3/13/1985 - Laserfiche WebLink

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RETIREMENT SAVINGS IRA $2,000 $2,500 Spousal IRA S 250 52,500 Corporate pensions Tax deferred Tax deterred social Security Generally not taxed Generally not taxed FRINGE BENEFITS Health insurance Excluded Capped Exclusion Group life and legal Excluded Taxed insurance CAPITAL AND BUSINESS INCOME Corporate Tax Rates Graduated, up to 461 339 flat rate Dividend relief $100/200 exclusion Exclusion repealed; 509 dividend -paid deduction Depreciation ACRS Economi=: depreciation, indexed Investment Tax Credit 6% - 109 Repealed Capital gains 609 excluded Indexed, taxed as ordi- nary income Interest income/expense Fully taxed/deducted Indexed, partially excludable/nondeductible Rehabilitation and energy -Yes No credits inventory accounting J LIFO conformity required Yes No • FIFO Not Indexed Indexed' Uniform production No Yes Cost rules Bad debt reserve Yes No deduction Installment sales Deferral No deferral is ceceivaoLes pledged OIL INDUSTRY Percentage depletion Yes No; Indexed cost depletion Expensing of intangiale Yes No drilling costs windfall profits tax Yes Accelerate -phase-out FINANCIAL INST:.UTICNS Special bad deoc deduction Yes No Deduction for interest.- Yes No to carry tax -exempts Exemption of credit Yes No unions Det,arral for -life insurance Yes ;10 investment income ane annuity income 'TUNIC:PAL BONDS ?u011C purrose Tax-exempt Tax-exempt ?rivate purrese ':ax-exenot -axed 39 MAR 13 1985 BOOK 60 PnF. 162