CCH Tax Briefing:

TAX INCREASE PREVENTION

AND RECONCILIATION ACT

Updated May 17, 2006

Special Report
President Signs Tax Reconciliation
Highlights
✔ $70 billion in net tax cuts Bill: $90 Billion in Targeted Benefits
✔ 14 revenue offset provisions and $20 Billion in Revenue Raisers
✔ Extension of capital gains
tax cuts
✔

Extension of qualified
dividend tax cuts
✔ AMT relief
✔ Extended small
business expensing
✔ Extension of Subpart F
active-financing exception
✔ Changes to corporate
estimated tax payments
✔ Modification of test for tax-
free corporate spin-offs
✔ Changes to income
limitations on
Roth IRA conversions
✔ Expanded kiddie tax
Inside this Issue
AMT relief .................................. 1
Dividend and capital
gains rate cuts ........................ 2
Small business expensing ....... 3
Subpart F.................................. 3
Corporate estimated
tax payments ........................... 3
CERCLA settlement funds....... 4
Revenue Raisers ...................... 4
Roth IRAs .................................. 4
No Shows ................................. 7
A
fter months of back and forth
negotiations, a House-Senate
conference committee released
H.R. 4297, the Tax Increase Prevention
and Reconciliation Act of 2005 (Tax
Reconciliation Act). The House promptly
approved the bill on May 10, 2006, by
a vote of 244 to 185 and the Senate fol-
lowed the next day by a vote of 54 to 44.
President Bush signed the bill into law at
a While House ceremony on May 17.
The Tax Reconciliation Act im-
pacts a broad cross-section of taxpay-
ers. The new law extends the contro-
versial dividend and capital gains tax
rate cuts for two more years beyond
2008, gives taxpayers some immediate
relief from the alternative minimum tax
(AMT), extends small business expens-
ing thresholds, and allows high-income
taxpayers a Roth conversion opportu-
nity. Moreover, it makes over 20 other
significant changes.
Conferees worked for many
weeks before pressure from Congres-
sional leaders and the White House
encouraged an agreement. While the
final bill has undergone many changes
since it started as last year’s 2005
reconciliation bill, it still contains
$70 billion in net tax cuts. It also
contains $20 billion in revenue raisers
that should get the attention of a wide
variety of taxpayers.
Comment The compromise bill
came together after prodding by
the White House, which wanted
a legislative victory before sum-
mer. Congress has been bogged
down with immigration and lobby
reform as well as trying to respond
to high energy prices. The official
name of this new law carries a
“2005” designation because it is
in fact a carryover from last year’s
budget. Expectations are that,
given mid-term elections, there
will be no further tax measures
this year under the auspices of the
“budget process.”
MORE ON THE WAY
To reach an agreement, and keep within
budget constraints, conferees removed
some important provisions which will
likely appear in stand-alone legisla-
tion, a “trailer” bill, or could be tacked
onto the pending pension reform bill.
These additional provisions include:
extending the state and local sales tax
deduction, the teachers’ classroom
expense deduction, R&D provisions,
some employment tax credits, and other
popular but temporary incentives.
AMT RELIEF
The Tax Reconciliation Act extends
and increases-for 2006 only-the AMT
exemption amount for individuals. It
also lessens the sting of the AMT for
2006 by allowing the use of certain
nonrefundable personal credits.
Continued on page 2
2
2006 Legislation Update
Despite dire predictions about the AMT
soon becoming the “regular” tax for
millions of middle-income Americans,
Congress hasn’t found the wherewithal
to repeal the AMT or reform it. The
Tax Reconciliation Act, like many tax
bills before it, merely provides limited
AMT relief.
Higher AMT exemption amounts.
Through December 31, 2006, taxpayers
will be able to take advantage of higher
AMT exemption amounts. The AMT
exemption amount for married couples
filing jointly is $62,550 and for single
taxpayers is $42,500.
Without this 2006-only
retroactive relief, an additional 15
million taxpayers, many of them
middle-class, would be subject to
the AMT. Congress will have to face
similar “dire consequences” again
for 2007.
The Working Families
Tax Relief Act of 2004 extended the
higher AMT exemption amounts
through December 31, 2005, but at
lower levels ($58,000 for married
couples filing jointly and $40,250 for
single taxpayers).
Nonrefundable personal credits.
The Tax Reconciliation Act extends
through 2006 the provision allowing
taxpayers to use nonrefundable per-
sonal credits to offset AMT liability.
Nonrefundable personal credits in-
clude the dependent care credit, the
credit for the elderly and disabled,
the credit for interest on certain home
mortgages, the Hope credit for certain
college expenses and the Lifetime
Learning credit.
DIVIDEND AND CAPITAL
GAINS RATE CUTS
No recent tax cut has been as controversial
as the dividend and capital gains tax rate cut
enacted in 2003. While the White House
C C H T A X B R I E F I N G
and Republicans credit this tax cut with
spurring economic growth, Democrats
decry it as a give-away to the wealthy.
The dividend and
capital gains tax rate cut is so
controversial that Republicans
knew they could only get it
through Congress as part of a tax
reconciliation bill, which requires
only a simple majority in the
House and Senate to pass. Oth-
erwise, a stand-alone bill would
require at least 60 votes in the
Senate to pass and no Democrat
would sign on.
“These provisions
affect a broad spec-
trum of taxpayers,
including investors,
job creators and mid-
dle-income families,”
Ways & Means Com-
mittee Announce-
ment, May 10, 2006.
In 2003 Congress lowered the maxi-
mum dividend and capital gains tax rates
– for most, but not all, dividends and
capital gains – to 15 percent for qualify-
ing taxpayers. Taxpayers in the 10- and
15-percent tax brackets are eligible for
an even lower rate of five percent. In
2008, the rate for taxpayers in the 10-
and 15-percent tax brackets falls to zero.
As originally enacted, these tax rate cuts
were temporary. They were scheduled to
expire at the end of 2008.
The Tax Reconciliation Act extends
these cuts for two more years through
December 31, 2010.
Reminder. Not all dividends and
capital gains qualify for the lower rates.
Since 2003, the IRS has explained in
published guidance which dividends and
capital gains are eligible.
Extending this tax break
represents a significant tax cut
for many of those affected. Once
the extension ends in 2011, capi-
tal gains will effectively be taxed
at a 33.33 percent higher rate (20
percent instead of 15 percent);
while those in the highest tax
bracket (set to revert to 39.6 per-
cent) will pay over 160 percent
more tax on dividends.
The extension through
December 31, 2010, now aligns
the dividend and capital gains
tax rate cuts with the tax cuts
enacted in the Economic Growth
and Tax Relief Reconcilia-
tion Act of 2001 (EGTRRA),
including the lower individual
marginal income tax rates, mar-
riage penalty relief and tempo-
rary repeal of the federal estate
tax. All the tax cuts in EGTRRA
will sunset after December
31, 2010, and at this time, it’s
anyone’s guess whether Con-
gress will extend them. The
current White House and many
Republicans in Congress want
to, but many lawmakers, and
not only Democrats, believe the
country cannot afford them with
the federal budget deficit at an
all-time high. Therefore, the
possibility of higher tax rates
should be considered in any
long-term tax strategy.
CAPITAL GAINS
Self-created musical works. The Tax
Reconciliation Act allows taxpayers
to elect to treat the sale or exchange
of self-created musical compositions
or copyrights as the sale or exchange
of a capital asset. This special treat-
ment is effective for sales or ex-
©2006, CCH. All Rights Reserved

Updated May 17, 2006
changes in tax years beginning after
the President signs the new law and
before January 1, 2011.
Despite some initial
proposals to lower the capital
gains tax rate on collectibles, the
final bill leaves the current 28-
percent tax rate on collectibles
unchanged.
Amortization of song rights. In a
related music-industry development,
the Act permits a taxpayer that puts
any musical composition or musical
copyright into service to elect to use
the five-year amortization period for
certain expenses paid or incurred with
respect to all musical compositions
and musical composition copyrights
placed in service in that tax year.
This will allow music
publishers to amortize advances
they make to song writers over
five years.
SMALL BUSINESS
EXPENSING
Since 2003, Congress has enhanced
small business expensing under Code
Sec. 179 several times to encourage
business investment. The Tax Rec-
onciliation Act continues this special
treatment. The enhanced small
business expensing thresholds in
the American Jobs Creation Act
of 2004 are extended through
December 31, 2009.
The maximum amount a
taxpayer may expense is $100,000
of the cost of qualifying property,
reduced by the amount by which
the cost of qualifying property ex-
ceeds $400,000. Both amounts are
indexed for inflation for tax years
beginning after 2003 and before
2010. These amounts are increased
for Gulf Opportunity Zone prop-
erty. For 2006, the amounts are
$108,000 and $430,000, respectively.
Without the extension, the expensing
limit would have dropped to $25,000 on
a $200,000 cap after 2007.
SUBPART F
Active financing and insurance in-
come. The American Jobs Creation
Act of 2004 carved a temporary excep-
tion from Subpart F taxation for active
financing and insurance income. This
special treatment was set to expire at
the end of 2006. The Tax Reconcilia-
tion Act extends the temporary excep-
tion through December 31, 2008.
New exception. The Tax Reconcilia-
tion Act also creates another temporary
exception from Subpart F by providing
a look-through exception for dividends,
interest, rents, and royalties received by
one controlled foreign corporation (CFC)
from a related CFC to the extent attribut-
able to non-Subpart F income of the payor.
The new temporary exception is effective
for tax years beginning after December
31, 2005, and before January 1, 2009.
CORPORATE
ESTIMATED TAX
PAYMENTS
Increases for large corporations.
The Tax Reconciliation Act increases
estimated tax payments for corpora-
2008 Tax Savings (in percentage of total tax liability)
For Taxpayers With Qualified Dividend And Long
Term Capital Gains Income
% Saved From Quali-
AGI fied Dividend Income
$50K and Under
$50K to $75K
$75K to $100K
$100K to $200K
$200K and Over
*Data issued by the JCT.
3
tions with assets of at least $1 billion
that are due in 2006, 2012 and 2013.
Payments due in July, August and
September 2006 are increased to 105
percent; payments due in July, August
and September 2012 to 106.25 percent;
and payments due in July, August and
September 2013 to 100.75 percent.
Delayed due date. 20.5 percent
of the corporate estimated tax payment
due on September 15, 2010, will not be
due until October 1, 2010. 27.5 percent
of the corporate estimated tax payment
due on September 15, 2011, will not be
due until October 1, 2011.
DISTRIBUTIONS
OF CONTROLLED
CORPORATIONS -
ACTIVE BUSINESS TEST
The Tax Reconciliation Act also
simplifies the active business test for
tax-free corporate spin-offs. Taxpay-
ers can look at all corporations in the
distributing corporate group and the
spun-off subsidiary’s respective affili-
ated group to determine if the active
business test is satisfied.
By applying the test
at the group level, the necessity
for corporate restructuring to
satisfy the active business test
may be avoided.
% Saved From Long-Term
Capital Gain Income
7.6 % 10.2%
3.6% 5.3%
2.5% 3.8%
2.0% 3.6%
2.2% 7.6%
C C H T A X B R I E F I N G
4
2006 Legislation Update
SETTLEMENT FUNDS
The Tax Reconciliation Act provides
special tax treatment to certain settle-
ment funds resolving claims under
the Comprehensive Environmental
Response, Compensation, and Liabil-
ity Act (CERCLA), commonly known
as Superfund. These settlement funds
will be treated as beneficially owned
by the U.S. government and will not be
subject to federal taxation. The settle-
ment fund must be established under a
court-ordered consent decree and meet
other criteria. This special treatment is
not available to settlement funds estab-
lished after December 31, 2010.
The Tax Reconciliation Act also:
Permits vessels weighing not less
than 6,000 deadweight tons (re-
duced from 10,000) to elect into
the tonnage tax.
Extends the special grandfather excep-
tion from the arbitrage bond rules for
Texas permanent university funds for
bonds issued after the date of enact-
ment and before August 31, 2009.
Modifies the treatment of loans to
qualified continuing care facilities.
Expands the Veterans’ Mortgage
Bond Program.
REVENUE RAISERS
IMPORTANT CHANGES
TO ROTH IRAS
The Tax Reconciliation Act eliminates
the $100,000 adjusted gross income
ceiling for converting a traditional in-
dividual retirement account (IRA) to
a Roth IRA, for tax years after 2009.
A conversion is treated as a taxable
distribution, but is not subject to the
10-percent early withdrawal penalty.
Taxpayers who convert in 2010 can
elect to recognize the conversion in-
come in 2010 or average it over the
next two years.
C C H T A X B R I E F I N G
The elimination of the
$100,000 ceiling has higher-
income taxpayers and their
financial advisors salivating.
High-income taxpayers with
substantial amounts in tradi-
tional IRAs previously were
shut out of the benefits of
conversion. Now, anyone can
convert to a Roth IRA. Many
critics are calling the “revenue-
raiser” classification of this
Roth conversion opportunity
for high-income taxpayers a
“budget gimmick.”
Reminder. Contributions to a
Roth IRA are not deductible, but
the earnings are permanently
tax-free. Also, Roth IRAs have
no required minimum distribu-
tion at age 70 ½.
Planning strategies. Most ex-
perts believe that such conver-
sions will be advantageous
because future tax rates are not
likely to go down significantly.
While the provision would raise
revenue in the short-term, esti-
mates from the Urban Institute
for Tax Policy indicate that the
provision is ultimately a revenue
drain.
The make-or-break
factor for many taxpayers, however,
will be whether the conversion can
be funded outside the converted
account or whether the individual
must dip into the proceeds to pay
the tax. Such withdrawals will be
subject to both income tax and early
withdrawal penalties.
This provision does not
extend to 401(k) plans. How-
ever, nothing would prevent
Roth IRA conversions of tradi-
tional IRAs that have received
proceeds of 401(k) balances
when an individual leaves em-
ployment. Nor does the new law
prevent high-income taxpayers
from contributing to nondeduct-
ible traditional IRAs now in
anticipation of converting to
Roth IRAs in 2010.
2010 is the last year for
the current low income tax rates
before they sunset in 2011. The
rush to do Roth conversions in
2010 may be historic, especially
if Congress does not extend the
lower tax rates.
OFFERS-IN-
COMPROMISE
The Tax Reconciliation Act increases
the amounts that must be paid by
taxpayers submitting an offer-in-com-
promise. Under the new law, taxpay-
ers are required to make partial pay-
ments of their liability in addition to
any user fee now imposed by the IRS;
however, the user fee will be applied
to the outstanding tax liability. For a
lump sum offer, taxpayers will pay 20
percent of the amount offered. For an
installment payment offer, taxpayers
will make their proposed scheduled
payments while the IRS considers the
offer. If the IRS fails to process the
offer within two years, the offer will
be deemed to be accepted.
The two-year deadline
may provide a significant benefit
to taxpayers waiting for the IRS to
process their offer.
KIDDIE TAX
The kiddie tax rules require a child’s
unearned income, such as dividends
and interest, to be taxed at the parents’
tax rate, which is usually a higher rate.
©2006, CCH. All Rights Reserved

Updated May 17, 2006
Under current law, the kiddie tax applies
if the child is under age 14, the child
has net unearned income over $1,700,
and the parent can claim the child as a
dependent. The Tax Reconciliation Act
raises the age limit to under 18.
This provision is effec-
tive immediately, for the entire
2006 tax year. Parents who had
planned to sell a child’s college
stock portfolio after age 13 and
before entering college have no
opportunity now to accelerate
that planning technique if the
child is over 13. If the family was
planning to postpone a sale until
2008, when the rate for capital
gains would be zero, that’s a loss
of 15 percentage points on the tax
otherwise not due on the sale of
stock or other portfolio assets.
WITHHOLDING
ON GOVERNMENT
PAYMENTS
Effective in 2011, federal, state and
local government agencies must
withhold three percent on payments
for services or property provided by
a taxpayer. Agencies must report the
payments and the amount withheld
to the IRS. The new requirement will
not apply to payments determined by
a needs or income test, such as food
stamps or welfare payments.
FSC/ETI REPEAL
FSC binding contract relief. The
FSC regime has been repealed; but
still in place is a transition rule that
allowed for FSC relief for transac-
tions in the ordinary course of a
trade or business occurring before
January 1, 2002, or after December
31, 2001, pursuant to a binding
contract between the taxpayer and
an unrelated person which was in
effect September 30, 2000. The Tax
Reconciliation Act repeals this FSC
transition rule.
ETI binding contract relief. The Tax
Reconciliation Act repeals a similar ETI
transition rule.
These provisions had to
be repealed because the World Trade
Organization (WTO) had deter-
mined they were illegal. If Congress
did not repeal them, the U.S. risked
billions in trade sanctions.
WAGE LIMITATION
IN CODE SEC. 199
Code Sec. 199 allows a deduction
from taxable income for the portion of
a taxpayer’s income that arises from
qualified production activities but limits
the deduction to 50 percent of the wages
paid by the taxpayer in the same calendar
year. Partners, shareholders, or other
persons who are allocated part of quali-
fied production activities income (QPAI)
from passthrough entities were treated as
having been allocated their share of the
partnership’s wages.
The Tax Reconciliation Act modifies
the wage limitation by limiting the deduc-
tions to 50 percent of the wages that are
deducted in arriving at QPAI. Partners
and shareholders will be allocated their
share of the partnership’s W-2 wages but
will include in their wage limit only wages
paid to determine QPAI.
CODE SEC. 911
HOUSING EXCLUSION
Code Sec. 911 provides an exclusion
from gross income for certain foreign
housing costs in an amount equal to the
excess of a taxpayer’s housing costs over
a base housing amount.
The Tax Reconciliation Act sets
a new base housing amount at 16 per-
C C H
5
cent (computed on a daily basis) of
the foreign earned income exclusion
limitation, multiplied by the number of
days of foreign residence or presence
in that year.
Reasonable foreign
housing expenses over the base
amount may be excluded from
gross income. The exclusion
amount is limited to 30 percent
of the maximum amount of a
taxpayer ’s foreign earned in-
come exclusion. For 2006, the
maximum amount for the foreign
housing cost exclusion is $11,536
if the taxpayer lives year-round in
a foreign residence.
The Tax Reconciliation Act also
sets the tax brackets for any income in
excess of the exclusion amount. Any
income over the exclusion will be sub-
ject to the tax rate applicable had the
taxpayer not elected the exclusion.
TAX SHELTERS
Tax-exempt entities that are parties to
tax shelter transactions risk penalties
under the new law. The penalties are
imposed on tax-exempt entities and
on any entity manager that causes the
entity to be a party to the tax shelter
transaction. The tax-exempt entities are
subject to disclosure requirements and
the parties to a prohibited tax shelter
transaction are required to disclose to
tax-exempt entities the fact that it is a
prohibited transaction.
Congress has been
particularly concerned about the
role of tax-exempts in tax shelters,
especially as promoters have been
seeking new vehicles for tax shel-
ters. This provision could be just
the first of many that crack down
on exempt-organizations that will-
ingly – or unwittingly – participate
in abusive transactions.
T A X B R I E F I N G
6
2006 Legislation Update

EARNINGS TREATMENT OF DISTRIBUTIONS

STRIPPING RULES
The Tax Reconciliation Act codifies
proposed earnings stripping regula-
tions and provides that a corporation
with a direct or indirect interest in a
partnership will treat its share of the
partnership’s liability as a liability of
the corporation for purposes of ap-
plying the earnings stripping rules
to the corporation. The corporation’s
distributive share of interest income or
interest expense of the partnership will
be treated as income interest or expense
of the corporation.
The IRS is granted regulatory author-
ity to reallocate partnership debt or distrib-
utive shares of interest income or expense
to prevent avoidance of these rules. The
effective date is for tax years beginning
on or after the date of enactment.
INFORMATION
REPORTING
Currently, payors of interest on tax-
exempt bonds are not subject to the
information reporting requirements.
The Tax Reconciliation Act eliminates
that exception and requires information
reporting for interest paid on tax-ex-
empt bonds.
DISTRIBUTIONS
ATTRIBUTABLE TO
FIRPTA GAINS
The Tax Reconciliation Act modifies
the scope of the Foreign Investment
in Real Property Tax Act (FIRPTA).
It targets qualified investment enti-
ties that have significant interests in
U.S. real property and it modifies the
application of FIRPTA for investors
that do not own more than five percent
of qualified investment entities. It
also restricts an investor’s ability to
avoid FIRPTA by investing in a tiered
qualified investment entity. New rules
are provided dealing with wash sale
transactions involving dispositions of
RIC or REIT stock to avoid FIRPTA
tax on dispositions of U.S. real prop-
erty interests.
Revenue Raisers Ten Years Out
10%
OF CONTROLLED
CORPORATIONS
Tax-free treatment no longer will apply
to certain spin-offs where the distributing
corporation or the controlled corporation
is a disqualified investment corporation
immediately after the transaction and any
such person holds a 50 percent or greater
interest in any disqualified investment
corporation if such person did not hold
such interest immediately before the
transaction. For this purpose, a disquali-
fied investment corporation is any distrib-
uting or controlled corporation that has
investment assets that are 2/3 or more of
the fair-market value of the corporation’s
total assets (in the case of distributions
after the end of the one-year period begin-
ning on the date of enactment).
For distributions that occur within one
year of the date of enactment, a corporation
IRA Conversions
Housing Exclusion

AMORTIZATION 30%
OIC Partial Payments
OF GEOLOGICAL
AND GEOPHYSICAL 31% Minor Age Increase
EXPENDITURES
Currently geological and geophysi- 10% Government
cal (G&G costs) expenses are costs payment withholding
incurred for gathering data to acquire 10% 9%
mineral properties. G&G costs for Other*
oil and gas exploration in the U.S.
can be amortized over two years.
The Tax Reconciliation Act requires * Earnings stripping rules for C corps; Interest reporting on tax-exempt for bonds;
amortization of G&G costs over five 5-year G&G amortization; FIRPTA gains; Controlled Corp Distributions; Pooled
years for certain major integrated oil financing loan requirements; Repeal FSC/ETI binding contract relief; Modify wage
companies. This proposal applies limits for Sec. 199; Involvement with tax shelter transactions.
to amounts paid or incurred after the
date of enactment.

C C H T A X B R I E F I N G ©2006, CCH. All Rights Reserved

 7
Updated May 17, 2006

is a disqualified investment corporation if
the investment assets are 3/4 or more of
the fair-market value of the corporation’s
total assets. Special rules apply in the case
of securities marked to market and where
a transaction involves stock issued by a
corporation that is a 20-percent controlled
entity with respect to the distributing or
controlled corporation.
POOLED
FINANCING BONDS
The Tax Reconciliation Act modifies
the requirements that pooled financing
bonds must meet in order to retain their
tax-exempt status.
NO SHOWS
Congress chose not to extend a
number of tax incentives that either
have expired or will soon expire.
While some of these “extenders” may
yet find their way into the “trailer
bill” that Senator Charles Grassley,
R-Iowa, and chairman of the Senate
Finance Committee, is determined to
push through Congress this spring,
many are considered “off the table”
for the rest of 2006. These include:
The welfare-to-work and work op-
portunity tax credits;
Archer Medical Savings Accounts;
15-year straight-line depreciation for
lease and restaurant improvements;
Enhanced percentage depletion from
marginal wells;
Increased ceiling for Zone Academy
Bonds;
Increased expensing of environmental
remediation costs; and
Parity requirement for mental health
benefits.
Congress also chose not to adopt
some new tax incentives and
limitations despite strong support
from some lawmakers:
Charitable giving incentives, in-
cluding a charitable deduction for
non-itemizers, tax-free distributions
from IRAs for charitable donations,
exclusion of mileage reimbursements
from income, contributions of façade
easements, and contributions of food
and book inventory;
Restructuring of New York Liberty
Zone incentives;
Interest deduction for mortgage pre-
mium insurance;
Codification of the economic sub-
stance doctrine; and
Additional tax shelter provisions, in-
cluding increased penalties on tax shel-
ter promoters, frivolous submissions,
interest deductions for transactions lack-
ing economic substance, and increased
taxes for offshore arrangements, corpo-
rate inversions, and expatriates.

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_____ ❏ 2007 U.S. Master Tax Guide® (05957301)
_____ ❏ Internal Revenue Code: Income, Estate, Gift,
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_____ ❏ Income Tax Regulations, As of July, 2006
(04471301)
_____ ❏ Tax Planning Strategies, 2006-2007 (04453301)

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4025 West Peterson Avenue

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