Federal Tax

Tax Credits: Concepts and Calculation (Portfolio 506)

  • This Portfolio provides a conceptual framework for handling credit issues and explores the nature, scope, significance, definition, and fundamental concepts of credits.

Description

Bloomberg Tax Portfolio, Tax Credits: Concepts and Calculation, No. 506, serves three primary functions for the practitioner. First, it provides a conceptual framework for handling issues relating to credit concepts. The portfolio explores the nature, scope, significance, definition, and fundamental concepts of credits. Topics discussed include the timing of credits, pass-through rules, trade or business credits, pre-payment-type credits, credits for individuals, limitations and restrictions on credits, and the assignment of credits.

Second, the Portfolio explains the rules of numerous specific provisions subsumed in the broad categories referred to above (for example, the earned income credit, household and dependent care credit, clinical drug testing credit, and nonconventional source fuels credit).

Third, the practitioner can use the Portfolio as a tool for identifying Bloomberg Tax Portfolios that provide an in-depth treatment of specific topics discussed here. Cross references to applicable Portfolios appear in each section of this Portfolio.

Table of Contents

I. Introduction
II. The Concept and Scope of Credits
III. Trade or Business and For-Profit Activity Credits
IV. Credits Allowable Without Regard to Trade, Business, or For-Profit Activity
V. Special Credits for Individuals
VI. Limitations and Restrictions on Credits
VII. Taxpayer Entitled to Credit

maule-james-2015
James Maule
Professor of Law, Emeritus
Villanova University School of Law
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