27 cups were consumed as roast and ground," per the AJCA
Until the AJCA
in 2004, regulated investment companies (mutual funds) were required to derive 90% of income from qualifying sources, leaving only 10% of the income to be derived from other sources such as MLPs.
Pursuant to AJCA
, the deduction for donated qualified vehicles (autos, boats or airplanes) which are valued at greater than $500 is generally limited after 2004 to the amount of the gross proceeds from the subsequent sale of the vehicle by the charity.
Prior to the AJCA
, accrual-basis taxpayers were required to translate foreign taxes paid into dollars using the average exchange rate for the year.
Under the AJCA
, the first-year depreciation deduction for such vehicles purchased after 22 October 2004 is now limited to $25,000 (the limit for vehicles purchased before 23 October 2004 was $100,000).
Under Clauss' leadership and vision, AJCA
moved to package its registration, milk marketing, appraisal and performance programs, which led to a continuous increase in program participation.
This represents the highest ever preference rate figure since surveying of product preference was started," said the AJCA
in a new comprehensive 120-page report on market trends based on figures in 2010 and 2011.
In addition to the general repeal rule, the AJCA
also provided a transition (or phaseout) rule that permits taxpayers to claim 80% of the ETI benefits that would have been available prior to repeal for income recognized from a transaction entered into during 2005 and 60% of ETI benefits for income from a transaction entered into during 2006.
introduced a broad, new definition of manufacturing that creates a phased-in deduction.
created the domestic production activities deduction (PAD).
Effective for expenses incurred after October 22, 2004, section 907 of the AJCA
revised section 274(e)(2) to limit the deduction for expenses for entertainment goods, services and facilities (including airplanes used for certain personal reasons) provided to "specified individuals" to the amount that the company treats as compensation to the recipient and reports as compensation on its corporate return.
With respect to S Corporations, the AJCA
added the following key provisions: (1) an S Corporation can now have up to 100 owners, 25 more than the permitted number prior to the AJCA
; (2) certain family members who are S Corporation owners may elect to be treated as one owner, thus further increasing the post-AJCA
number of owners that an S Corporation may have; (3) in the case of married shareholders who divorce, the AJCA
permits the spouse to whom S Corporation shares are transferred to use the suspended losses that the transferring spouse had in the shares that are transferred; and (4) a bank S Corporation now may have an IRA (Roth or traditional) as an owner.