RIA's complete analysis of the economic growth and tax relief reconciliation act of 2001: with code sections as amended and committee reports
Saved in:
| Format: | Book |
|---|---|
| Language: | English |
| Published: |
St. Paul, Minn.
West Group [u.a.]
2001
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Teilausg. von: United States code annotated |
| Physical Description: | Getr. Zählung |
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MARC
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| 245 | 1 | 0 | |a RIA's complete analysis of the economic growth and tax relief reconciliation act of 2001 |b with code sections as amended and committee reports |c prepared by the tax experts on the staff of the Research Institute of America, Inc. |
| 246 | 1 | 3 | |a Complete analysis of the economic growth and tax relief reconciliation act of 2001 |
| 246 | 1 | 3 | |a The economic growth and tax relief reconciliation act of 2001 |
| 246 | 1 | 3 | |a United states code annotated / Special edition |
| 264 | 1 | |a St. Paul, Minn. |b West Group [u.a.] |c 2001 | |
| 300 | |a Getr. Zählung | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Teilausg. von: United States code annotated | ||
| 650 | 4 | |a Recht | |
| 650 | 4 | |a Steuer | |
| 650 | 4 | |a Taxation |x Law and legislation |z United States | |
| 651 | 4 | |a USA | |
| 856 | 4 | 2 | |m SWB Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009488942&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-009488942 | ||
Record in the Search Index
| _version_ | 1804128707689840640 |
|---|---|
| adam_text | CONTENTS 1[2
2. CONTENTS
11
INDIVIDUALS 100
RATE BRACKETS, EXEMPTIONS, AND ITEMIZED DEDUCTIONS
10% INDIVIDUAL RATE BRACKET ADDED RETROACTIVE TO JAN. 1, 2001 101
BENEFIT OF 10% RATE BRACKET FOR 2001 ACCELERATED BY ISSUANCE OF RE-
FUND CHECKS BY IRS IN 2001 102
28%, 31%, 36% AND 39.6% RATE BRACKETS REDUCED TO 25%, 28%, 33%
AND 35% OVER PERIOD 2001-2006 103
FULL PERSONAL EXEMPTION WILL BE RESTORED*PHASEOUT WILL BE GRADUAL-
LY REDUCED AFTER 2005 AND COMPLETELY ELIMINATED AFTER 2009 104
LIMITATION ON ITEMIZED DEDUCTIONS WILL PHASE-OUT STARTING IN 2006
AND BE ELIMINATED AFTER 2009 105
THE ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT IS INCREASED FOR IN-
DIVIDUALS FOR 2001 THROUGH 2004 106
RATES FOR KIDDIE TAX, ACCUMULATED EARNINGS TAX, PERSONAL HOLDING
COMPANY TAX AND MISCELLANEOUS WITHHOLDING REQUIREMENTS REDUCED
TO MATCH REDUCTIONS IN INDIVIDUAL INCOME TAX RATES STARTING IN 2001 107
MARRIAGE PENALTY RELIEF
15% RATE BRACKET FOR MARRIEDS FILING JOINTLY WILL INCREASE (PHASE IN)
TO TWICE THE SINGLES BRACKET FROM 2005 TO 2008, TO ELIMINATE THE
MARRIAGE PENALTY IN THAT BRACKET 108
BASIC STANDARD DEDUCTION FOR MARRIED TAXPAYERS FILING JOINTLY WILL BE
INCREASED TO TWICE THE AMOUNT FOR SINGLE TAXPAYERS OVER A FIVE-YEAR
PERIOD BEGINNING IN 2005 109
MARRIAGE PENALTY RELIEF FOR EARNED INCOME CREDIT WILL BE PROVIDED
BY INCREASING THE CREDIT PHASEOUT AMOUNTS FOR JOINT RETURN FILERS BY
$1,000 IN 2002, $2,000 IN 2005, AND $3,000 IN 2008 110
INDIVIDUAL TAX CREDITS
CHILD TAX CREDIT INCREASED TO $1,000 PER CHILD (FROM $500) OVER 10-
YEAR PERIOD 111
NO REDUCTION IN CHILD TAX CREDIT AFTER 2001 BECAUSE OF AMT 112
CHILD TAX CREDIT MADE REFUNDABLE FOR ALL TAXPAYERS WITH QUALIFYING
CHILDREN, TO THE EXTENT OF 10% OF THE TAXPAYER S EARNED INCOME IN
EXCESS OF $10,000 (15% FOR TAX YEARS AFTER 2004) 113
CONTENTS
MAXIMUM CHILD AND DEPENDENT CARE CREDIT WILL BE INCREASED TO 35%
(FROM 30%) OF UP TO $3,000/$6,000 (FROM $2,400/$4,800) OF EX-
PENSES AFTER 2002; PHASEOUT WILL START AT AGI OF $15,000 (UP FROM
$10,000) 114
EARNED INCOME FOR PURPOSES OF THE EARNED INCOME CREDIT WILL INCLUDE
ONLY TAXABLE AMOUNTS AFTER 2001 115
PHASEOUT OF THE EARNED INCOME CREDIT WILL APPLY WHERE A TAXPAYER S
ADJUSTED GROSS INCOME (RATHER THAN MODIFIED ADJUSTED GROSS IN-
COME) EXCEEDS THE PHASEOUT AMOUNT AFTER 2001 116
THE REDUCTION OF THE EARNED INCOME CREDIT FOR TAXPAYERS SUBJECT TO
AMT WILL BE ELIMINATED AFTER 2001 117
TIE-BREAKER RULE WILL GIVE EARNED INCOME CREDIT TO PARENT (INSTEAD OF
PERSON WITH HIGHEST MODIFIED AGI), IN SOME CASES, AFTER 2001 118
THE GENERAL, MORE-THAN-SIX-MONTH RESIDENCY REQUIREMENT TO BE A
QUALIFYING CHILD UNDER THE EARNED INCOME CREDIT RULES WILL ALSO AP-
PLY TO AN ELIGIBLE FOSTER CHILD AFTER 2001 119
IRS WILL HAVE AUTHORITY TO TREAT EARNED INCOME CREDIT CLAIM ON NON-
CUSTODIAL PARENT S RETURN AS MATHEMATICAL OR CLERICAL ERROR AFTER
2003 120
ADOPTIONS
DOLLAR LIMIT AND PHASE-OUT RANGE FOR ADOPTION CREDIT WILL BE IN-
CREASED AFTER 2001; CREDIT FOR NON-SPECIAL NEEDS ADOPTIONS MADE
PERMANENT 121
DOLLAR LIMIT AND PHASE-OUT RANGE FOR TAX-FREE EMPLOYER-PROVIDED
ADOPTION ASSISTANCE WILL BE INCREASED AFTER 2001; EXCLUSION MADE
PERMANENT 122
OTHER INDIVIDUAL
MONEY OR PROPERTY RECEIVED BY HOLOCAUST VICTIMS OR THEIR HEIRS IS
EXCLUDED FROM GROSS INCOME 123
EMPLOYER-PROVIDED RETIREMENT ADVICE IS EXCLUDABLE FRINGE BENEFIT AF-
TER 2001 124
EDUCATION 200
EDUCATION IRAS AND QUALIFIED STATE TUITION PROGRAMS
AFTER 2001, ANNUAL EDUCATION IRA CONTRIBUTION LIMIT IS INCREASED
FROM $500 TO $2,000 PER BENEFICIARY, AND PHASE-OUT RANGE IN-
CREASED FOR JOINT FILERS 201
AFTER 2001, TAXPAYERS MAY CLAIM EXCLUSIONS FOR EDUCATION IRAS AND
QUALIFIED STATE TUITION PROGRAM DISTRIBUTIONS*AND CLAIM THE HOPE
AND LIFETIME LEARNING CREDITS*ALL IN THE SAME YEAR, BUT MAY NOT
USE THE SAME EXPENSES FOR MORE THAN ONE PROVISION 202
CONTENTS 1J2
EDUCATION EXPENSES THAT MAY BE PAID BY EDUCATION IRAS ARE EXPAND-
ED TO INCLUDE ELEMENTARY AND SECONDARY SCHOOL EXPENSES AFTER
2001 203
AGE LIMITATIONS FOR EDUCATION IRAS WON T APPLY TO SPECIAL NEEDS
BENEFICIARIES AFTER 2001 204
CORPORATIONS AND OTHER ENTITIES MAY MAKE CONTRIBUTIONS TO EDUCATION
IRAS AFTER 2001, REGARDLESS OF THE CORPORATION S OR ENTITY S INCOME 205
CONTRIBUTIONS TO EDUCATION IRAS FOR A TAX YEAR AFTER 2001 MAY BE
MADE UNTIL APRIL 15 OF THE FOLLOWING YEAR*DISTRIBUTIONS OF CONTRI-
BUTIONS WON T BE SUBJECT TO THE ADDITIONAL 10% TAX IF MADE ON OR
BEFORE JUNE 1 OF THE YEAR FOLLOWING THE CONTRIBUTION YEAR 206
DISTRIBUTIONS FROM QUALIFIED TUITION PROGRAMS AFTER 2001 WILL BE TAX-
FREE TO THE EXTENT USED TO PAY QUALIFIED HIGHER EDUCATION EXPENSES 207
PRIVATE EDUCATION INSTITUTIONS MAY ESTABLISH QUALIFIED TUITION PRO-
GRAMS THAT OFFER PREPAID EDUCATIONAL SERVICES ACCOUNTS AFTER 2001 208
DISTRIBUTIONS FROM QUALIFIED TUITION PROGRAMS CAN BE ROLLED OVER FOR
BENEFIT OF SAME BENEFICIARY AFTER 2001 209
TAX-FREE DISTRIBUTIONS FROM PREPAID TUITION PLANS AND EDUCATION IRA
CAN BE USED FOR SPECIAL NEEDS SERVICES AFTER 2001; QUALIFIED ROOM
AND BOARD EXPENSES ADJUSTED TO REFLECT CURRENT COSTS 210
10% ADDITIONAL TAX WILL BE IMPOSED ON QUALIFIED TUITION PROGRAM DIS-
TRIBUTIONS THAT ARE INCLUDIBLE IN INCOME AFTER 2001 211
OTHER EXCLUSIONS AND DEDUCTIONS
EXCLUSION FOR EMPLOYER-PROVIDED EDUCATIONAL ASSISTANCE MADE PERMA-
NENT, AND EXCLUSION RESTORED FOR GRADUATE LEVEL COURSES FOR EX-
PENSES RELATING TO COURSES BEGINNING AFTER 2001 212
ABOVE-THE-LINE DEDUCTION ALLOWED FOR QUALIFIED HIGHER EDUCATION EX-
PENSES PAID FROM 2002 THROUGH 2005 213
SCHOLARSHIPS UNDER THE NATIONAL HEALTH SERVICE CORPS AND ARMED
FORCES HEALTH PROFESSIONS SCHOLARSHIP PROGRAMS ARE TAX-FREE AFTER
2001 214
STUDENT LOAN INTEREST
60-MONTH LIMIT ON STUDENT LOAN INTEREST DEDUCTION REPEALED FOR INTER-
EST PAID AFTER 2001 215
STUDENT LOAN INTEREST DEDUCTION*INCOME PHASEOUT STARTING POINT
RAISED FROM $40,000 TO $50,000 FOR SINGLES AND FROM $60,000 TO
$100,000 FOR JOINT FILERS AFTER 2001 216
EDUCATION FACILITY BONDS
TAX-EXEMPT BOND FINANCING FOR QUALIFIED PUBLIC-PRIVATE SCHOOLS AFTER
2001*QUALIFIED PUBLIC EDUCATIONAL FACILITY BONDS 217
CONTENTS
UP TO $10 MILLION (INSTEAD OF $5 MILLION) IN BONDS USED TO FINANCE
PUBLIC SCHOOL CAPITAL EXPENDITURES EXEMPTED FROM ARBITRAGE REBATE
REQUIREMENTS AFTER 2001 218
ESTATES, GIFTS, GENERATION-SKIPPING TRANSFERS 300
INCREASE IN EXEMPTIONS, RATE REDUCTIONS, AND REPEAL
EXEMPTION EQUIVALENT OF UNIFIED CREDIT AGAINST ESTATE TAX INCREASED TO
$3.5 MILLION ON A PHASED-IN SCHEDULE BEGINNING IN 2002, UNTIL RE-
PEAL OF THE ESTATE TAX AFTER 2009 301
LIFETIME GIFT EXEMPTION INCREASED TO $1 MILLION FOR GIFTS MADE AFTER
2001 302
GENERATION-SKIPPING TRANSFER (GST) EXEMPTION INCREASED TO $3.5 MIL-
LION ON A PHASED-IN SCHEDULE BEGINNING IN 2004, UNTIL REPEAL OF THE
GST TAX AFTER 2009 303
ESTATE AND GIFT TAX RATE REDUCTIONS WILL BE PHASED IN AFTER 2001,
BEFORE REPEAL OF THE ESTATE TAX AFTER 2009 304
ESTATE TAX DEDUCTION FOR QUALIFIED FAMILY-OWNED BUSINESS INTERESTS RE-
PEALED AFTER 2003 305
ESTATE TAX WILL BE REPEALED AFTER 2009 306
GENERATION-SKIPPING TRANSFER (GST) TAX WILL BE REPEALED AFTER 2009 307
TOP GIFT TAX RATE WILL BE REDUCED TO THE TOP INDIVIDUAL INCOME TAX
RATE OF 35% ON THE REPEAL OF THE ESTATE TAX AFTER 2009 308
STATE DEATH TAX CREDIT (SDTC) WILL BE REDUCED IN YEARS AFTER 2001
AND BEFORE 2005 (WHEN IT WILL BE REPLACED WITH A DEDUCTION) 309
TRANSFERS TO NON-GRANTOR TRUSTS WILL BE TREATED AS GIFTS AFTER 2009 310
SPLIT-INTEREST TRUSTS SUBJECT TO PRIVATE FOUNDATION RESTRICTIONS AFTER
2009 IF CHARITABLE DEDUCTION CLAIMED UNDER CODE SEC. 642(C) 311
BASIS REDUCTION FOR FOREIGN INVESTMENT COMPANY STOCK ACQUIRED FROM
DECEDENT REPEALED AFTER 2009 312
GAIN RECOGNITION RULE FOR TRANSFERS OF APPRECIATED PROPERTY TO NON-
GRANTOR FOREIGN TRUSTS AND FOREIGN ESTATES WILL BE EXTENDED TO TRANS-
FERS AT DEATH TO NONRESIDENT ALIENS AFTER 2009 313
ESTATE TAX RULE CHANGES PENDING REPEAL
STATE DEATH TAX CREDIT REPLACED WITH DEDUCTION FOR ESTATES OF DECE-
DENTS DYING AFTER 2004 314
ESTATE TAX RULES FOR CONSERVATION EASEMENTS ARE EXPANDED AND CLARI-
FIED, PENDING REPEAL OF THE ESTATE TAX AFTER 2009 315
AVAILABILITY OF INSTALLMENT PAYMENT OF ESTATE TAX WILL BE EXTENDED TO
ESTATES WITH INTERESTS IN QUALIFYING LENDING AND FINANCE BUSINESSES
FOR ESTATES OF DECEDENTS DYING AFTER 2001 316
CONTENTS 12
HOLDING COMPANY ELECTION FOR 5-YEAR INSTALLMENT PAYMENT OF ESTATE
TAX WILL BE AVAILABLE FOR ESTATES OF DECEDENTS DYING AFTER 2001
EVEN IF STOCK OF OPERATING SUBSIDIARIES IS READILY TRADABLE, BUT
HOLDING COMPANY STOCK MUST STILL BE NON-READILY-TRADABLE 317
NUMBER OF ALLOWABLE PARTNERS AND SHAREHOLDERS IN A CLOSELY-HELD
BUSINESS FOR PURPOSES OF ESTATE TAX INSTALLMENT PAYMENT ELECTION
WILL BE INCREASED FROM 15 TO 45 AFTER 2001 318
IF RECAPTURE TAX WAS PAID AS A RESULT OF LINEAL DESCENDANT S LEASE OF
SPECIAL USE VALUATION PROPERTY ON A NET CASH BASIS, AN OTHERWISE
TIME-BARRED REFUND CLAIM MAY BE FILED WITHIN ONE YEAR OF DATE OF
ENACTMENT OF 2001 ACT 319
GST RULE CHANGES PENDING REPEAL
GENERATION-SKIPPING TRANSFER (GST) EXEMPTION IS AUTOMATICALLY ALLO-
CATED TO INDIRECT SKIPS, PENDING REPEAL OF THE GST TAX AFTER 2009 320
IRS MAY GRANT EXTENSIONS OF TIME TO ALLOCATE THE GENERATION-SKIPPING
TRANSFER (GST) EXEMPTION, AND TO ELECT OUT OF DEEMED (AUTOMATIC)
ALLOCATIONS, PENDING REPEAL OF THE GST TAX IN 2010 321
TRUSTS CAN BE SEVERED FOR GENERATION-SKIPPING TRANSFER (GST) TAX
PURPOSES AT ANY TIME, IF THE OLD TRUST IS DIVIDED ON A FRACTIONAL BA-
SIS AND THE NEW TRUSTS PROVIDE FOR THE SAME SUCCESSION OF INTERESTS 322
VALUE OF PROPERTY FOR GENERATION-SKIPPING TRANSFER (GST) TAX PUR-
POSES IS ITS FINALLY DETERMINED GIFT TAX OR ESTATE TAX VALUE, OR ITS
VALUE AT THE CLOSE OF AN ESTATE TAX INCLUSION PERIOD (ETDP), IF A
GST EXEMPTION ALLOCATION IS DEEMED TO HAVE BEEN MADE AT THE
CLOSE OF THE ETIP 323
SUBSTANTIAL COMPLIANCE WITH THE RULES FOR ALLOCATING THE GST EXEMP-
TION IS ENOUGH TO ESTABLISH THAT THE EXEMPTION WAS ALLOCATED, PEND-
ING REPEAL OF THE GST TAX AFTER 2009 324
TRANSFEROR IS PERMITTED TO ALLOCATE THE GENERATION-SKIPPING TRANSFER
(GST) EXEMPTION RETROACTIVELY WHEN THERE IS AN UNNATURAL ORDER OF
DEATH, PENDING REPEAL OF THE GST TAX AFTER 2009 325
CARRYOVER BASIS AFTER REPEAL
STEP-UP BASIS AND STEP-DOWN BASIS WILL END AND MODIFIED CARRYOVER
BASIS RULES WILL APPLY FOR PROPERTY ACQUIRED FROM A DECEASED INDI-
VIDUAL AFTER DEC. 31, 2009 326
LIABILITIES IN EXCESS OF THE BASIS OF PROPERTY ACQUIRED FROM A DECE-
DENT OR AN ESTATE WILL BE EXCLUDED FROM GAIN AND BASIS AFTER DEC.
31, 2009 327
BEGINNING IN 2010, AN ESTATE OR TRUST WILL RECOGNIZE GAIN IF IT DISTRIB-
UTES APPRECIATED PROPERTY TO SATISFY A PECUNIARY BEQUEST, BUT ONLY
TO THE EXTENT THE PROPERTY HAS APPRECIATED BETWEEN THE DATES OF
DEATH AND OF DISTRIBUTION 328
CONTENTS
CAPITAL GAIN TREATMENT FOR INHERITED ARTWORK OR SIMILAR PROPERTY WILL
NOT BE DISALLOWED AFTER 2009 SOLELY BECAUSE HEIR TO PROPERTY TAKES
DECEDENT S CARRYOVER BASIS 329
CAPITAL ASSET TREATMENT FOR CHARITABLE CONTRIBUTIONS OF CREATIVE PROP-
ERTY IS DETERMINED AFTER 2009 WITHOUT REGARD TO THE MODIFIED-CARRY-
OVER-BASIS-AT-DEATH RULES 330
EXTENSION OF THE $250,000 EXCLUSION OF GAIN FROM THE SALE OF A DECE-
DENT S PRINCIPAL RESIDENCE TO SALES BY ESTATES, HEIRS OF DECEDENTS,
AND QUALIFIED REVOCABLE TRUSTS*ESTATES OF DECEDENTS DYING AFTER
DEC. 31, 2009 331
REPORTING REQUIREMENTS AFTER REPEAL
LARGE TRANSFERS (GENERALLY OVER $1.3 MILLION) AT DEATH WILL HAVE TO
BE REPORTED TO IRS WHEN ESTATE TAX REPEALED AFTER 2009 332
DONORS WILL BE REQUIRED TO PROVIDE DONEES WITH INFORMATION ABOUT
PROPERTY REPORTED ON GIFT TAX RETURNS AFTER 2009 333
PENSION AND IRA PROVISIONS 400
PLAN BENEFITS AND CONTRIBUTIONS
PLAN BENEFIT AND CONTRIBUTION LIMITS INCREASED AFTER 2001 401
ELECTIVE DEFERRALS WILL NO LONGER BE TAKEN INTO ACCOUNT IN APPLYING
EMPLOYER PLAN CONTRIBUTION DEDUCTION LIMITS AFTER 2001 402
INDIVIDUALS OVER AGE 50 CAN MAKE ADDITIONAL ELECTIVE DEFERRALS IN EX-
CESS OF OTHERWISE APPLICABLE LIMITS*AFTER 2001 403
LIMITATION ON DEDUCTIBLE CONTRIBUTIONS TO PROFIT SHARING OR STOCK BO-
NUS PLANS INCREASED FROM 15% TO 25% OF COMPENSATION AFTER 2001;
MONEY PURCHASE PENSION PLANS SUBJECT TO SAME LIMITS ON DEDUCTI-
BLE CONTRIBUTIONS AS PROFIT SHARING AND STOCK BONUS PLANS AFTER
2001 404
COMPENSATION FOR PURPOSES OF DETERMINING DEDUCTION LIMITS FOR
CONTRIBUTIONS TO A QUALIFIED PLAN WILL INCLUDE SALARY REDUCTION
AMOUNTS AND CERTAIN PRE-DISABILITY COMPENSATION AFTER 2001 405
PERCENTAGE OF SALARY LIMITS ON CONTRIBUTIONS TO PLANS, INCLUDING
403(B) AND GOVERNMENT PLANS, INCREASED TO 100% AFTER 2001 406
FASTER VESTING SCHEDULE APPLIES FOR CERTAIN EMPLOYER MATCHING CONTRI-
BUTIONS FOR PLAN YEARS BEGINNING AFTER 2001 407
QUALIFIED PLAN CONTRIBUTION DEDUCTION MAXIMUM WILL BE NO LESS THAN
THE UNFUNDED CURRENT LIABILITY AND WILL BE EXTENDED TO ALL DEFINED
BENEFIT PLANS, REGARDLESS OF SIZE, AFTER 2001 408
DEFINED BENEFIT PLAN 100%-OF-COMPENSATION BENEFIT LIMIT ELIMINATED
FOR MULTIEMPLOYER PLANS AFTER 2001 409
CONTENTS 1[2
REPEAL OF COORDINATION REQUIREMENTS FOR CALCULATING DEFERRAL LIMIT FOR
DEFERRED COMPENSATION PLANS OF TAX-EXEMPT ORGANIZATIONS, AND
STATE OR LOCAL GOVERNMENTS*AFTER 2001 410
SELF-EMPLOYMENT INCOME FOR WHICH RELIGIOUS EXEMPTION IS ELECTED
WILL BE TAKEN INTO ACCOUNT FOR KEOGH AND SIMPLE PLANS AFTER
2001 411
401(K) PLAN ELECTIVE DEFERRALS INVESTED IN EMPLOYER SECURITIES AND
EMPLOYER REAL PROPERTY BEFORE 99 NOT SUBJECT TO ERISA S 10% IN-
VESTMENT LIMIT 412
IRA AND RELATED PROVISIONS
IRA CONTRIBUTION LIMIT WILL BE INCREASED TO $3,000 FOR 2002 THROUGH
2004, $4,000 FOR 2005 THROUGH 2007, AND $5,000 FOR 2008; ADDI-
TIONAL CATCH-UP CONTRIBUTIONS ALLOWED FOR CERTAIN OLDER INDIVIDUALS;
COLA ADJUSTMENTS FOR LATER YEARS 413
QUALIFIED EMPLOYER PLAN S SEPARATE ACCOUNT OR ANNUITY THAT MEETS
IRA REQUIREMENTS AND ACCEPTS VOLUNTARY EMPLOYEE CONTRIBUTIONS
MAY BE A DEEMED IRA AFTER 2002 414
DEEMED IRAS *SEPARATE ACCOUNTS OR ANNUITIES IN QUALIFIED EM-
PLOYER PLANS THAT RECEIVE CERTAIN VOLUNTARY EMPLOYEE CONTRIBU-
TIONS*WON T BE SUBJECT TO TITLE I OF ERISA EXCEPT FOR THE
EXCLUSIVE BENEFIT AND FIDUCIARY RULES*AFTER 2002 415
ROTH IRA CONTRIBUTION LIMIT INCREASED TO $3,000 FOR 2002 THROUGH
2004, $4,000 FOR 2005 THROUGH 2007, AND $5,000 FOR 2008; ADDI-
TIONAL CATCH-UP CONTRIBUTIONS ALLOWED FOR CERTAIN OLDER INDIVIDUALS;
COLA ADJUSTMENTS FOR LATER YEARS 416
401(K) AND 403 (B) PLANS MAY TREAT POST-2005 ELECTIVE DEFERRALS AS AF-
TER-TAX ROTH IRA-TYPE CONTRIBUTIONS 417
CREDIT OF UP TO $1,000 ADDED FOR ELECTIVE DEFERRALS AND IRA CONTRIBU-
TIONS BY INDIVIDUALS WITH MODIFIED AGI BELOW CERTAIN LIMITS AFTER
2001 AND BEFORE 2007 418
DISTRIBUTIONS
IRS MUST REVISE THE LIFE EXPECTANCY TABLES USED FOR CALCULATING DISTRI-
BUTIONS UNDER THE REQUIRED MINIMUM DISTRIBUTION RULES IN ORDER TO
REFLECT CURRENT LIFE EXPECTANCIES 419
SPOUSE (OR FORMER SPOUSE) SUBJECT TO TAX ON BENEFITS RECEIVED FROM A
CODE SEC. 457 PLAN DISTRIBUTED UNDER A QDRO AFTER 2001 420
EMPLOYER WILL BE ALLOWED A DEDUCTION FOR DIVIDENDS ON EMPLOYER
ESOP STOCK WHERE PARTICIPANTS AND BENEFICIARIES CAN ELECT TO HAVE
DIVIDENDS REINVESTED IN EMPLOYER STOCK*AFTER 2001 421
QUALIFIED PLANS MUST PROVIDE THAT INVOLUNTARY CASH-OUTS OF MORE THAN
$1,000 (BUT LESS THAN $5,000) WILL BE AUTOMATICALLY ROLLED OVER TO
IRA UNLESS DISTRIBUTEE ELECTS OTHERWISE 422
CONTENTS
NO HARDSHIP DISTRIBUTIONS WILL BE ELIGIBLE ROLLOVER DISTRIBUTIONS AFTER
2001 423
REG MUST BE MODIFIED TO PERMIT 401(K) PLAN ELECTIVE CONTRIBUTIONS 6
MONTHS AFTER RECEIPT OF HARDSHIP DISTRIBUTION AFTER 2001 424
PLAN ADMINISTRATION
$500 MAXIMUM CREDIT FOR PENSION PLAN STARTUP COSTS OF SMALL EM-
PLOYERS DURING EACH OF THE FIRST THREE YEARS OF THE PLAN*COSTS PAID
OR INCURRED IN TAX YEARS BEGINNING AFTER DEC. 31, 2001 425
RULES ON TOP-HEAVY PLANS MODIFIED AND DEFINITION OF KEY EMPLOY-
EE SIMPLIFIED AFTER 2001 426
SPECIAL INTEREST DEFINITION OF HIGHLY COMPENSATED EMPLOYEE IN TRA
86 REPEALED AFTER 2001 427
DETERMINATION OF WHETHER POST YEAR-END CONTRIBUTIONS TO MULTIEM-
PLOYER PENSION PLANS ARE ON ACCOUNT OF THE PREVIOUS YEAR IS NOT A
METHOD OF ACCOUNTING; NO DEDUCTION IS ALLOWED FOR CONTRIBUTIONS
FOR WHICH A DEDUCTION WAS ALLOWED FOR AN EARLIER YEAR 428
MULTIPLE USE TEST FOR HIGHLY COMPENSATED EMPLOYEES ELIMINATED AFTER
2001 429
PLAN LOANS TO SOLE PROPRIETORS, PARTNERS, AND S CORPORATION OWNERS ARE
EXEMPT FROM PROHIBITED TRANSACTION RULES AFTER 2001 430
DEFINED BENEFIT AND MONEY PURCHASE PLANS ANNUAL ACTUARIAL VALUA-
TION REQUIREMENT CAN BE SATISFIED USING PRIOR YEAR S VALUATION AFTER
2001 431
INCREASE IN CURRENT LIABILITY FULL FUNDING LIMIT IS ACCELERATED FOR PLAN
YEARS BEGINNING AFTER 2001, AND REPEALED FOR PLAN YEARS BEGINNING
AFTER 2003 432
EMPLOYEES OF TAX-EXEMPT CHARITIES PARTICIPATING IN 403(B) PLAN MAY
BE EXCLUDED FROM NONDISCRIMINATION TESTING OF 401(K) AND 401 (M)
PLANS 433
NEW NOTICE REQUIREMENTS FOR CASH BALANCE PLAN CONVERSIONS AND OTH-
ER PLAN AMENDMENTS PROVIDING FOR SIGNIFICANT REDUCTION IN THE RATE
OF FUTURE BENEFIT ACCRUAL*FAILURES TRIGGER EXCISE TAX 434
FIVE-YEAR WAIVER OF USER FEES PROVIDED FOR DETERMINATION LETTER RE-
QUESTS MADE BY SMALL EMPLOYERS AFTER 2001 435
EXCISE TAXES
EMPLOYERS MAY AVOID EXCISE TAX ON NONDEDUCTIBLE CONTRIBUTIONS TO
DEFINED BENEFIT PLANS AFTER 2001 436
ALLOCATIONS OF EMPLOYER STOCK HELD IN SUB S ESOP TO DISQUALIFIED
PERSONS WHO TOGETHER OWN 50% OF S CORPORATION S SHARES TREATED
AS DISTRIBUTIONS AND SUBJECTED TO 50% EXCISE TAX*AFTER 2004 437
CONTENTS 1[2
PENSION PORTABILITY 500
AFTER-TAX CONTRIBUTIONS TO A QUALIFIED PLAN MAY BE ROLLED OVER TO A
DEFINED CONTRIBUTION PLAN OR AN IRA AFTER 2001 501
EXPANDED ROLLOVER OPTION ALLOWS IRAS TO BE ROLLED OVER TAX-FREE INTO
ELIGIBLE RETIREMENT PLANS OTHER THAN IRAS*AFTER 2001 502
TAXATION OF IRA DISTRIBUTIONS ALL OR PART OF WHICH ARE ROLLED OVER TO
A NON-IRA PLAN AFTER 2001 503
EMPLOYEE S SURVIVING SPOUSE MAY ROLL OVER DISTRIBUTION TO A QUALI-
FIED PLAN, 403(A) QUALIFIED ANNUITY, SECTION 457 PLAN, OR 403(B)
TAX-SHELTERED ANNUITY*AFTER 2001 504
403(B) TAX-SHELTERED ANNUITY DISTRIBUTIONS CAN BE ROLLED OVER TO ANY
ELIGIBLE RETIREMENT PLAN AFTER 2001 505
403(B) TAX-SHELTERED ANNUITY PLANS CAN RECEIVE ELIGIBLE ROLLOVER DISTRI-
BUTIONS AFTER 2001 506
DISTRIBUTIONS FROM GOVERNMENTAL SECTION 457 PLANS MAY BE ELIGIBLE
ROLLOVER DISTRIBUTIONS AFTER 2001 507
ROLLOVERS MAY BE MADE TO GOVERNMENTAL SECTION 457 PLANS AFTER
2001 508
TRUSTEE-TO-TRUSTEE TRANSFERS FROM CODE SEC. 403(B) ANNUITIES AND
CODE SEC. 457 PLANS TO DEFINED BENEFIT GOVERNMENTAL PLANS TO BUY
SERVICE CREDIT OR REPAY CASHOUTS WILL BE TAX-FREE AFTER 2001 509
SPECIAL 457 PLAN MINIMUM DISTRIBUTION REQUIREMENTS ELIMINATED AFTER
2001 510
AMOUNTS DEFERRED UNDER GOVERNMENTAL SECTION 457 PLANS AFTER 2001
WILL BE INCLUDIBLE IN INCOME ONLY WHEN PAID, NOT WHEN MERELY
MADE AVAILABLE 511
CAPITAL GAINS AND AVERAGING TREATMENT UNAVAILABLE FOR ROLLOVERS TO
QUALIFIED PLANS FROM A 403(B) ANNUITY OR GOVERNMENTAL SECTION 457
PLAN, AND ROLLOVERS BY A SURVIVING SPOUSE*AFTER 2001 512
DISTRIBUTIONS OF ELECTIVE DEFERRALS ALLOWED AFTER 2001 FOLLOWING SEV-
ERANCE FROM EMPLOYMENT* SAME DESK RULE ELIMINATED 513
EMPLOYERS MAY DISREGARD ROLLOVERS FROM OTHER PLANS WHEN APPLYING
THE CASH-OUT RULES AFTER 2001 514
ANTI-CUTBACK RULES RELAXED AFTER 2001 FOR DIRECT TRANSFERS BETWEEN DE-
FINED CONTRIBUTION PLANS 515
RECIPIENTS OF ELIGIBLE ROLLOVER DISTRIBUTIONS MUST BE GIVEN EXPLANA-
TION OF DIFFERENT TAX CONSEQUENCES OF DISTRIBUTIONS FROM PLANS THAT
RECEIVED ROLLOVERS FROM OTHER PLANS*AFTER 2001 516
HARDSHIP EXCEPTION TO 60-DAY ROLLOVER REQUIREMENT*AFTER 2001 517
CONTENTS
MISCELLANEOUS 600
100% OF AMOUNT OF THIRD INSTALLMENT OF 2001 ESTIMATED TAX OF CALEN-
DAR YEAR CORPORATIONS IS NOT DUE UNTIL OCT. 1, 2001; 20% OF
AMOUNT OF THIRD INSTALLMENT OF 2004 ESTIMATED TAX OF CALENDAR YEAR
CORPORATIONS WILL NOT BE DUE UNTIL OCT. 1, 2004 601
UP TO $150,000 OF CREDIT PER YEAR WILL BE ALLOWABLE TO EMPLOYERS FOR
PROVIDING CHILD CARE ASSISTANCE TO EMPLOYEES FOR TAX YEARS BEGIN-
NING AFTER DEC. 31, 2001 602
PERIOD FOR WHICH IRS CAN EXTEND CERTAIN TAX-RELATED DEADLINES IN CON-
NECTION WITH PRESIDENTIALLY DECLARED DISASTERS IS INCREASED TO 120
DAYS 603
NONDEDUCTIBLE CONTRIBUTIONS TO QUALIFIED PLAN FOR DOMESTIC WORKERS
NO LONGER SUBJECT TO 10% EXCISE TAX AFTER 2001 604
NONRESIDENT ALIENS COMPENSATION FOR INTERNATIONAL TRANSPORTATION SER-
VICES NO LONGER TAKEN INTO ACCOUNT BY BENEFIT PLANS IN PLAN YEARS
AFTER 2001 605
DEFINITION OF EXECUTOR THAT APPLIES FOR ESTATE TAX PURPOSES WILL AP-
PLY FOR TAX PURPOSES GENERALLY, AFTER 2009. 606
ALASKA NATIVE SETTLEMENT TRUSTS MAY ELECT TO EXCLUDE CERTAIN CONTRI-
BUTIONS FROM BENEFICIARIES INCOME 607
SUNSET PROVISION 700
2001 ACT PROVISIONS SUNSET AND WON T APPLY TO TAX, PLAN, OR LIMITA-
TION YEARS BEGINNING AFTER DEC. 31, 2010; ESTATE, GIFT AND TRANSFER
TAX PROVISIONS SUNSET AND WON T APPLY TO ESTATES OF DECEDENTS DY-
ING, GIFTS MADE, OR GENERATION SKIPPING TRANSFERS, AFTER DEC. 31,
2010 701
|
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| bvnumber | BV013871851 |
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| callnumber-search | KF6276.57 |
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| dewey-full | 343.04 343.7304 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 343 - Military, tax, trade & industrial law |
| dewey-raw | 343.04 343.7304 |
| dewey-search | 343.04 343.7304 |
| dewey-sort | 3343.04 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| format | Book |
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| id | DE-604.BV013871851 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T18:53:31Z |
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| language | English |
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| spelling | RIA's complete analysis of the economic growth and tax relief reconciliation act of 2001 with code sections as amended and committee reports prepared by the tax experts on the staff of the Research Institute of America, Inc. Complete analysis of the economic growth and tax relief reconciliation act of 2001 The economic growth and tax relief reconciliation act of 2001 United states code annotated / Special edition St. Paul, Minn. West Group [u.a.] 2001 Getr. Zählung txt rdacontent n rdamedia nc rdacarrier Teilausg. von: United States code annotated Recht Steuer Taxation Law and legislation United States USA SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009488942&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | RIA's complete analysis of the economic growth and tax relief reconciliation act of 2001 with code sections as amended and committee reports Recht Steuer Taxation Law and legislation United States |
| title | RIA's complete analysis of the economic growth and tax relief reconciliation act of 2001 with code sections as amended and committee reports |
| title_alt | Complete analysis of the economic growth and tax relief reconciliation act of 2001 The economic growth and tax relief reconciliation act of 2001 United states code annotated / Special edition |
| title_auth | RIA's complete analysis of the economic growth and tax relief reconciliation act of 2001 with code sections as amended and committee reports |
| title_exact_search | RIA's complete analysis of the economic growth and tax relief reconciliation act of 2001 with code sections as amended and committee reports |
| title_full | RIA's complete analysis of the economic growth and tax relief reconciliation act of 2001 with code sections as amended and committee reports prepared by the tax experts on the staff of the Research Institute of America, Inc. |
| title_fullStr | RIA's complete analysis of the economic growth and tax relief reconciliation act of 2001 with code sections as amended and committee reports prepared by the tax experts on the staff of the Research Institute of America, Inc. |
| title_full_unstemmed | RIA's complete analysis of the economic growth and tax relief reconciliation act of 2001 with code sections as amended and committee reports prepared by the tax experts on the staff of the Research Institute of America, Inc. |
| title_short | RIA's complete analysis of the economic growth and tax relief reconciliation act of 2001 |
| title_sort | ria s complete analysis of the economic growth and tax relief reconciliation act of 2001 with code sections as amended and committee reports |
| title_sub | with code sections as amended and committee reports |
| topic | Recht Steuer Taxation Law and legislation United States |
| topic_facet | Recht Steuer Taxation Law and legislation United States USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009488942&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |