United States. Congress

Name: Economic Recovery and Middle-Class Tax Relief Act of 2009
Author: United States. Congress

Economic Recovery and Middle-Class Tax Relief Act of 2009

Summary

“Economic Recovery and Middle-Class Tax Relief Act of 2009”, is a work by United States. Congress. It explores elements such as asset, section and the Internal Revenue Code.

Quotes from Economic Recovery and Middle-Class Tax Relief Act of 2009 (United States. Congress)

United States. Congress, Economic Recovery and Middle-Class Tax Relief Act of 2009

“ APPLICATION OF SECTION 72.—Notwithstanding section 72, in determining the extent to which an amount is treated as otherwise includible in gross income for purposes of subparagraph (A) , the aggregate amount distributed from an individual retirement plan shall be treated as includible in gross income to the extent that such amount does not exceed the aggregate amount which would have been so includible if all amounts from all individual retirement plans were distributed. ”

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Source: Wikisource

United States. Congress, Economic Recovery and Middle-Class Tax Relief Act of 2009

“ For purposes of the preceding sentence, any amount includible in gross income under section 852 (b) (3) (D) shall be treated as a capital gain dividend and an S corporation shall not be treated as a corporation. ”

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Source: Wikisource

United States. Congress, Economic Recovery and Middle-Class Tax Relief Act of 2009

“ IN GENERAL.—If the taxpayer (or a related person) enters into any transaction which substantially reduces the risk of loss from holding any asset, such asset shall not be treated as an indexed asset for the period of such reduced risk. ‘‘ (2) SHORT SALES.— ‘‘ (A) IN GENERAL.—In the case of a short sale of an indexed asset with a short sale period in excess of 3 years, for purposes of this title, the amount realized shall be an amount equal to the amount realized (determined without regard to this paragraph) increased by the applicable inflation adjustment. ”

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Source: Wikisource

United States. Congress, Economic Recovery and Middle-Class Tax Relief Act of 2009

“ GROSS DOMESTIC PRODUCT DEFLATOR.— The gross domestic product deflator for any calendar quarter is the implicit price deflator for the gross domestic product for such quarter (as shown in the last revision thereof released by the Secretary of Commerce before the close of the following calendar quarter) . ‘‘ (d) SUSPENSION OF HOLDING PERIOD WHERE DIMINISHED RISK OF LOSS ”

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Source: Wikisource

United States. Congress, Economic Recovery and Middle-Class Tax Relief Act of 2009

“ RELATED PERSONS DEFINED.—For purposes of this section, the term ‘related persons’ means— ‘‘ (A) persons bearing a relationship set forth in section 267 (b) , and ‘‘ (B) persons treated as single employer under subsection (b) or (c) of section 414. ‘‘ (h) TRANSFERS TO INCREASE INDEXING ADJUSTMENT.—If any person transfers cash, debt, or any other property to another person and the principal purpose of such transfer is to secure or increase an adjustment under subsection (a) , the Secretary may disallow part or all of such adjustment or increase. ”

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Source: Wikisource

United States. Congress, Economic Recovery and Middle-Class Tax Relief Act of 2009

“ ELECTION.—In the case of a net operating loss for a taxable year ending during 2008, any election made under section 172 (b) (3) of the Internal Revenue Code of 1986 may (notwithstanding such section) be revoked before January 1, 2010. Subtitle D—Other Provisions Relating to Individuals SEC. 131. CHILD TAX CREDIT INCREASED AND MADE PERMANENT. (a) INCREASED CREDIT.—Subsection (a) of section 24 of the Internal Revenue Code of 1986 is amended by striking ‘‘$1,000’’ and inserting ‘‘$5,000’’. ”

United States. Congress

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Quotes from Economic Recovery and Middle-Class Tax Relief Act of 2009 (United States. Congress)

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