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Tax changes in energy bill.

President Bush signed the Comprehensive National Energy Policy Act of 1992 (HR 776), passed by Congress on October 24, 1992. The law contains several tax changes, including the following:

Seller-financed mortgages. For seller-financed mortgages on personal residences, both the seller and the buyer must report each others' names, addresses and Social Security numbers on their respective income tax returns. This rule applies to sellers who receive any interest and to buyers who deduct any interest. This provision is effective beginning in 1992.

Gambling winnings. Withholdings on gambling winnings go up to 28% from the prior-law 20%, but the minimum payment at which withholding applies is increased to $5,000 from the prior-law $1,000. This provision is effective beginning in 1993.

The law also contains various provisions regarding employer-provided transportation benefits (see Tax Briefs, page 27), energy conservation and production incentives, cutbacks on the moving expense deduction and other revenue-raising provisions.
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Publication:Journal of Accountancy
Article Type:Brief Article
Date:Dec 1, 1992
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