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It is also called a TEFRA waiver because it was passed as a provision of the Tax Equity and Fiscal Responsibility Act of 1982. The Office of Tax Analysis of the United States Department of the Treasury summarized the tax changes as follows: [3] repealed scheduled increases in accelerated depreciation deductions; tightened safe harbor leasing rules
P.L. 97-164 Enacted 04/02/82 Federal Courts Improvement Act of 1982; P.L. 97-216 Enacted 07/18/82 Urgent Supplemental Appropriations Act, 1982; P.L. 97-248 Enacted 09/03/82 Tax Equity and Fiscal Responsibility Act of 1982; P.L. 97-258 Enacted 09/13/82; P.L. 97-261 Enacted 09/20/82 Bus Regulatory Reform Act of 1982
As part of the Water Resources Development Act of 1986, a harbor maintenance tax (26 U.S.C. § 4461) was imposed at the ad valorem (percentile) rate of 0.125% the value of the cargo instead of at a rate dependent entirely upon the cost of the service provided by the port.
The most common tax depreciation method used in the U.S. is the Modified Accelerated Cost Recovery System or MACRS. This accelerates depreciation and provides greater deductions in the early years.
The Tax Cuts and Jobs Act of 2017 made major changes to individual and business tax code, particularly as pertains to deductions, depreciation, tax credits and expenses. For businesses, many of ...
This is the measure both for Samuelson depreciation and in the effective tax rate measure used in the Tax Reform Act of 1986. [12] "No orchard, no capital gain" argued that, under the original principled conceptual roots of "capital gain," a taxpayer needs to possess a property with the basis for the gain to qualify as capital gain. [13]
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The accelerated depreciation changes were repealed by the Tax Equity and Fiscal Responsibility Act of 1982, and the 15% interest exclusion was repealed before it could take effect by the Deficit Reduction Act of 1984. The maximum expense in calculating credit was increased from $2,000 to $2,400 for one child and from $4000 to $4800 for at least ...