Before its repeal by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, under the rules for constructive ownership of stock, Sec. 958(b)(4) excluded U.S. persons from constructively owning stock in a CFC by application of Sec. 318(a)(3)(A), (B), or (C).
Thus, a U.S. person could be treated as a U.S. shareholder of a CFC who was not formerly, and foreign corporations that were not previously treated as a CFC could be so treated. The Code change was effective for the last tax year of foreign corporations beginning before Jan. 1, 2018, and later.
Many things are taking place:
IRS Makes Few Changes in Final Trust, Estate Deduction Rules (2)
Tioga County proposing hotel-motel tax, and tougher recycling regulations - 870 AM 97.7FM News
ITHACA, N.Y. (WHCU) – Tioga County sets two public hearings regarding a hotel-motel tax, and tougher rules regarding recycling.
They're set for Wednesday evening at 6pm. The hotel-motel tax aims to implement a 4% tax on rented rooms, and also includes bed and breakfasts. The other law being proposed pertains to regulations for recycling. Every household and business would be responsible for separating its own recyclable materials.
The proposal says proper disposal of solid waste and recycling contributes is essential to the economy.
IRS finalizes 100% bonus depreciation rules | Accounting Today
The 100 percent first-year bonus depreciation deduction was part of the 2017 tax overhaul. It typically applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture usually qualify for the tax break.
The deduction applies to qualifying property (including used property) bought and placed in service after Sept. 27, 2017. The final regs include some clarifying guidance on the requirements that need to be met so property can qualify for the deduction, including used property. They also offer rules for consolidated groups and rules for components bought or self-constructed after Sept. 27, 2017, for larger self-constructed property on which production began before Sept. 28, 2017.
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U.S. continues on economic road to recovery under Trump
In less than two months, Americans will choose a president for the next four years. If your vote is based on which candidate can rebuild our economy, the choice is clear.
Our economy is roaring back from the depths of the pandemic, because President Trump's pro-growth economic agenda over the last four years laid the groundwork.
On Sept. 4, the Department of Labor announced that 1.4 million jobs were created since April. The national unemployment rate fell to 8.4%, a 6.3% improvement during that period. These results exceeded the expectations of economists and even the most bullish Wall Street analysts. Reflecting confidence in the economy's recovery, the stock markets have traded at record highs since the nationwide economic closures that began in March.
US Treasury Proposes Regulations Addressing the New Holding Period for Partnership Profits
Seyfarth Synopsis: On July 31, 2020, the US Department of Treasury (“ Treasury ”) published long-awaited proposed Treasury regulations (the “ Proposed Regulations ”) that provide detailed guidance on the new Code Section enacted by P.L. 115-97 (commonly referred to as the “Tax Cuts and Jobs Act”) (the “ TCJA ”).
Section 1061 of the Internal Revenue Code of 1986, as amended (the “ Code ”), increases the holding period required for long-term capital gain upon the sale of an “applicable partnership interest” (an “ API ”) from 1 year to 3 years.
Doing Business rankings that endanger good regulations
POINT | Gallagher gouges Colorado businesses | Opinion | coloradopolitics.com
The proposed repeal of the Gallagher Amendment —Referendum B on the November ballot — is an important question for fiscally conservative Republicans such as me.
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I strongly support our TABOR (Taxpayer's Bill of Rights) law that has done so much to restrain the growth, cost and scope of state and local government for the past 28 years. And it requires a vote of the people to approve new tax increases.
I strongly support Proposition 117 which would require a vote on "fees" that exceed $100 million in the first five years. Democratic legislative majorities have undermined TABOR by their new strategy of defining tax increases as "fees" in order to deny the people the right to vote which certainly violates the spirit and the letter of the TABOR law.
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