tax Court exclusive jurisdiction to enjoin premature assessments if the taxpayer has filed a timely petition for review. Provides for review of such injunctive orders by the U.S. Court of Appeals. Grants to the Tax Court jurisdiction to enforce payment by the Secretary of refunds of overpayment and interest to taxpayers. Places on the Secretary the burden of proof of justifying any failure to refund, credit, or offset relevant amounts with respect to a taxpayer. Entitles a prevailing taxpayer to: (1) an interest rate of 120 percent of the overpayment rate with respect to refunds; and (2) reasonable litigation costs. Grants to the Tax Court jurisdiction to: (1) review jeopardy assessment sales of assets; and (2) redetermine interest under certain circumstances when a taxpayer claims an overpayment of the interest. Vests in the Tax Court original jurisdiction over any civil action against the Secretary for the recovery of any tax, additions to tax, and penalties with respect to income, estate, gift, and certain excise taxes. Authorizes an award of reasonable litigation costs to the prevailing party in proceedings by taxpayers before the Internal Revenue Service. Permits a taxpayer to bring a civil action in district court for actual damages resulting from the failure of any Federal officer or employee to release a tax lien on the taxpayer's property. Permits a civil cause of action in district court for damages resulting from the careless, reckless, or intentional disregard of internal revenue laws by any Federal officer or employee. Denies damage awards in cases of contributory negligence. Authorizes a damage award, to a $10,000 maximum, to the United States in cases of frivolous or groundless claims by a taxpayer. Amends the Internal Revenue Code to prescribe criminal penalties for: (1) any investigation or surveillance authorized or conducted by an officer or employee of the United States in connection with Federal tax laws that inquires into the beliefs, associations, or activities of any individual or organization; or (2) the maintenance of any records containing information derived from such an investigation. Establishes in the Internal Revenue Service the Office for Taxpayers Services, under the supervision of an Assistant Commissioner of Internal Revenue. Directs this Assistant Commissioner to: (1) be responsible for telephone, walk-in, and educational services, and for the design and production of tax and information forms; and (2) prepare annually, for presentation to specified congressional committees, a joint report (with the Chief Problem Resolution Officer for the IRS) on the quality of taxpayer services.
United States · United States Congress · 9 October 1987
Amends the Internal Revenue Code to require that the amount of the charitable deduction permitted to a donor of a debt instrument evidencing a loan to a developing nation be no less than the donor's basis in the relevant debt instrument in certain cases. Applies this provision when: (1) the contribution is a debt instrument in connection with a loan to a country eligible for World Bank or International Development Association financing; (2) the donation is made to a governmental unit or to a tax-exempt charitable, religious, literary, scientific, or educational entity (a 501(c)(3) organization); and (3) the instrument or its proceeds will be used for one or more international conservation purposes, such as preservation of open spaces, protection of natural habitat, support of conservation education programs, and appropriate research and experimentation.
United States · United States Congress · 9 October 1987
Amends the Internal Revenue Code to require that the amount of the charitable deduction permitted to a donor of a debt instrument evidencing a loan to a developing nation be no less than the donor's basis in the relevant debt instrument in certain cases. Applies this provision when: (1) the contribution is a debt instrument in connection with a loan to a foreign country eligible for World Bank or International Development Association financing; (2) the donation is made to a governmental unit or to a tax-exempt charitable, religious, literary, scientific, or educational entity (a 501(c)(3) organization); and (3) the instrument or its proceeds will be used for one or more international conservation purposes, such as preservation of open spaces, protection of natural habitat, support of conservation education programs, and appropriate research and experimentation.
United States · United States Congress · 8 October 1987
Omnibus Taxpayers' Bill of Rights Act - Requires the Secretary of the Treasury (Secretary) to prepare a statement setting forth in nontechnical terms: (1) the rights and obligations of a taxpayer and of the Internal Revenue Service (IRS) during a tax audit; (2) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file complaints; and (3) the procedures that the IRS may use in enforcing revenue laws. Directs the Secretary to transmit drafts of such statement to specified congressional committees and to distribute the final statement to all taxpayers receiving annual tax filing forms from the IRS. Requires the IRS, upon taxpayer request, to conduct any interview regarding the determination or collection of any tax at a reasonable time and place convenient to the taxpayer and to the IRS, and to permit the taxpayer, at his or her own expense, to record the interview. Authorizes the IRS interviewer to record such interview if the taxpayer has been given prior notice and is provided, upon request and payment of reproduction costs, with a transcript of the recording. Requires the interviewer to explain to the taxpayer the audit process, including the taxpayer's rights with respect to the process. Requires the Secretary to abate any penalty or interest imposed on any deficiency attributable to erroneous advice in writing given to a taxpayer by an IRS officer or employee in response to such taxpayer's specific inquiry. Authorizes the IRS Ombudsman, upon application filed by a taxpayer, to issue a Taxpayer Assistance Order if, in the determination of the Ombudsman: (1) the taxpayer is suffering or is about to suffer from an unusual or irreparable loss as a result of the manner in which the internal revenue laws are being administered by the Secretary; and (2) the Secretary has failed to carry out any of his or her duties or has violated any provision of law. Allows the terms of a Taxpayer Assistance Order to require the Secretary to release property of the taxpayer levied upon or to cease or refrain from certain actions. Requires the Secretary to obey any Taxpayer Assistance Order issued by the Ombudsman. Directs the Secretary, within 90 days of this Act's enactment, to issue regulations with respect to Taxpayer Assistance Orders, including provisions to assure full, fair, and impartial due process for affected taxpayers. Amends the Inspector General Act of 1978 and other Federal law to establish within the Department of the Treasury an Office of Inspector General. Transfers to such Office the existing audit and investigation units of the Department. Sets forth criteria with respect to: (1) the authority of the Inspector General to conduct an investigation; and (2) the authority of the Secretary in cases of audits or investigations requiring access to information of a sensitive or confidential nature. Allows the Secretary to prohibit investigations under specified circumstances. Restricts disclosure by the Inspector General of tax returns and return information. Prohibits records of tax enforcement results from being used to evaluate certain IRS personnel or to impose or suggest production quotas. Requires district directors to certify compliance with this mandate on a monthly basis. Requires the Secretary to certify that a rule proposed by the IRS is substantially the only alternative that meets the mandate of the relevant statute in order for the rule to be considered an interpretative rule (and thereby not subject to analyses under the Regulatory Flexibility Act). Amends the Regulatory Flexibility Act to require regulatory flexibility analyses to include consideration of both the direct and indirect beneficial and negative effects of a proposed or final rule. Amends the Internal Revenue Code to direct the Secretary, with limited exceptions, to send a preliminary letter of deficiency to a taxpayer prior to the mailing of a deficiency notice. Specifies required contents for tax due notices and deficiency notices, including the basis of the deficiency and a breakdown of the total amount into tax, interest, and penalty. Directs the Secretary, within 90 days of this Act's enactment, to issue regulations requiring all IRS personnel to explain and support their position in assessing any penalties or additions to tax. Requires the Comptroller General to study IRS procedures with respect to such assessments and to present findings to specified congressional committees no later than December 31, 1988. Authorizes the Secretary to enter into a binding agreement with a taxpayer under which the taxpayer may pay tax liability in installments if the Secretary determines that such an agreement will facilitate collection of the liability. Permits the Secretary, after proper notice and a hearing, to modify or annul the agreement upon the finding that the financial condition of the affected taxpayer has significantly changed. Renders such an agreement nonbinding if the taxpayer fails to pay any installment or any other tax liability when due. Extends from ten to 30 days the period between the required notice to a person who neglects or refuses to pay tax liability and a levy on such person's salary, wages, or other property. Specifies information that must be incorporated in such notice, including possible alternative actions and the appropriate appeals procedures. Adds to the circumstances triggering termination of such a levy: (1) an agreement between the taxpayer and the Secretary for payment of the liability; and (2) the Secretary's determination that the taxpayer's financial condition precludes enforceability of the liability. Revises the list of property exempt from levy to: (1) increase the exempt amount permitted for certain personal effects, the property of a business, and wages; (2) add an exemption for certain deposits in qualified institutions; and (3) provide an express exemption, except under limited circumstances specified in this Act, for the taxpayer's principal residence, a motor vehicle used by the taxpayer as the primary means of transportation to work, and any tangible personal property essential to the operation of the taxpayer's business in cases when a levy would prevent the taxpayer from carrrying on such business. Prohibits a levy on any property when levy and sales expenses would exceed either the liability for which the levy is made or the fair market value of the levied property. Permits the Secretary to demand surrender of bank accounts only after 21 days in escrow have passed since service of the notice of levy on the accounts. Sets forth situations in which the Secretary must release a levy. Applies to jeopardy levies the administrative and judicial review procedures currently applicable to jeopardy assessments. Permits a taxpayer to bring a civil action against the United States in the Tax Court for judicial review of jeopardy levies and assessments. (Under current law an action for judicial review of jeopardy assessments may be filed only in district court.) Increases the time during which a taxpayer may petition for such review. Describes the jurisdictional requirements to be applied to such actions. Allows an administrative appeal of tax liens. Grants to the Tax Court exclusive jurisdiction to enjoin premature assessments if the taxpayer has filed a timely petition for review. Provides for review of such injunctive orders by the U.S. Court of Appeals. Grants to the Tax Court jurisdiction to enforce payment by the Secretary of refunds of overpayment and interest to taxpayers. Places on the Secretary the burden of proof of justifying any failure to refund, credit, or offset relevant amounts with respect to a taxpayer. Entitles a prevailing taxpayer to: (1) an interest rate of 120 percent of the overpayment rate with respect to refunds; and (2) reasonable litigation costs. Grants to the Tax Court jurisdiction to: (1) review jeopardy assessment sales of assets; and (2) redetermine interest under certain circumstances when a taxpayer claims an overpayment of the interest. Vests in the Tax Court original jurisdiction over any civil action against the Secretary for the recovery of any tax, additions to tax, and penalties with respect to income, estate, gift, and certain excise taxes. Authorizes an award of reasonable litigation costs to the prevailing party in proceedings by taxpayers before the Internal Revenue Service. Permits a taxpayer to bring a civil action in district court for actual damages resulting from the failure of any Federal officer or employee to release a tax lien on the taxpayer's property. Permits a civil cause of action in district court for damages resulting from the careless, reckless, or intentional disregard of internal revenue laws by any Federal officer or employee. Denies damage awards in cases of contributory negligence. Authorizes a damage award, to a $10,000 maximum, to the United States in cases of frivolous or groundless claims by a taxpayer. Amends the Internal Revenue Code to prescribe criminal penalties for: (1) any investigation or surveillance authorized or conducted by an officer or employee of the United States in connection with Federal tax laws that inquires into the beliefs, associations, or activities of any individual or organization; or (2) the maintenance of any records containing information derived from such an investigation. Establishes in the Internal Revenue Service the Office for Taxpayers Services, under the supervision of an Assistant Commissioner of Internal Revenue. Directs this Assistant Commissioner to: (1) be responsible for telephone, walk-in, and educational services, and for the design and production of tax and information forms; and (2) prepare annually, for presentation to specified congressional committees, a joint report (with the Chief Problem Resolution Officer for the IRS) on the quality of taxpayer services.
United States · United States Congress · 7 October 1987
Amends the Internal Revenue Code with respect to the valuation of farm land for estate tax purposes. Permits a decedent's spouse who acquires farm and other real property as a result of the decedent's death to enter into a cash lease of such property with a family member and still have the property valued under use value principles rather than according to its highest and best use. Applies retroactively to leases for periods after December 31, 1976, of qualified real property of decedents dying after the same date.
United States · United States Congress · 7 October 1987
Amends the Internal Revenue Code with respect to income tax treatment of life insurance contracts and annuity contracts. Provides that loans under certain life insurance contracts (including single premium life insurance contracts), amounts pledged or assigned under such contracts, and the transfers of such contracts made without adequate consideration shall be included in gross taxable income to the extent allocable to income on the contract (thus conforming the tax treatment of loans under life insurance contracts to the law currently applied to annuity contracts). Applies these loan and transfer rules to corporations as well as to individuals and amends the corresponding law currently applied to annuity contracts to include corporations. Reverses the ordering rules for distributions under life insurance and endowment contracts so that distributions would be treated first as income and then as basis. Imposes a ten percent penalty tax on the amount of any taxable distribution or loan under a life insurance contract. Exempts from this penalty any distribution: (1) made on or after the date on which the taxpayer attains age 59 1/2; (2) attributable to the taxpayer's becoming disabled; (3) that is part of an annuity-like plan under which periodic payments are made over the taxpayer's life; or (4) allocable to investment in the contract on or before October 7, 1987.
United States · United States Congress · 7 October 1987
Amends the Internal Revenue Code to allow an individual a 15 percent nonrefundable income tax credit for interest paid or incurred on indebtedness to pay qualified educational expenses (tuition, supplies, reasonable living expenses) of the taxpayer or the taxpayer's spouse or dependent at a qualified educational institution. Excludes indebtedness secured by a qualified residence of the taxpayer. Reduces the credit (but not below zero) by one percent for each $1,000 by which the taxpayer's adjusted gross income exceeds $25,000 ($40,000 for joint returns). Repeals the current income tax deduction for interest on home equity loans used to pay educational expenses.
United States · United States Congress · 6 October 1987
Amends the Internal Revenue Code to include as a tax-excludible fringe benefit qualified employer-provided commuter services between an employee's residence and workplace. Includes as qualified services: (1) transportation furnished in a commuter highway vehicle (such as a van); and (2) transportation paid for or reimbursed by the employer on public buses, trains, or subways that run along regular routes according to a schedule.
United States · United States Congress · 6 October 1987
Private Long-Term Care Insurance Promotion Act - Amends the Internal Revenue Code to require that, for the purpose of determining the income tax liability of insurance companies, guaranteed renewable insurance contracts providing for qualified long-term health care be treated in the same way as noncancellable accident or health insurance contracts. Applies this requirement to contracts covering diagnostic, preventive, therapeutic, rehabilitative, and personal care services that are: (1) required by a chronically ill or disabled individual; and (2) provided by a qualified licensed provider (other than a family member) in a nursing facility, including hospitals and nursing homes, or in a home (if home care is a substitute for care in a nursing facility).
United States · United States Congress · 6 October 1987
Amends the Internal Revenue Code to include as a tax-excludible fringe benefit qualified employer-provided commuter services between an employee's residence and workplace. Includes as qualified services: (1) transportation furnished in a commuter highway vehicle (such as a van); and (2) transportation paid for or reimbursed by the employer on public buses, trains, or subways that run along regular routes according to a schedule.
United States · United States Congress · 2 October 1987
Amends Internal Revenue Code provisions relating to the export financing exception to the separate application of the foreign tax credit limitation to financial services income. Permits a taxpayer predominantly engaged in the active business of providing financial services to treat any interest derived from export financing as overall limitation income for foreign tax credit calculation purposes. (Under current law there is a special limitation for financial services income.) Revises the definition of "export financing interest" to include (and thus defer from taxation) interest derived from financing the sale for export of any qualified property manufactured, produced, grown, or extracted in the United States. (Current law applies to the same properties, but only if produced by the taxpayer or a related person.) Applies this amendment expressly to Export-Import Bank loans.
United States · United States Congress · 1 October 1987
Repeals specified provisions of the Tax Reform Act of 1986 that eliminated income averaging. Provides that the Internal Revenue Code (IRC) be applied and administered as if such provisions had not been enacted. Amends the IRC to restore income averaging for a person: (1) actively engaged in the trade or business of farming, including aquaculture; and (2) whose average annual gross income for the three preceding taxable years is at least 50 percent attributable to farming.
United States · United States Congress · 1 October 1987
Retiree Health Protection and Long-Term Care Insurance Act of 1987 - Amends the Internal Revenue Code to add provisions relating to voluntary retiree health plans. Permits an income tax deduction for employer contributions to a qualified retiree health care trust. Limits the deduction to the difference between 110 percent of the plan's liability at the end of a plan year and the plan's assets at the same time. Excludes from the gross income of an individual or spouse: (1) any employer contribution under a qualified voluntary retiree health plan; or (2) receipts of any post-retirement long-term health benefit under the plan. Disallows this tax exclusion when: (1) the individual is a participant or beneficiary under more than one qualified plan and does not consolidate the accounts; (2) the plan ceases to be qualified; or (3) the individual assigns any portion of his or her interest in the plan. Applies a 20 percent penalty tax to benefits that exceed a specified maximum. Sets forth plan qualification criteria, including requirements that the plan be in writing, provide employee rights that are legally enforceable, and be maintained for the exclusive benefit of employees. Requires, in addition, that: (1) the plan provide only post-retirement benefits (after the former employee or employee spouse has attained age or is disabled); (2) the plan provide only long-term health care benefits, including nursing home, hospice, or adult day center care, to individuals who are chronically ill or disabled; (3) benefits are only through insurance acquired by the plan, self-insurance under guaranteed renewable contracts, reimbursement of expenses paid by the care recipient, or any combination of these; (4) employees do not contribute to the plan; (5) neither contributions nor benefits discriminate in favor of highly compensated employees; (6) contributions meet the same limitation that is applicable to the permissible tax deduction; (7) the plan meet specified participation, coverage, vesting, distribution, and transfer standards; and (8) a participant or beneficiary may not receive a loan from the plan or exercise control over account assets. Limits plan holdings of employer securities and employer real property. Describes conditions to be met by any qualified retiree health care trust that is part of a qualified voluntary retiree health plan. Provides for the establishment of tax-exempt voluntary retiree health accounts. Identifies the criteria applicable to such accounts, which must be established exclusively for the benefit of an individual or spouse. Excludes distributions from such accounts from the gross income of an individual as long as they are used exclusively to pay post-retirement long-term health care benefits of the eligible beneficiary. Retains the tax-exempt status of the accounts themselves unless they cease to be proper voluntary retiree health accounts because the beneficiary-taxpayer either engages in prohibited transactions or pledges the account as security. Imposes penalties in the form of additional tax when benefits exceed the lesser of $2,000 or the earned income of the employee derived from the business with respect to which the plan is established. Sets forth minimum distribution requirements for such accounts. Requires that the trustee of a voluntary retiree health account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Preempts all State laws relating to health plans for former employees and their spouses. Imposes an excise tax, with limited exceptions, on an employer who maintains a qualified plan if any distribution that is not a post-retirement long-term health care benefit is made. Fixes the rate for this tax at 50 percent of the improper payment. Exempts qualified retiree health care trusts from taxation. Imposes a five percent excise tax on amounts connected with any prohibited transaction with respect to a voluntary retiree health account. Imposes a penalty for failure to file required reports concerning a voluntary retiree health account.
United States · United States Congress · 1 October 1987
Amends the Internal Revenue Code to permit the exclusion from an employee's gross income of the following qualified employer-provided transportation benefits: (1) the value of transportation in a commuter highway vehicle between the employee's residence and place of employment; and (2) up to $45 per month of the value of any transit pass entitling the employee to transportation on mass transit facilities.
United States · United States Congress · 30 September 1987
Fairness for Adopting Families Act - Amends the Internal Revenue Code to permit an individual income tax deduction for qualified adoption expenses. Includes as deductible all reasonable and necessary expenses that do not violate a Federal or State law and that are directly related to a legal adoption of any child if the adoption has been arranged by a State or local agency or other nonprofit agency, or through a private placement. Limits the deduction to $5,000 per adopted child. Reduces the amount of the deduction when the taxpayer's income exceeds $60,000. Disallows such a deduction for expenses in connection with: (1) the adoption of a stepchild; or (2) travel outside the United States unless the travel is required as a condition of the child's adoption, to assess the child's health and status, or to escort the child back to the United States. Excludes from an employee's gross income any amounts paid on behalf of the employee by an employer pursuant to a qualified adoption assistance program. Limits the exclusion to $5,000. Reduces the amount excluded when the taxpayer's income exceeds $60,000. Permits an employer to treat an adoption assistance program as a statutory employee benefit plan, thus making the employer's contributions to such a program tax deductible as business expenses.
United States · United States Congress · 30 September 1987
Amends the Internal Revenue Code to include in gross income for income tax purposes amounts received as Federal irrigation subsidies. Denies a tax deduction in connection with such inclusion.
United States · United States Congress · 30 September 1987
Amends the Internal Revenue Code and provisions of law comprising the Federal Employees' Retirement System to provide that the Thrift Savings Fund is not subject to the nondiscrimination requirements applicable to cash deferred arrangements or matching contributions.
United States · United States Congress · 30 September 1987
Targeted Fiscal Assistance Payments to Local Governments Act - Entitles local governments to an allocation of funds from the Local Government Targeted Fiscal Assistance (TFA) Trust Fund. Authorizes appropriations to the Trust Fund. Authorizes appropriations to the Department of Commerce for FY 1987 for administrative expenses. Sets forth eligibility requirements for TFA payments, including that funds support essential public services. Authorizes the Secretary to withhold TFA payments if a local government has not substantially complied with such requirements. Provides for special allocations of TFA funds for Indian tribes, Alaskan native villages, and the District of Columbia. Directs the Secretary to allocate TFA funds to each State (for subsequent allocation to local governments) according to a specified formula based on the need factor, the general tax effort factor, and the relative fiscal gap factor, as defined in this Act, for each State. Entitles local governments to a portion of such State's funds according to a specified formula based on the following factors, as defined in this Act, for each unit of local government relative to all units in such State: (1) the unit's population; (2) the unit's general tax effort factor; and (3) the unit's income factor. Limits the amount of such local government's allocation of State funds based upon a specified formula. Sets forth requirements relating to the use of certain information by the Secretary in determining allocations of TFA funds. Requires a unit of local government expending TFA funds to hold at least one public hearing on the proposed use of such funds in relation to its entire budget. Requires public disclosure of the local government's proposed use of TFA funds and of its proposed budget. Prohibits any discrimination based on race, color, national origin, or sex with respect to the provision of TFA funds. Prohibits discrimination in the provision of TFA funds based on age, religion, or a person's handicap. Sets forth provisions relating to: (1) the institution of administrative proceedings for violations of such prohibitions; (2) the suspension and termination of TFA payments for such violations; and (3) administrative and judicial reviews of such suspensions or terminations. Permits the Attorney General to bring a civil action in a U.S. district court against a unit of general local government that has discriminated in the provision of TFA funds. Permits a person who has been adversely affected by such discrimination to bring a civil action in an appropriate district or State court. Requires the Secretary to annually report to the Congress on: (1) the status of the Trust Fund; and (2) the administration of TFA funds. Requires each unit of general local government receiving TFA funds to annually report to the Secretary. Requires the Comptroller General to undertake a series of studies on methods to identify local governments that have low capacities to raise revenues from their own sources relative to their essential public service needs. Authorizes appropriations for FY 1987 and 1988.
United States · United States Congress · 30 September 1987
Fairness for Adopting Families Act - Amends the Internal Revenue Code to permit an individual income tax deduction for qualified adoption expenses. Includes as deductible all reasonable and necessary expenses that do not violate a Federal or State law and that are directly related to a legal adoption of any child if the adoption has been arranged by a State, local, or other nonprofit agency, or through a private placement. Limits the deduction to $5,000 per adopted child ($7,000 in the case of an international adoption). Reduces the amount of the deduction when the taxpayer's income exceeds $60,000. Disallows such a deduction for expenses in connection with: (1) the adoption of a stepchild; or (2) travel outside the United States unless the travel is required as a condition of the child's adoption, to assess the health and status of the child, or to escort the child back to the United States. Excludes such a deduction from the two percent floor on miscellaneous itemized deductions. Excludes from an employee's gross income any amounts paid on behalf of the employee by an employer pursuant to a qualified adoption assistance program. Limits the exclusion to $5,000 ($7,000 in the case of an international adoption). Reduces the amount excluded when the taxpayer's income exceeds $60,000. Permits an employer to treat an adoption assistance program as a statutory employee benefit plan, thus making the employer's contributions to such a program tax deductible as business expenses. Applies this Act retroactively to tax year 1986 and thereafter.
United States · United States Congress · 30 September 1987
Amends the Internal Revenue Code to provide that the prohibition against indirect income tax deductions through pass-through entities shall not apply to any regulated investment company whose shares are: (1) continuously offered pursuant to a public offering; (2) regularly traded on an established securities market; or (3) held by or for at least 500 persons at all times during the taxable year.
United States · United States Congress · 30 September 1987
Amends the Internal Revenue Code to include aquatic products within the framework of the special income tax rule for foreign trade income allocable to a qualified cooperative that is a shareholder of a foreign sales corporation. (Current law expressly refers only to agricultural and horticultural products in this context.)
United States · United States Congress · 30 September 1987
Amends the Internal Revenue Code to deny an income tax deduction for the payment of any import tariff or duty imposed under the customs laws of the United States. Applies to both the deduction for trade or business expenses and the deduction of expenses for production of income.
United States · United States Congress · 30 September 1987
Amends the Internal Revenue Code (IRC) to repeal the limitation currently applied to the alternative minimum tax foreign tax credit. Requires that both the assets of and the interest paid by foreign affiliates be considered in the process of allocating interest when determining the taxable foreign source income of an affiliated group for purposes of foreign tax credit limitations. Directs the Secretary of the Treasury to prescribe implementing regulations. Amends source rules with respect to the sales of stock of affiliates. Revises the definition of "dividends" for purposes of the limitation on the foreign tax credit to require that certain gains from the sale or exchange of stock of a foreign affiliate be treated as a separate category in accordance with the earnings and profits of the affiliate. Reduces the subpart F income (types of income generally suited to tax haven activity) of a controlled corporation by the amount of deficits accumulated and carried forward from 1963 (currently 1987) and thereafter. Increases from 50 percent to 67 percent the amount of research and experimental expenditures that a company must allocate to income from sources within the United States. Repeals provisions of the Tax Reform Act of 1986 that mandate a modification in the regulations governing the allocation of research and experimental expenditures with respect to taxable years beginning after August 1, 1986, and on or before August 1, 1987. Amends foreign tax credit provisons of the IRC to provide for recapture of the amounts by which a taxpayer's gross income from U.S. sources exceeds the amount of the deductions properly allocated to such sources. Requires that subsequent U.S.-source income, in an amount related to the recaptured domestic loss, be treated as income from foreign sources.
United States · United States Congress · 30 September 1987
Amends the Tax Reform Act of 1986 to increase the number of taxpayers eligible for transitional relief with respect to passive losses associated with investments in low-income housing projects. Applies the transitional rule to taxpayers who invested in qualified projects before January 1, 1984. (Current law applies only to investments made after December 31, 1983.)
United States · United States Congress · 29 September 1987
Amends the Internal Revenue Code to reduce the alternative tax on capital gains realized by a corporation from 34 percent to 15 percent of net capital gains. Provides for adjustments to such rate so that inflation will not result in tax increases. Eliminates the holding period requirement for capital assets.
United States · United States Congress · 29 September 1987
Expresses the sense of the House of Representatives that Federal estate and gift taxes should not be changed in order to increase Federal revenues as part of deficit reduction.
United States · United States Congress · 25 September 1987
Amends the Tax Reform Act of 1986 to repeal provisions which require the adoption of certain taxable years by: (1) partnerships; (2) S corporations; and (3) personal service corporations. Specifies that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted.
United States · United States Congress · 25 September 1987
Taxpayer Safeguard and Protection Act of 1987 - Title I: Provisions Relating to Liens and Levies - Amends the Internal Revenue Code (IRC) to entitle a taxpayer, in the event of a wrongful levy on property, to the prompt return (within 14 days) of the property in question or, if the property has been sold, to the greater of the amount received from its sale or its fair market value immediately preceding the levy. Treats property wrongfully levied upon and subsequently lost or destroyed while in the possession of the United States as if it had been sold at its fair market value immediately before the levy. Permits a taxpayer to request the sale of seized property within 60 days. Directs the Secretary of the Treasury (Secretary) to comply with such a request unless it is adverse to the best interests of the United States. Requires the Secretary, in the case of a wrongful lien, to issue a certificate of release of the lien stating that the lien was erroneusly imposed. Directs the Secretary to provide toll-free telephone numbers for: (1) discussion of alleged Internal Revenue Service (IRS) administrative errors with respect to a taxpayer; and (2) 24-hour access to taxpayers experiencing emergencies associated with any lien or levy imposed under the internal revenue laws. Extends from ten to 20 days the period between the required notice to a person who neglects or refuses to pay tax liability and a levy on such person's salary, wages, or other property. Increases for levy purposes the exempt amount permitted for certain personal effects, the property of a business, and wages. Exempts from levy: (1) welfare payments under title IV (aid to families with dependent children) of the Social Security Act; (2) supplemental security income under title XVI of the Social Security Act (aid for the aged, blind, and disabled); (3) State or local government public assistance programs whose eligibility requirements are based on income or need; and (4) unemployment training allowances under the Job Training Partnership Act. Revises levy exemptions related to service-connected disability payments to: (1) remove the exemption of certain veterans' life insurance benefits; and (2) add exemptions for wartime and peacetime death compensation, burial benefits, and dependency and indemnity compensation for service-connected deaths. States that levy exemption provisions shall not apply to withholding taxes. Title II: Statement Disclosing Rights and Obligations of Taxpayers - Requires the Secretary to prepare a statement setting forth in nontechnical terms: (1) the rights and obligations of a taxpayer and of the IRS during a tax audit; (2) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file complaints; and (3) the procedures that the IRS may use in enforcing revenue laws. Title III: Civil Damages for Unauthorized Disclosure or Use of Return Information by Return Preparers - Amends the IRC to permit a civil cause of action for damages in district court for a taxpayer with respect to whom a tax preparer discloses or misuses tax return information. Permits such actions only when: (1) six months have elapsed since the taxpayer notified an appropriate Federal official of the improper disclosure; and (2) statutorily-authorized prosecution of the offender was not begun during that six-month period. Title IV: Tax Court Jurisdiction to Redetermine Interest on Deficiencies - Amends the IRC to authorize the Tax Court, upon the motion of a taxpayer who has paid the entire amount of a deficiency assessment plus the associated interest, to reopen the case solely to determine whether the taxpayer has made an overpayment of interest because of mathematical error in its computation. Provides for judicial review of any order redetermining interest due. Title V: Reports; Improvement of Taxpayer Assistance - Directs the Secretary, not later than July 1, 1988, to prepare and submit to specified congressional committees a report on: (1) the effectiveness of the Office of the Taxpayer Ombudsman and of the Problem Resolution Program; (2) the results of IRS quality improvement procedures; and (3) the adequacy of IRS training programs with respect to preparing individuals for effective and helpful interaction with taxpayers. Directs the Assistant Commissioner (Inspection) of the IRS and the Taxpayer Ombudsman, not later than July 1, 1988, jointly to prepare and submit to specified congressional committees a report on: (1) significant problems taxpayers experience in dealing with the IRS; and (2) the status of current projects designed to improve IRS communication with taxpayers. Expresses the sense of the Congress that: (1) the level of taxpayer service should be improved to assure taxpayer compliance with the Tax Reform Act of 1986; and (2) the IRS should conduct taxpayer interviews at a time and place convenient to both taxpayer and interviewer, continue to permit taxpayers to record IRS interview proceedings, improve its handling of taxpayer inquiries and correspondence, and take steps to ensure that taxpayers do not incur unnecessary legal, accounting, or other expenses as a result of IRS delays, errors, or requests for redundant information.
United States · United States Congress · 24 September 1987
Amends Internal Revenue Code provisions relating to commodity credit loans. Provides that when a taxpayer transfers a commodity that serves as collateral for a Commodity Credit Corporation loan, repays the loan with the proceeds of the transfer, and repurchases the commodity with a commodity certificate, the original transfer shall not be considered a taxable event for income tax purposes. Applies retroactively, with a limited exception, to loan redemptions occurring in 1986 and thereafter.
United States · United States Congress · 22 September 1987
Requires that, for the purpose of the income tax deduction for medical expenses, expenditures for the acquisition, training, and maintenance of a service animal used to assist a physically disabled individual (other than a blind or deaf person) be treated in the same manner as corresponding expenditures in connection with guide dogs for the blind or deaf. (Under Internal Revenue Service revenue rulings, these latter expenditures are treated as deductible.)
United States · United States Congress · 22 September 1987
Prohibits certain disclaimers of property interests created by a gift, devise, or bequest from being treated as transfers (and thus taxable) for estate and gift tax purposes. Applies to written disclaimers made before December 9, 1980, with respect to interests created before November 15, 1958.
United States · United States Congress · 22 September 1987
Repeals a specified provision of the Tax Reform Act of 1986 that requires a taxpayer to include a tax identification number for each dependent of age five or older claimed on an income tax return. Provides that the Internal Revenue Code shall be applied and administered as if such provision had not been enacted.
United States · United States Congress · 22 September 1987
Sets forth the rule for the consideration of H.J. Res. 362 (continuing appropriations).