New proposed regulations substantially narrow the definition of royalties for purposes of passive investment income under Subchapter S

Article Abstract:

The IRS proposed changes in its regulations concerning the definition of 'passive investment income.' For Subchapter S corporations, the term refers to gross receipts attributable to passive business, investment or activity, such as royalties, rents, dividends and interest. S corporations which engage actively in business but produce receipts which are categorically passive encountered problems with the old rules. The redefinition will help firms resolve situations involving conflict with said terms.

Finance, taxation, & monetary policy, Royalties, Royalties (Intellectual property)

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Subchapter S reform bill introduced in Congress

Article Abstract:

The S Corporation Reform Act of 1993 was reintroduced in Congress on May 4, 1995, and is presently known as the S Corporation Reform Act of 1995. It will remove some of the unreasonable restrictions imposed on S corporations. The Treasury has been vocal in its objection to the bill, arguing that the Act should focus on small businesses and have a more revenue-neutral effect.

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S corporations

Article Abstract:

The Internal Revenue Service's proposed regulations for S corporation subsidiaries are presented.

United States, Public Finance Activities, Government regulation (cont), Corporate Tax Administration, Corporate taxes, Tax administration, Tax policy

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