Section of Taxation
Testimony Before U.S. Senate Finance Committee

STATEMENT
of
RICHARD M. LIPTON

on behalf of the

AMERICAN BAR ASSOCIATION
SECTION OF TAXATION

before the

COMMITTEE ON FINANCE
of the
UNITED STATES SENATE

on the subject of
TAX SIMPLIFICATION

April 26, 2001

Index

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Title
Introduction
Specific Proposals
1. Alternative Minimum Tax
a. Repeal the Individual AMT
b. Repeal the Corporate Minimum Tax As Well
2. Individual Tax Provisions
a. Repeal Stealth Taxes
b. Other Phase-Outs
c. Simplify the Earned Income Tax Credit
d. Family Status Issues
e. Repeal the Two Percent Floor on Miscellaneous Itemized Deductions
f. Simplify the Capital Gains Provisions
g. Eliminate Elections
h. Transfer Tax Simplification Generally
Credit Amount Increases; Related Simplification Measures
Valuation Discounts
Present Interest Rule
Section 6166
Unified Credit Portability Between Spouses
Statute of Limitations
3. Business Tax Provisions
a. Expand the Use of the Cash Method of Accounting
b. Inventory Accounting
c. Eliminate the Half-Year Age Conventions
d. Repeal or Modify the Top Heavy Rules
e. Replace the Affiliated Service Group and Employee Leasing Rules
f. Worker Classification
g. Provide Clear Rules Governing the Capitalization and Expensing of Costs…
h. Modify the Uniform Capitalization Rules
i. Simplify S Corporation Qualification Criteria
j. Modify the S Corporation Election Requirement
k. Repeal or Simplify the Personal Holding Company Rules
l. Repeal the Collapsible Corporation Provision
m. Simplify the Attribution Rules
n. Simplify the Loss Limitation Rules
o. Simplify Section 355
p. Simplify the Consolidated Return Rules
q. Simplify the PFIC Rules
r. Simplify the Foreign Tax Credit Rules
s. Simplify Application of Subpart F
t. Repeal Section 514(c)(9)(E)
4. Administrative Provisions
a. Deposit Penalty
b. Information Returns
c. Penalty Reform
d. Extenders
e. Rationalize Estimated Tax Safe Harbors

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