Hearing on H.R. 2038 and H.R. 2039: Hearing Before the Subcommittee on Housing and Memorial Affairs of the Committee on Veterans' Affairs, House of Representatives, Ninety-seventh Congress, First Session, April 9, 1981U.S. Government Printing Office, 1981 - 85 էջ |
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Common terms and phrases
adjustable rate mortgage Affairs to guarantee alternative mortgage instruments amended areas Association of Home AYLWARD benefit bill billion borrowers Chairman co-op Committee condominium Congress cooperative housing cooperative loans cooperative membership loans cooperative unit cost default downpayment DUNN Federal Home Loan FNMA foreclosure funds gage GNMA GNMA-MBS graduated payment mortgage GRANTHAM guarantee home loans guarantee loans GUYER Home Builders home loan guaranty home loan program homeowners homeownership housing cooperatives income increase individual cooperative industry investors LEATH legislation lenders loan guaranty program loans with provisions maximum ment monthly payments mort Mortgage Bankers Association mortgage finance mortgage-backed security National Association National Housing Act negative amortization percent problems project mortgage purchase real estate realtors require secondary market Section 245 SHIMBERG statement Subcommittee testimony Thank title 38 United States Code VA loans VA-guaranteed loans VA's variable interest rate variable payment variable rate Veterans Administration
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Էջ 83 - If no method of accounting has been regularly used by the taxpayer, or if the method used does not clearly reflect income, the computation of taxable income shall be made under such method as, in the opinion of the...
Էջ 83 - The amount of all such items shall be included in the gross income for the taxable year in which received by the taxpayer, unless, under methods of accounting permitted under subdivision (b) of section 212, any such amounts are to be properly accounted for as of a different period...
Էջ 83 - Under an accrual method of accounting, an expense is deductible for the taxable year in which all the events have occurred which determine the fact of the liability and the amount thereof can be determined with reasonable accuracy.
Էջ 83 - ... a method of accounting if, in the case of compensation for services, no determination can be made as to the right to such compensation or the amount thereof until the services are completed, the amount of compensation is ordinarily income for the taxable year in which the determination can be made. Under the cash receipts and disbursements method of accounting, such an amount is includible in gross income when actually or constructively received.
Էջ 83 - Generally, under the cash receipts and disbursements method in the computation of taxable income, all items which constitute gross income (whether in the form of cash, property, or services) are to be included for the taxable year in which actually or constructively received.
Էջ 83 - Advice has been requested concerning the proper method of accounting, within the meaning of section 446 of the Internal Revenue Code of 1954, for reporting interest income by the mortgagee and the interest deduction by the mortgagor on mortgages issued under an insured program for Graduated Payment Mortgages (GPM).
Էջ 83 - With respect to the accrual basis taxpayer, all the events that fix the right to receive income occur when (1) the required performance occurs, (2) payment therefor is due, or, (3) payment therefor is made, whichever happens earliest. In applying this rule to the accrual of interest income, performance occurs when the lender allows the borrower to use the lender's money.
Էջ 58 - Federal agency" means any department, agency, corporation, or other entity or instrumentality of the executive branch of the Federal Government, including the United States Postal Service, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation. (6) The term "Federal building...
Էջ 36 - The amendments made by sections 2 through 5 of this Act shall take effect at the end of the one hundred and eighty-day period beginning on the date of the enactment of this Act. That is all, Mr. Chairman. Mr. BENNETT. You have heard it read. I must point out to you, since I am the author, that I used the word "minimum...
Էջ 83 - The amount of any deduction or credit allowed by this subtitle shall be taken for the taxable year which Is the proper taxable year under the method of accounting used In computing taxable Income.