Reporting requirements for State and local government pension plans and tax treatment of differed 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, 1978
United States. Congress. Senate. Committee on Finance. Subcommittee on Private Pension Plans and Employee Fringe Benefits
U.S. Government Printing Office, 1978
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accounting action actually addition administrative adopted amendment amount annual appear apply arrangements authority basis believe benefits bill cash Chairman Cities Committee compensation arrangements concerned Congress congressional consideration considered constitutional constructive continue contributions County Court decisions deferred compensation plans Department determination earned effect election employees enacted ERISA established exempt existing favorable Federal force funds further governmental hearings income individual intent interest Internal Revenue Code Internal Revenue Service investment issue legislation limited local governments matter ment paid participants payment pension plans period position present problem proposed regulations public employees public pension public plans qualified question reasons receipt received regarding reporting represents requirements respect result retirement systems rules salary sector Security Senator BENTSEN specific standards statement Subcommittee submitted tax treatment taxable taxation taxpayer tion Treasury trust United Washington
Էջ 84 - That the power to tax involves the power to destroy; that ; the power to destroy may defeat and render useless the power to create; that there is a plain repugnance in conferring on one government a power to control the constitutional measures of another, which other, with respect to those very means, is declared to be supreme over that which exerts the control, are propositions not to be denied.
Էջ 156 - ... (b) EXCEPTIONS. — 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 Secretary or his delegate, does clearly reflect income.
Էջ 142 - ... a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees...
Էջ 84 - The General Government and the States, although both exist within the same territorial limits, are separate and distinct sovereignties, acting separately and independently of each other within their respective spheres. The former in its appropriate sphere is supreme, but the States within the limits of their powers not granted, or, in the language of the tenth amendment,
Էջ 84 - Graves, supra, are overruled so far as they recognize an implied constitutional immunity from income taxation of the salaries of officers or employees of the national or a state government or their instrumentalities.
Էջ 84 - Such being the separate and independent condition of the States in our complex system, as recognized by the Constitution, and the existence of which is so indispensable, that, without them, the general government itself would disappear from the family of nations, it would seem to follow...
Էջ 163 - Committee, my name is Robert D. Partridge I am Executive Vice President and General Manager of the National Rural Electric Cooperative Association (NRECA).
Էջ 155 - Secretary or his delegate shall prescribe all needful rules and regulations for the enforcement of this title. including all rules and regulations as may be necessary by reason of any alteration of law in relation to internal revenue.
Էջ 156 - However, income is not constructively received if the taxpayer's control of its receipt is subject to substantial limitations or restrictions. Thus, if a corporation credits its employees with bonus stock, but the stock is not available to such employees until some future date, the mere crediting on the books of the corporation does not constitute receipt.
Էջ 156 - 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...