General Explanation of Tax Legislation Enacted in the 106th CongressThe Joint Committee on Taxation released a General Explanation of Tax Legislation Enacted in the 106th Congress (JCS-2-01). The "Blue Book" is prepared so lawmakers, tax practitioners and other interested parties have explanations in one volume of the final tax legislation enacted. The Blue Book is divided into nine parts, with each part addressing a specific piece of legislation. Part One explains the provisions of the Availability of Certain Tax Benefits for Services for Part of Operation Allied Force Act (P.L. 106-21), on the tax treatment of certain military personnel and civilian employees in the Federal Republic of Yugoslavia Noun 1. Federal Republic of Yugoslavia - a mountainous republic in southeastern Europe bordering on the Adriatic Sea; formed from two of the six republics that made up Yugoslavia until 1992; Serbia and Montenegro were known as the Federal Republic of Yugoslavia until , Albania, the Adriatic Sea Adriatic Sea (ādrēă`tĭk), arm of the Mediterranean Sea, between Italy and the Balkan Peninsula. It extends c.500 mi (800 km) from the Gulf of Venice, at its head, SE to the Strait of Otranto, which leads to the Ionian Sea. and the northern Ionian Sea Ionian Sea, part of the Mediterranean Sea, S Europe, between Greece and S Italy. It is connected with the Adriatic Sea by the Strait of Otranto. The Gulf of Taranto and the Gulf of Corinth are its chief arms. The Ionian Islands lie in its eastern part. above the 39th parallel. Part Two explains the revenue provisions of the Miscellaneous Trade and Technical Corrections Act of 1999 (P.L. 106-36), on the treatment of certain property subject to a liability. Part Three explains Title V of the Ticket to Work and Work Incentives Improvement Act of 1999 (P.L. 106-170), entitled the Tax Relief Extension Act of 1999. The revenue provisions of the Trade and Development Act of 2000 (P.L. 106-200), on the foreign tax credit rules and overpayments to Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. and the Virgin Islands, are explained in Part Four. Part Five addresses the provisions of the Act Amending the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. to Require 527 Organizations to Disclose Their Political Activities (P.L. 106-230). Part Six explains the revenue provisions of the Miscellaneous Trade and Technical Corrections Act of 2000 (P.L. 106-476), on imported cigarette compliance. An explanation of the FSC FSC See: Foreign Sales Corporation Repeal and Extraterritorial ex·tra·ter·ri·to·ri·al adj. 1. Located outside territorial boundaries: fishing in extraterritorial waters. 2. Income Exclusion Act of 2000 (P.L. 106-519) comprises Part Seven. Part Eight explains the revenue provisions of the Community Renewal Tax Relief Act of 2000 (P.L. 106-554). Finally, Part Nine provides an explanation of the Installment Tax Correction Act of 2000 (P.L. 106-573). An appendix offers the enacted legislation's estimated budget effects. |
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