Reporting Requirements for State and Local Government Pension Plans and Tax Treatment of Deferred Amounts Under Nonqualified Deferred Compensation Plans: Hearing Before the Subcommittee on Private Pension Plans and Employee Fringe Benefits of the Committee on Finance, United States Senate, Ninety-fifth Congress, Second Session, on S. 1587 ... S. 2627 ... March 15, 1978U.S. Government Printing Office, 1978 - 179 էջ |
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action administrative amendment amounts deferred annual apply authority beneficiaries benefit plans bill Chairman Committee CONGRESS THE LIBRARY congressional constructive receipt contributions corporate County Court deduction deferred amounts deferred compensation arrangements deferred compensation plans deferred compensation program disbursements method Dresser earned enacted ERISA exempt favorable Federal Government Finance government pension plans governmental plans gross income HALPERIN income tax Internal Revenue Code Internal Revenue Service investment issue Kay Kimbell League of Cities legislation LIBRARY OF CONGRESS LLOYD BENTSEN ment National League nonqualified deferred compensation paid participants payment pensation Pension Task Force ployee Private Letter Rulings Private Pension Plans problem proposed regulations public pension plans public plans public retirement qualified plans received reporting requirements retirement plans retirement systems Revenue Ruling Section 451 Senator BENTSEN Social Security statement submitted tax treatment taxable taxation taxpayer tion Treasury Department treatment of deferred trust unfunded Washington
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Էջ 158 - TO PROMULGATE REGULATIONS The Service's authority to promulgate regulations stems from section 7805(a) of the Code, which delegates authority to the Secretary of the Treasury to prescribe "all needful rules and regulations for the enforcement of this title. . . ." However, to the extent that regulations are
Էջ 2 - (other than through payment of retirement benefits) to the benefit of any private shareholder or individual, and "(ii) the income consists solely of amounts received from public taxation, amounts received from assessments on the teaching salaries of members, and income in respect
Էջ 90 - provides that any item of gross income shall be included in gross income for the taxable year in which received by the taxpayer unless other methods of accounting
Էջ 153 - be it Resolved by the Senate and Assembly of the State of California, jointly, That the Legislature of the State of California respectfully memorializes the President and the Congress of the
Էջ 159 - in which received by the taxpayer, unless, under the method of accounting used in computing taxable income, such amount is to be properly accounted for as of a different period. (Emphasis added.) Cases, regulations and rulings published under section 451 make it clear that,
Էջ 151 - This Court has observed repeatedly that, while a taxpayer is free to organize his affairs as he chooses, nevertheless, once having done so, he must accept the tax consequences of his choice, whether contemplated or not. Higgins v. Smith, 308 US 473, 477 (1940) ; Old Mission Portland Cement Co. v.
Էջ 2 - maintained by a State, a political subdivision of a State, or an agency or instrumentality of a State or a political subdivision of a State.". <b) The
Էջ 2 - (A) Retirement systems, trusts, or funds of a State, a political subdivision of a State, or an agency or instrumentality of a State or a political subdivision
Էջ 63 - a dual system of government which under the Constitution the States are sovereign, save only as Congress may constitutionally subtract from their authority, an unexpressed purpose to nullify a State's control over its
Էջ 2 - Section 6058 of the Internal Revenue Code of 1954 (relating to information required in connection with certain plans of deferred compensation) is amended by redesignating subsection (d) as (e), and by inserting after subsection (c) the following new subsection : "(d)