Description of Tax Bills (S. 649, S. 851, and S. 852) Relating to the Tax Treatment of Artists

Description of Tax Bills (S. 649, S. 851, and S. 852) Relating to the Tax Treatment of Artists : Scheduled for a Hearing Before the Subcommittee on Estate and Gift Taxation of the Committee on Finance on November 10, 1981; Prepared for the Use of the Commi

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Excerpt from Description of Tax Bills (S. 649, S. 851, and S. 852) Relating to the Tax Treatment of Artists: Scheduled for a Hearing Before the Subcommittee on Estate and Gift Taxation of the Committee on Finance on November 10, 1981; Prepared for the Use of the Committee on Finance by the Staff of the Joint Committee on Taxation; November 6, 1981 Under present law, donors of appreciated property, the sale of which would give rise to long-term capital gain, generally are allowed an income tax deduction equal to the fair market value of the donated item. However, a taxpayer who makes a charitable contribution Of appreciated property, the sale of which would give rise to ordinary income (or short-term capital gain), generally is required by present law to reduce the amount of the deduction (from fair market value) by the amount of any ordinary income (or short-term capital gain) which the taxpayer would have realized had the property been sold at that time (sec. 170 (e) The effect of this rule is to limit the charita ble income tax deduction to the donor's basis in the property. 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.show more

Product details

  • Paperback | 20 pages
  • 152 x 229 x 1mm | 41g
  • Forgotten Books
  • United States
  • English
  • , black & white illustrations
  • 0243114788
  • 9780243114788