CONTENTS OF REVENUE PROVISIONS Page I. SUMMARY OF REVENUE PROVISIONS__ II. REASONS FOR REVENUE PROVISIONS. III. BUDGET EFFECTS OF REVENUE PROVISIONS_ IV. EXPLANATION OF REVENUE PROVISIONS__ A. Individual Income Tax Provisions. 79 96 100 107 107 107 2. Revision of deduction for medical ex- 113 3. Revision of deduction for personal cas- 115 117 118 118 122 124 4. Decrease in holding period for long- B. Provisions Primarily Relating to Business. 2. Basis adjustment for investment tax credits___. b. Changes to pre-ERTA leasing c. Safe harbor leasing rules 7. Foreign tax provisions_. a. Limitation on credit for foreign b. Allocation of possession corpo- c. Deductibility of payments under 8. Tax-exempt obligations--. a. Restrictions on tax-exempt 125 127 130 138 139 140 146 146 155 164 166 bonds for private activities-- 166 (73) IV. EXPLANATION OF REVENUE PROVISIONS-Continued ness-Continued 8. Tax-exempt obligations-Continued bonds for facilities for the local furnish Page 176 15. Accelerated corporate tax payments___ C. Provisions Designed To Improve Taxpayer Compliance 1. Withholding on interest and dividends 223 226 226 IV. EXPLANATION OF REVENUE PROVISIONS-Continued 2. Expanded reporting a. Reporting of interest. Page 238 238 b. Obligations required to be regis- 242 245 c. Returns of brokers__ d. Information reporting require- neration for services and direct sales 247 |