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A corporate perspective on the revenue reconciliation act of 1990
Author(s) -
Woolf Steven M.
Publication year - 1991
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.3970020305
Subject(s) - excise , dividend , corporate tax , debt , business , revenue , income tax , equity (law) , corporate title , stock (firearms) , tax law , economics , finance , monetary economics , corporate governance , accounting , public economics , tax avoidance , double taxation , law , macroeconomics , political science , mechanical engineering , engineering
The Revenue Reconciliation Act of 1990 is intended to raise over $140 billion over the next five years. Although the corporate income tax rate remains unchanged, the 1990 law includes provisions affecting preferred stock dividends, debt cancellation income, and corporate equity reduction transactions. The new law also imposes excise taxes on certain “luxury” items.