Definitions for "Tax Reform Act of 1986"
Keywords:  shelter, loopholes, reform, tra, sought
Federal legislation which made many significant changes to the U.S. tax system.
Tax legislation that lowered tax rates and sought to eliminate some of the loopholes in the existing tax code.
Legislation that eliminated nearly all tax shelters and many income tax deductions in exchange for lower tax rates for both individuals and corporations.
A 1986 law involving a major overhaul of the U.S. tax code.
The Act that made such major changes to the Code that it renamed the Code as the "Internal Revenue Code of 1986." It was signed on October 22, 1986.
This law made substantial changes in the tax structure for individuals and businesses, shifting some taxation from individuals to businesses.
An encompassing tax act that made many changes in estate and gifting rules.