NUMBER OF THE WEEK: 6
The number of tax bills the House Ways & Means
Committee will markup tomorrow, April 29. Each would permanently
extend a currently expired business tax provision. The bills
collectively address the following: the research and development
(R&D) tax credit, the Subpart F exemption for active financing
income, the look-thru rule for payments between related controlled
foreign corporations, the treatment of built-in gains for S-corps,
basis adjustments to stock of S Corps making charitable
contributions of property, and expansion of the Sec. 179 deduction
for small businesses.
LEGISLATIVE LANDSCAPE
Back With a Vengeance. The House and Senate
return this week after two weeks of recess with a packed schedule
of hearings, markups and some floor votes expected on significant
tax legislation between now and Memorial Day.
