DOCSLIB.ORG

Lexisnexis® Tax Center – Results

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Lexisnexis® Tax Center – Results LexisNexis® Tax Center – Results Switch Client Sign Out Help Get a Dossier History Research My Tax Center Shepard's® Tax News Tax Forms Document FOCUS™ Terms Search Within Advanced... ● ● ● View: TOC | Full | Custom 1 of 1 ● ● ● ● Book Browse LexisNexis Tax Advisor -- Federal Topical § 1J:2.06 (Copy w/ Cite) Pages: 26 LexisNexis Tax Advisor -- Federal Topical § 1J:2.06 LexisNexis Tax Advisor -- Federal Topical Copyright 2009, Matthew Bender & Company, Inc., a member of the LexisNexis Group Part 1. Computing Federal Income Tax Vol. 1J Securities Transactions CHAPTER 1J:2 Capital Gains and Losses ** LexisNexis Tax Advisor -- Federal Topical § 1J:2.06 § 1J:2.06 Computing Capital Gains and Losses [1] Definitions [a] Net Long-Term Capital Gain or Loss. IRC Section 1222(7) defines "net long-term capital gain" as the excess of long-term capital gains realized in the taxable year over long-term capital losses for the same year. Thus, if total long-term gains for a taxable year amounted to $10,000 and total long-term losses to $5,000, the net long-term gain for the year would be $5,000. Conversely, if the amount of gain and loss were reversed, the taxpayer would realize a net long-term capital loss of $5,000.1 [b] Net Short-Term Capital Gain or Loss. Net short-term capital gains and losses are determined in the same fashion as those which are long-term, that is, net short- term gain is the excess of short-term gains over short-term losses,2 and net short-term loss, the excess of such losses over such gains.3 [c] Net Capital Gain and Net Capital Loss. A taxpayer is deemed to have a net capital gain in any year in which the taxpayer's net long-term capital gain exceeds the taxpayer's net short-term capital loss.4 The taxpayer has a net capital loss whenever the losses for the year (long- and short-term taken together) exceed the amount allowed as a loss deduction under IRC Section 1211.5 (If the taxpayer is a corporation, the amount of any loss carried back or forward to the year in question is excluded from the computation of net http://w3.lexis.com/research2/tax/api/taxstart.do?_m=...%20Advisor%20--%20Federal%20Topical%20%a7%201J%3a2.06 (1 of 16)2/12/2009 4:33:15 PM LexisNexis® Tax Center – Results capital loss.)6 [2] The Noncorporate Taxpayer [a] Treatment of Capital Gains [i] In General. Prior to the Tax Reform Act of 1986, the preferential treatment for taxpayers other than corporations was derived from the deduction from gross income of 60 percent of the net capital gain of the taxable year.7 The Act repealed the special treatment, subjecting net capital gains to the same rates as ordinary income. The increase in tax rates brought about by the Omnibus Budget Reconciliation Acts of 1990 and 1993 returned preferential treatment for long-term capital gains to the Code, but did so by capping the rate of tax imposed on such gains at 28 percent.8 The Taxpayer Relief Act of 1997 placed different and additional caps on the tax imposed on net capital gains, the differences depending on the holding period and type of asset. The Jobs and Growth Tax Relief Reconciliation Act of 2003 reduced the rates even further for taxable years prior to January 1, 2009.9 The rates prescribed by that legislation for taxable years ending after May 5, 2003 are-:10 Rate (%) Application Gain from the sale of assets held more than 12 months (adjusted net capital gain), if the taxpayer's regular rate of tax is 15 percent or less.11 Adjusted net 5 capital gain does not include collectibles gain, unrecaptured Section 1250 gain, or Section 1202 gain.12 The rate is reduced to zero for taxable years beginning after 2007. Collectibles gain, Section 1202 gain, and unrecaptured Section 1250 gain 10 realized by a taxpayer whose regular rate of tax is 10 percent. Adjusted net capital gain realized by a taxpayer whose regular rate of tax is greater than 15 percent.13 The rate also 15 applies to collectibles gain, Section 1202 gain, and unrecaptured Section 1250 gain realized by a person whose regular rate of tax is 15 percent. Unrecaptured Section 1250 gain (gain to the extent of prior depreciation deductions realized on the sale of 25 depreciable real property held for more than 12 months), if the taxpayer's regular rate of tax is greater than 25 percent.14 The creation of various categories of net capital gain requires a special sequence of netting of capital gains and losses.15 Short-term capital losses (including short-term capital loss carryovers) are applied, first, to reduce short-term capital gains. If there is a resulting net short-term capital loss, it is applied to reduce any net long-term capital gain from the 28-percent group, then to reduce gain from the 25-percent group, and, finally, to reduce net gain from the 15-percent group (5 percent for gain that would otherwise be taxed at 10 or 15 percent). The netting of long-term capital gains and losses calls for a net loss from the 28-percent group (including long-term capital loss carryovers) to be used, first, to reduce gain from the 25-percent group, and then to reduce gain from the 15-percent group. A net loss from the 15-percent group first reduces net gain from the 28-percent group and, then, net gain from the 25-percent group. The regulations provide for the treatment of look-through capital gain that arises from the sale or exchange of an interest in a partnership, S corporation or nongrantor trust held for more than one year. Look-through capital gain is the share of collectibles gain allocable to an interest in a partnership, S corporation, or trust, plus the share of Section 1250 capital gain allocable to an interest in a partnership.16 The share of collectibles gain taken into account is the amount of net gain that would be allocated to the partner, shareholder, or beneficiary if the partnership, corporation, or trust transferred all of its collectibles for cash equal to the fair market value of the assets in a fully taxable transaction immediately before the transfer of the interest; a similar rule applies to Section 1250 capital gain.17 Any capital gain remaining after accounting for look- http://w3.lexis.com/research2/tax/api/taxstart.do?_m=...%20Advisor%20--%20Federal%20Topical%20%a7%201J%3a2.06 (2 of 16)2/12/2009 4:33:15 PM LexisNexis® Tax Center – Results through capital gain is treated in the normal way by the partner, shareholder, or beneficiary.18 For years beginning after 2002 and ending before 2010, net capital gain is increased by the amount of qualified dividend income, namely, dividends received from domestic corporations and qualified foreign corporations.19 Tax years from 2008 through 2010 will be subject to various temporary and transitional rules. Taxation of long-term capital gains from sales or exchanges of securities during these years will be based on three principles: First, the basic tax rate for long-term capital gain and qualified dividend income will be 15 percent. This is the rate that will apply to ordinary sales of securities, that is, sales which are not affected by recapture, special capital gains rates for collectibles, etc. Second, if the taxpayer’s income would otherwise be taxed at the 10 or 15 percent tax bracket, then a zero percent capital gains rate will apply. Example: In the year 2008, for a married couple filing jointly, the 25 percent marginal bracket starts with taxable income of $65,100. If a couple has $70,000 of taxable income, $10,000 of which is attributable to long-term capital gains, then we look at the marginal bracket that the $10,000 would be in. Thus, hypothetically applying regular rates, $5,100 of that long-term capital gain would be taxed at 15 percent, and $4,900 would be taxed at 25 percent. The $4,900 is subject to the basic long-term capitals gains rate of 15 percent, and the $5,100 is not subject to taxes at all. After calculating the 15 percent tax on $4,900, that product is adding to the tax at the regular rates that would apply to the remaining $60,000 of taxable income. If that same couple had $65,100 or less of taxable income, including long-term capital gains, then there would be no tax at all on their long-term capital gains and only their other income would be taxable. Third, the scope of the so-called “kiddie tax,” an ever-present consideration when calculating tax liability on investment income, has been expanded in recent years. In the Small Business and Work Opportunity Act of 2007 (the “2007 Small Business Act”),20 there were several changes made to the scope of individuals covered by the kiddie tax, that is individuals whose investment income over an amount exempt from the kiddie tax ($1,800 in 2008) would be taxed at the parent’s marginal bracket: ● (1) Prior law enacted in 2006 applied the kiddie tax to individuals who had not attained age 18 at the end of the year. The 2007 Small Business Act extended the kiddie tax to cover individuals who had not attained age 19 at the end of the year. ● (2) The 2007 Small Business Act further applied the kiddie tax to an individual who had not attained age 24 at the end of the year if he or she is a full-time student for at least five months of the year, and the individual’s earned income (salary and net income from self-employment) is not more than half of his or her support for the year.
Load more

Recommended publications
  • An Analysis of a Consumption Tax for California
    An Analysis of a Consumption Tax for California 1 Fred E. Foldvary, Colleen E. Haight, and Annette Nellen The authors conducted this study at the request of the California Senate Office of Research (SOR). This report presents the authors’ opinions and findings, which are not necessarily endorsed by the SOR. 1 Dr. Fred E. Foldvary, Lecturer, Economics Department, San Jose State University, [email protected]; Dr. Colleen E. Haight, Associate Professor and Chair, Economics Department, San Jose State University, [email protected]; Dr. Annette Nellen, Professor, Lucas College of Business, San Jose State University, [email protected]. The authors wish to thank the Center for California Studies at California State University, Sacramento for their [email protected]; Dr. Colleen E. Haight, Associate Professor and Chair, Economics Department, San Jose State University, [email protected]; Dr. Annette Nellen, Professor, Lucas College of Business, San Jose State University, [email protected]. The authors wish to thank the Center for California Studies at California State University, Sacramento for their funding. Executive Summary This study attempts to answer the question: should California broaden its use of a consumption tax, and if so, how? In considering this question, we must also consider the ultimate purpose of a system of taxation: namely to raise sufficient revenues to support the spending goals of the state in the most efficient manner. Recent tax reform proposals in California have included a business net receipts tax (BNRT), as well as a more comprehensive sales tax. However, though the timing is right, given the increasingly global and digital nature of California’s economy, the recent 2008 recession tabled the discussion in favor of more urgent matters.
    [Show full text]
  • By Laura Saunders, Richard Rubin and the Staff of the Wall Street Journal ACKNOWLEDGMENTS
    The New World of Taxes: 2019 By Laura Saunders, Richard Rubin and the staff of The Wall Street Journal ACKNOWLEDGMENTS The lead authors of this book were Laura Saunders, Richard Rubin, Theo Francis and Nick Timiraos, along with co-authors Stephanie Armour, Drew FitzGerald, Sarah Krouse, Laura Kusisto, Peter Loftus, Sarah Nassauer, Michael Rapoport, Jonathan Rockoff and Anne Tergesen. The news editor was David Marcelis and lead editor was Amber Burton. TABLE OF CONTENTS INTRODUCTION Alimony ........................................................31 Other Deductions .................................. 32 THE BIG PICTURE Tax Rates and Brackets ........................4 RETIREMENT AND EDUCATION Standard Deduction Retirement Savings .............................34 and Personal Exemption ......................6 Retiree Tax Issues ................................. 35 Child and Dependent 529 Education- Tax Credit .......................................................8 Savings Accounts ...................................37 Withholding and Estimated Other Education Tax Payments ...........................................10 Benefits ....................................................... 39 Taxes on Investment Income ...........11 FOR BUSINESS OWNERS Alternative Minimum Tax ................. 13 Pass-Through Income ..........................41 Individual Mandate ...............................15 Interest Payments ................................ 43 Home-Sellers’ Exemption .................16 Depreciation .............................................44
    [Show full text]
  • 2007 Year-End Estate Planning Review December 2007
    ClientAdvisory 2007 Year-End Estate Planning Review December 2007 There were many developments over the past year affecting estate planning on the national, local and international levels. The Trusts and Estates Practice at Katten Muchin Rosenman LLP is pleased to provide you with a summary of some of the most significant developments, along with recommendations for you to consider at year-end and for next year. Estate, Gift and Generation-Skipping Tax Rates The top federal estate tax rate, which is 45%, will stay at that rate until 2010. In 2010, current law calls for the estate tax to be repealed, making the federal estate tax rate 0% for 2010. In 2011, current law calls for the estate tax to return, with a top rate of 55%. The top gift tax rate is scheduled to fall based on the same schedule. However, even after repeal of the estate tax (if it happens, scheduled to take place in 2010), certain gifts will remain subject to tax at the top individual income tax rate. Under the income tax rate reduction schedule provided by applicable law, the top individual income tax rate is currently (and scheduled in 2010 to be) 35%. Presumably, the gift tax rate will therefore be 35% after the repeal of the estate tax in 2010. Also, the generation-skipping tax is equal to the maximum estate tax rate. Therefore, as the estate tax rates change, the generation-skipping tax rates will change as well. Estate, Gift and Generation-Skipping Tax Exemptions The exemption from the federal estate tax, called the “applicable exclusion amount,” will be the same in 2008 as it was in 2007 – $2,000,000 per person.
    [Show full text]
  • Congressional Record—House H4124
    H4124 CONGRESSIONAL RECORD — HOUSE May 23, 2019 seems to be ending, society counts on cifically for his passion and commit- would like to congratulate the stu- EMS personnel to be there. They are ment to God, his family, and for edu- dents of Haverford High School for re- expected to work hard and be strong, cating the young people of our commu- ceiving the Governor’s Civic Engage- especially in times of trouble. nity. ment Award. This award is given to Madam Speaker, as a former EMT It should come as no surprise that Pennsylvania high schools that reg- rescue technician and firefighter with Lee was a beloved elementary and mid- ister over 85 percent of their eligible more than three decades of experience dle school teacher and then went on to students to vote. Haverford High was 1 being on the front lines with my fellow be my principal at Central Middle of 4 Philadelphia area schools and 1 of EMS professionals, I can personally at- School in Oroville, California, for 54 23 schools in our Commonwealth to re- test to their dedication to saving lives. years of career. Lee was known to be ceive this noteworthy award. The job of an EMS professional is not kind, with a sense of humor, and this At a time when some States are im- easy. It requires just as much compas- was one principal I was never really in posing restrictions on voting, we sion as it does courage. These men and trouble with. should all follow the lead set by the women are committed to making the Lee was devoted to teaching, but also students at Haverford High.
    [Show full text]
  • Determining an Individual's Federal
    BYU Law Review Volume 1994 | Issue 1 Article 2 3-1-1994 Determining an Individual's Federal Income Tax Liability When the Tax Benefit Rule Applies: A Fifty-Year Checkup Brings a New Prescription for Calculating Gross, Adjusted Gross, and Taxable Incomes Matthew .J Barrett Follow this and additional works at: https://digitalcommons.law.byu.edu/lawreview Part of the Taxation-Federal Commons Recommended Citation Matthew J. Barrett, Determining an Individual's Federal Income Tax Liability When the Tax Benefit Rule Applies: A Fifty-Year Checkup Brings a New Prescription for Calculating Gross, Adjusted Gross, and Taxable Incomes, 1994 BYU L. Rev. 1 (1994). Available at: https://digitalcommons.law.byu.edu/lawreview/vol1994/iss1/2 This Article is brought to you for free and open access by the Brigham Young University Law Review at BYU Law Digital Commons. It has been accepted for inclusion in BYU Law Review by an authorized editor of BYU Law Digital Commons. For more information, please contact [email protected]. Determining an Individual's Federal Income Tax Liability When the Tax Benefit Rule Applies: A Fifty-Year Checkup Brings a New Prescription for Calculating Gross, Adjusted Gross, and Taxable Incomes Matthew J. Barrett* Fifty years ago, William T. Plumb, Jr.'s preeminent article on the tax benefit rule appeared in the Harvard Law Review.' Forty years later, the Supreme Court cited Plumb's article and decided two cases directly involving the application of the rule.2 Over the last fifty years, but especially in the last ten years, Congress has introduced numerous provisions that have increased the complexity of the Internal Revenue Code.3 These legislative developments have complicated the computation of an individual's4 federal income tax liability and increased the * Associate Professor, Notre Dame Law School.
    [Show full text]
  • 2009 Digest of Tax Measures
    ENACTED BY THE STATE OF HAWAII Digest of Tax Measures TWENTY-FIFTH LEGISLATURE – REGULAR AND FIRST SPECIAL SESSIONS OF 2009 Prepared by the State of Hawaii Department of Taxation Issued: July 31, 2009 NOTE: This Digest is issued solely as a guide and is not intended to be complete Introduction he following is a digest of bills passed by the 2009 Legislature and enacted into law. The Governor vetoed eight substantive tax measures, all but three were overridden by the Legislature. The digest includes only those measures that affect Hawaii’s tax laws and is provided for your information. It is T issued solely as a guide and is not intended to be either authoritative or complete. Copies of the bills passed by the Legislature may be obtained from the Senate and House print shops. Bills and Acts are also accessible via the Internet on the State Capitol website at http://www.capitol.hawaii.gov, or on the Department of Taxation’s website at http://hawaii.gov/tax. KEY TO ABBREVIATIONS S.B. = Senate Bill S.D. = Senate Draft H.B. = House Bill H.D. = House Draft C.D. = Conference Draft SCR = Senate Concurrent Resolution HCR = House Concurrent Resolution SSCR = Senate Standing Committee Report HSCR = House Standing Committee Report CCR = Conference Committee Report Section(s) of the Hawaii Revised SECT AFF = Statutes Affected by the Bill’s Provisions HRS = Hawaii Revised Statutes HAR = Hawaii Administrative Rules L Sp = Legislative Special Session SLH = Session Laws of Hawaii ii Table of Contents ADMINISTRATIVE TAX MEASURES ........................................................ 1 - 3 ACT 5 S.B. 1130, S.D.
    [Show full text]
  • December 31, 2003 2003
    2003 Publication 2104 (Rev. 12-2003) Catalog Number 23655L December 31, 2003 2003 INTERNAL REVENUE SERVICE This report is dedicated to Bob Wenzel who, over the course of his forty year career with the IRS, most recently as Acting Commissioner, was able to successfully balance being a tax administrator par excellence and having compassion for the ordinary taxpayer. PREFACE PREFACE Honorable Members of Congress, It is my pleasure to submit to you for your review the National Taxpayer Advocate’s 2003 Annual Report to Congress. Three themes are evident throughout this report. First, Congress and the IRS must act quickly and decisively to address several extremely serious problems confronting taxpayers. Second, IRS resources must be applied in a way that achieves a reasonable balance between enforcement activity, on the one hand, and cus- tomer service and taxpayer rights, on the other. Third, Congress and the IRS need to undertake more thorough research to ensure that legislative and administrative responses to perceived problems in tax administration are rooted in fact rather than impression or anecdote, and that initiatives actually achieve what they are designed to accomplish. As required by statute, this report identifies and discusses 20 of the most serious problems encountered by taxpayers. The problem that I believe requires the most immediate and thorough response is the growing reach of the individual Alternative Minimum Tax. This problem is looming over all of us – taxpayers, Congress, the IRS. In the years to come, the IRS will be faced with applying resources to make adjustments to the returns of increasing numbers of taxpayers who were unaware that they, too, “won” the AMT lot- tery.
    [Show full text]
  • Alpa! Alpa Naik Will Be Working in Our Indianapolis-Area Office Client Service Specialist, RJFS Operations Leader, Hamilton Financial Group
    Monthly Highlights • February 2020 • formanis.com OFFICE NEWS Welcome, Alpa! Alpa Naik will be working in our Indianapolis-area office Client Service Specialist, RJFS Operations Leader, Hamilton Financial Group Alpa grew up in India, and moved to the United States when she was 16 years old. She spent time at Norwalk Community College in Norwalk, Connecticut studying Accounting. Alpa is married to Bhavin, and they have two children: 22-year-old daughter, Twinkle; and 19-year-old son, Harmish. Alpa and her family moved to Indiana in 2001, and they moved to Noblesville, Indiana in 2012. Her hobbies include reading mystery novels, gardening, filling in adult coloring books, traveling, and spending time with her family and friends. Communication, work ethic, and trust are very important to Alpa. She believes in hard work and sincerity, and likes to go above and beyond to have a better connection with clients. A Message from Troy Click here to view a video message from Troy Forman. JUST FOR FUN The first organized stock market in New York was founded on Wall Street under what kind of tree? A. Maple B. Linden C. Buttonwood D. Elm DID YOU KNOW? 11 Key Financial Planning Takeaways of the SECURE Act Passed in December 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 has wide-reaching impacts on retirement savings and estate planning for many Americans. The SECURE Act broadens the effectiveness of individual retirement accounts and employer-sponsored retirement savings plans. It also expands access to tax-advantaged retirement savings accounts and, ultimately, aims to help Americans save enough for a secure retirement.
    [Show full text]
  • 2011–2012 Federal Income Tax Law Course Deskbook
    2011-2012 FEDERAL INCOME TAX LAW COURSE DESKBOOK November 2011 - January 2012 Deskbook Table of Contents Page Administrative Matters Faculty Biographies ............................................................................................................... ii Outlines and Materials Communicating with the IRS ............................................................................................. A-1 Professional Responsibility ................................................................................................. B-1 Casualty Tax Issues .............................................................................................................C-1 Deployment Tax Issues ....................................................................................................... D-1 Adjustments to Income ........................................................................................................ E-1 Tax Aspects of Individual Retirement Arrangements (IRAs) ............................................. F-1 Tax Aspects of Stocks & Mutual Funds ............................................................................. G-1 Tax Aspects of Real Property ............................................................................................. H-1 Tax Credits ........................................................................................................................... I-1 Sale of Rental Property ........................................................................................................
    [Show full text]
  • Grown-Up Income Shifting: Yesterday's Kiddie Tax Is Not Enough
    Loyola University Chicago, School of Law LAW eCommons Faculty Publications & Other Works 2011 Grown-Up Income Shifting: Yesterday's Kiddie Tax Is Not Enough. Samuel Brunson Loyola University Chicago, [email protected] Follow this and additional works at: http://lawecommons.luc.edu/facpubs Part of the Tax Law Commons Recommended Citation Brunson, Samuel, Grown-Up Income Shifting: Yesterday's Kiddie Tax Is Not Enough, 59 U. Kan. L. Rev. 457 (2011). This Article is brought to you for free and open access by LAW eCommons. It has been accepted for inclusion in Faculty Publications & Other Works by an authorized administrator of LAW eCommons. For more information, please contact [email protected]. Grown-Up Income Shifting: Yesterday's Kiddie Tax Is Not Enough Samuel D. Brunson I. INTRODUCTION As part of its ongoing war against tax evasion, Congress changed the tax law in 1986 to make income shifting' less viable and less attractive.2 Congress assaulted income shifting on two fronts. First, it passed provisions that closed perceived loopholes in the tax law that permitted income shifting. Second, it passed provisions that, while not aimed directly at income shifting, resulted in its being less attractive. In the latter category were the changes to tax brackets made by the Tax Reform Act of 1986 (the Act).3 The Act reduced both the number of tax brackets and their rates. Before the Act, there were fourteen tax brackets; after the Act, there were just two.4 At the same time, the Act reduced the highest marginal rate from fifty percent to twenty-eight percent.5 This compression of tax brackets, combined with the reduction in marginal rates, significantly decreased the amount by which income shifting could reduce a taxpayer's tax liability.
    [Show full text]
  • An Analysis of Financial Accounting Through Case Studies
    University of Mississippi eGrove Honors College (Sally McDonnell Barksdale Honors Theses Honors College) Spring 5-2021 An Analysis of Financial Accounting through Case Studies Maggie Herring Follow this and additional works at: https://egrove.olemiss.edu/hon_thesis Part of the Accounting Commons Recommended Citation Herring, Maggie, "An Analysis of Financial Accounting through Case Studies" (2021). Honors Theses. 1593. https://egrove.olemiss.edu/hon_thesis/1593 This Undergraduate Thesis is brought to you for free and open access by the Honors College (Sally McDonnell Barksdale Honors College) at eGrove. It has been accepted for inclusion in Honors Theses by an authorized administrator of eGrove. For more information, please contact [email protected]. AN ANALYSIS OF FINANCIAL ACCOUNTING THROUGH CASE STUDIES By Maggie Herring A thesis submitted to the faculty of The University of Mississippi in partial fulfillment of the requirements of the Sally McDonnell Barksdale Honors College. Oxford, MS May 2021 Approved By Advisor: Dr. Victoria Dickinson Reader: Dr. W. Mark Wilder ABSTRACT AN ANALYSIS OF FINANCIAL ACCOUNTING THROUGH CASE STUDIES (Under the direction of Dr. Victoria Dickinson) This thesis is composed of a series of case studies performed over the course of two semesters. Each individual case challenged me to look further into a different aspect of financial accounting and how it would look as a career. The culmination of the studies provided me with a more in-depth look of what accounting actually is in practice and gave insights into how the field might change in the near future. The cases spanned a variety of topics. The first case, “A Tale of Two Cities”, had me compare two different cities and what beginning my career would look like in each of those geographic areas.
    [Show full text]
  • Revenue Procedure 2019-44 (PDF)
    26 CFR 601.602: Tax forms and instructions. (Also Part I, §§ 1, 23, 24, 25A, 32, 36B, 42, 45R, 55, 59, 62, 63, 125, 132(f),135, 137, 146, 147, 148, 152, 179, 199A, 213, 220, 221, 448, 461, 512, 513, 642, 831, 877, 877A, 911, 1274A, 2010, 2032A, 2503, 2523, 4161, 4261, 6033, 6039F, 6323, 6334, 6601, 6651, 6652, 6695, 6698, 6699, 6721, 6722, 7345, 7430, 7702B, 9831; 1.148-5.) Rev. Proc. 2019-44 Table of Contents SECTION 1. PURPOSE SECTION 2. CHANGES SECTION 3. 2020 ADJUSTED ITEMS Code Section .01 Tax Rate Tables 1(j)(2) (A)-(D) .02 Unearned Income of Minor Children 1(g) ("Kiddie Tax") .03 Maximum Capital Gains Rate 1(h) .04 Adoption Credit 23 .05 Child Tax Credit 24 .06 Lifetime Learning Credit 25A .07 Earned Income Credit 32 .08 Refundable Credit for Coverage Under a Qualified Health Plan 36B(f)(2)(B) .09 Rehabilitation Expenditures Treated as Separate New Building 42(e) - 2 - .10 Low-Income Housing Credit 42(h) .11 Employee Health Insurance Expense of Small Employers 45R .12 Exemption Amounts for Alternative Minimum Tax 55 .13 Alternative Minimum Tax Exemption for a Child Subject to the 59(j) “Kiddie Tax” .14 Certain Expenses of Elementary and Secondary 62(a)(2)(D) School Teachers .15 Transportation Mainline Pipeline Construction Industry Optional 62(c) Expense Substantiation Rules for Payments to Employees Under Accountable Plans .16 Standard Deduction 63 .17 Cafeteria Plans 125 .18 Qualified Transportation Fringe Benefit 132(f) .19 Income from United States Savings Bonds for Taxpayers Who 135 Pay Qualified Higher Education Expenses
    [Show full text]