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CAPITAL RECOVERY AND LEASING 1005 Tax Lawyer, Vol. 53, No. 4CAPITAL RECOVERY AND LEASING SUBMITTED BY THE COMMITTEE ON CAPITAL RECOVERY AND LEASING: GLEN F. MACKLES, COMMITTEE CHAIR; RICHARD G. BLUMENREICH, SUBCOMMITTEE CHAIR ON CURRENT DEVELOPMENTS* Legislation The Tax Relief Extension Act of 1999 extends for two years — to tax years beginning before 2002 — an exception from subpart F income for certain “actiiv financing” income. The active financing income exception enacted in 1997 and modified...