Tax law (71 - 75 of 75 items)
Tax Policy: Congress Should Further Restrict Use of the Completed Contract Method
GGD-86-34: Published: Jan 17, 1986. Publicly Released: Feb 7, 1986.
In response to a congressional request, GAO developed and analyzed data on the extent to which manufacturing and construction contractors use the completed contract method to defer federal taxes to determine whether continued use of the method is justified.Contractors have justified the use of the completed contract method of accounting on the basis that, due to inherent uncertainties in their tra...
IRS' Administration of the Crude Oil Windfall Profit Tax Act of 1980
GGD-84-15: Published: Jun 18, 1984. Publicly Released: Jun 18, 1984.
In response to a congressional request, GAO reviewed the Internal Revenue Service's (IRS) administration of the Crude Oil Windfall Profit Tax Act of 1980.GAO noted that the crude oil tax was designed to tax the difference between the free market price of a barrel of oil and its controlled price under Department of Energy regulations. Although IRS received no supplemental staffing or funding to adm...
117880: Mar 18, 1982
By entering into modified coinsurance agreements under section 820 of the Internal Revenue Code, some insurance companies, especially large companies, convert investment income on which they pay taxes into underwriting gains on which they pay little or no tax. Section 820 was intended to eliminate possible double taxation when coinsurance agreements are used; it was not intended to be a tax loopho...
Special Estate Tax Provisions for Farmers Should Be Simplified To Achieve Fair Distribution of Benefits
PAD-81-68: Published: Sep 30, 1981. Publicly Released: Sep 30, 1981.
GAO examined two provisions added to the Federal estate tax law by the Tax Reform Act of 1976 to help farm families retain farmland after the death of the owner. The provisions are, specifically, special use valuation and deferred and installment payment. The purpose of the review was to determine whether the provisions have been effective in promoting the stated congressional objective of reducin...