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Tax Cuts and Jobs Act of 2017: An Analysis

An in-depth examination of the changes made to the Internal Revenue Code by the just-passed Tax Cuts and Jobs Act of 2017.
Publisher: Matthew Bender
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ISBN: 9781579112202
Publisher: Matthew Bender
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An in-depth examination of the changes made to the Internal Revenue Code by the just-passed Tax Cuts and Jobs Act of 2017, this thorough analysis was prepared by our team of tax attorney-staff authors at LexisNexis Matthew Bender. It draws heavily upon the crucial conference committee report and takes you through the new law, provision by provision, with explanations of existing tax code provisions, how they will be changed by the Act, and effective dates for those changes.

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Table of Contents

§ 1.00 Introduction
§ 1.01 Individual Income Tax Rates (Inflation Adjustment)
§ 1.02 Unearned Income of Children (“Kiddie” Tax)
§ 1.03 Individual Standard Deduction
§ 1.04 Suspension of Personal Exemption Deduction
§ 1.05 Treatment of Business Income of Individuals, Trusts, and Estates
§ 1.06 Enhancement of Child Tax Credit and New Family Credit
§ 1.07 Limitations on Losses for Taxpayers Other than Corporations
§ 1.08 Consolidation and Modification of Education Savings Rules
§ 1.09 Reforms to Discharge of Certain Student Loan Indebtedness
§ 1.10 Rollovers Between Qualified Tuition Programs and Qualified ABLE Programs
§ 1.11 Repeal of Overall Limitations on Itemized Deductions
§ 1.12 Modification of Deduction for Home Mortgage Interest
§ 1.13 Modification of Deduction for Taxes Not Paid or Accrued in a Trade or Business
§ 1.14 Repeal of Deduction for Personal Casualty and Theft Losses
§ 1.15 Limitation on Wagering Losses
§ 1.16 Modifications to the Deduction for Charitable Contributions
§ 1.17 Repeal of Certain Miscellaneous Itemized Deductions Subject to the Two-Percent Floor
§ 1.18 Revised Deduction for Medical Expenses
§ 1.19 Repeal of Deduction for Alimony Payments and Corresponding Inclusion in Gross Income
§ 1.20 Repeal of Deduction for Moving Expenses
§ 1.21 Suspension of Exclusion for Qualified Bicycle Commuting Reimbursement
§ 1.22 Repeal of Exclusion for Qualified Moving Expense Reimbursement
§ 1.23 Repeal of Special Rule Permitting Recharacterization of IRS Contributions
§ 1.24 Extended Rollover Period for the Rollover of Plan Loan Offset Amounts in Certain Cases
§ 1.25 Modification of Rules Applicable to Length of Service Award Programs for Bona Fide Safety Volunteers
§ 1.26 Modifications to Estate, Gift, and Generation-Skipping Transfers Taxes
§ 1.27 Alternative Minimum Tax (Exemption, Phaseout, Repeal)
§ 1.28 Reduction in Corporate Tax Rate
§ 1.29 Reduction in Dividends Received Deduction
§ 1.30 Elimination of Shared Responsibility Payment for Individuals Failing to Maintain Minimal Essential Coverage
§ 1.31 Temporarily Increased Contributions to ABLE Accounts, Eligibility for Saver’s Credit
§ 1.32 Extension of Time for Contesting IRS Levy
§ 1.33 Treatment of Certain Individuals Performing Services in the Sinai Peninsula of Egypt
§ 1.34 Relief for 2016 Disaster Areas
§ 1.35 Modification of Rule for Expensing Depreciable Business Assets
§ 1.36 Small Business Accounting Methods Reform and Simplification
§ 1.37 Temporary Increased Expensing for Certain Business Assets
§ 1.38 Modification to Depreciation Limitation on Luxury Automobiles and Personal Use Property
§ 1.39 Modification of Treatment of Certain Farm Property
§ 1.40 Applicable Recovery Period for Real Property
§ 1.41 Use of Accelerated Depreciation System (ADS) for Electing Farming Business
§ 1.42 Amortization of Research and Experimental Expenditures
§ 1.43 Expensing of Certain Costs of Replanting Citrus Plants Lost by Reason of Casualty
§ 1.44 Certain Special Rules for Taxable Year of Inclusion
§ 1.45 Limitation on Deduction for Interest
§ 1.46 Modification of Net Operating Loss Deduction
§ 1.47 Like-Kind Exchanges of Real Property
§ 1.48 Limitation on Deduction by Employers of Fringe Benefits
§ 1.49 Repeal of Deduction for Income Attributable to Domestic Production Activities
§ 1.50 Denial of Deductions for Certain Fines, Penalties, and Other Amounts
§ 1.51 Denial of Deductions for Settlements Subject to Nondisclosure Agreements Filed in Connection with Sexual Harassment or Sexual Abuse
§ 1.52 Repeal of Deduction for Local Lobbying Expenses
§ 1.53 Profits Interests in Partnerships
§ 1.54 Exclusion, etc., for Employee Achievement Awards
§ 1.55 Elimination of Deduction for Living Expenses Incurred by Members of Congress
§ 1.56 Revision of Treatment of Contributions to Capital
§ 1.57 Repeal of Rollover of Publicly Traded Securities Gain into Specialized SBICs
§ 1.58 Certain Self-Created Property Not Treated as Capital Asset
§ 1.59 Modification of Orphan Drug Credit
§ 1.60 Rehabilitation Credit Limitations
§ 1.61 Employer Credit for Paid Family and Medical Leave
§ 1.62 Repeal of Tax Credit Bonds
§ 1.63 Treatment of Gain or Loss of Foreign Persons from Sale or Exchange of Partnerships Engaged in Trade or Business Within the U.S.
§ 1.64 Modification of the Definition of Substantial Built-in Loss in the Case of Transfer of Partnership Interest
§ 1.65 Charitable Contributions and Foreign Taxes Taken into Account in Determining Limitation on Allowance of Partner’s Share of Loss
Deductions for Foreign Source Portion of Dividend
§ 1.66 Repeal of Technical Termination of Partnerships
§ 1.67 Net Operating Losses of Life Insurance Companies
§ 1.68 Repeal of Small Life Insurance Company Deduction
§ 1.69 Adjustment for Change in Computing Reserves
§ 1.70 Special Rule for Distributions to Shareholders from Pre-1984 Policyholders Surplus Accounts
§ 1.71 Modification of Proration Rules for Property and Casualty Insurance Companies
§ 1.72 Repeal of Special Estimated Tax Payments
§ 1.73 Computation of Life Insurance Tax Reserves
§ 1.74 Modification of Rules for Life Insurance Proration for the Purposes of Determining the Dividends Received Deduction
§ 1.75 Capitalization of Certain Policy Acquisition Expenses
§ 1.76 Tax Reporting for Life Settlement Transactions, Clarification of Tax Basis of Life Insurance
Contracts, and Exception to Transfer for Valuable Consideration Rules
§ 1.77 Limitation on Deduction for FDIC Premiums
§ 1.78 Repeal of Advance Refunding Bonds
§ 1.79 Expansion of Qualifying Beneficiaries of an Electing Small Business Trust
§ 1.80 Charitable Contribution Deduction for Election Small Business Trust
§ 1.81 Modification of Treatment of S Corporation Conversions to C Corporations
§ 1.82 Modification of Limitation on Excessive Employee Remuneration
§ 1.83 Excise Tax on Tax-Exempt Executive Compensation
§ 1.84 Treatment of Qualified Equity Grants
§ 1.85 Increase in Excise Tax Rate for Stock Compensation of Insiders in Expatriated Corporations
§ 1.86 Repeal of Special Rule Permitting Recharacterization of IRA Contributions
§ 1.87 Modification of Rules Applicable to Length of Service Award Programs for Bona Fide Public Safety Volunteers
§ 1.88 Extended Rollover Period for the Rollover of Plan Loan Offset Amounts in Certain Cases
§ 1.89 Excise Tax Based on Investment Income of Private Colleges and Universities
§ 1.90 Unrelated Business Taxable Income Separately Computed for Each Trade or Business Activity
§ 1.91 Modifications to the Deduction for Charitable Contributions
§ 1.92 Production Period for Beer, Wine, and Distilled Spirits
§ 1.93 Reduced Rate of Excise Tax on Beer
§ 1.94 Transfer of Beer Between Bonded Facilities
§ 1.95 Reduced Rate of Excise Tax on Certain Wine
§ 1.96 Adjustment of Alcohol Content Level for Application of Excise Tax Rates
§ 1.97 Definition of Mead and Low Alcohol by Volume Wine
§ 1.98 Reduced Rate of Excise Tax on Certain Distilled Spirits
§ 1.99 Bulk Distilled Spirits
§ 1.100 Modification of Tax Treatment of Alaska Native Corporation and Settlement Trusts
§ 1.101 Amounts Paid for Aircraft Management Services
§ 1.102 Opportunity Zone
§ 1.103 Deduction for Foreign Source Portion of Dividends
§ 1.104 Sales or Transfers of Specified 10-Percent Owned
§ 1.105 Repeal of Active Trade or Business Exception under IRC Section 367
§ 1.106 Treatment of Deferred Foreign Income (Territorial Tax System)
§ 1.107 Global Low-Taxed Income in Gross Income of U.S. Shareholders
§ 1.108 Deduction for Foreign Derived Intangible Income (GILTI)
§ 1.109 Deduction for Global Low-Taxed Income in Gross Income of Shareholder
§ 1.110 Repeal of IRC Section 902 (Indirect Foreign Tax Credit)
§ 1.111 Separate FTC Limitation Basket Created for Foreign Branch Income
§ 1.112 Source of Income from Sales of Inventory
§ 1.113 Election to Increase Percentage Domestic Taxable Income
§ 1.114 Repeal of Foreign Base Company Oil-Related Income Rule (IRC Section 954(a))
§ 1.115 Repeal of IRC Section 955
§ 1.116 Modification of CFC Status Stock Attribution Rules
§ 1.117 Expansion of U.S. Shareholder Definition
§ 1.118 Elimination of Minimum 30-Day CFC Holding Period
§ 1.119 Limitations on Income Shifting Through Intangible Property Transfers
§ 1.120 Denial of Deductions for Certain Hybrid Payments
§ 1.121 QDI Treatment Denied for Dividend Paid by Surrogate Foreign Corporations
§ 1.122 Current Year Inclusion of Foreign High Return Amounts of GILTI
§ 1.123 Prevention of Base Erosion
§ 1.124 Restriction on Insurance Business Exception to the Passive Foreign Investment Company Rules
§ 1.125 Repeal of FMV of Interest Expense Apportionment
IRC Sections Amended-Act Section Cross Reference Table
Act Section-IRC Sections Amended Cross Reference Table
Table of New IRC Sections
Table of Amended Public Laws