Tax reform bills have now been passed by the U.S. Senate and the U.S. House of Representatives. A joint conference committee is presently working to iron out differences between the two bills.
From an analysis by Coopers & Lybrand, here are the identical provisions contained in the two bills, which should remain in the final version:
- Repealing the investment tax credit.
- Retaining deductions for state and local income and real estate taxes, and interest on first and second mortgages.
- Repealing the two-earner deduction, income averaging and the $100-$200 dividend exclusion.
- A 10 percent nondeductible tax on pension reversions.
- Disallowing 20 percent of business meal and entertainment deductions.
- Curtailing tax benefits from income shifting to children 14 or under.
- A 15 percent penalty on some early retirement plan distributions.
Significant business tax differences between the two bills, according to Coopers & Lybrand, are:
Corporate tax rates - the Senate bill contains a top rate of 33 percent, while the top rate in the House bill is 36 percent.
Dividends - the House bill provides for a 10 percent deduction for dividends paid, while the Senate bill does not provide any deduction. Both versions reduce the dividends-received deduction from the current 85 percent (Senate to 70 percent and House to 80 percent).
Corporate minimum tax - both bills toughen the minimum tax rules, with the House setting a 25 percent rate and the Senate a 20 percent rate. The Senate bill also creates a new tax preference item consisting of 50 percent of book profits over taxable income.
Accounting methods - the House bill limits the cash method of accounting to small business, partnerships, S corporations and professional service corporations. The Senate bill allowsall except financial institutions to use the cash accounting method. . .
- Jimmy R. Cole has been named manager of Liberty National Bank and Trust Co.'s Norman branch at 3600 W. Robinson.
A vice president for Liberty, Cole previously worked in the bank card and consumer loan division of the bank's personal banking center in Oklahoma City. He joined the bank in 1970. . .
- The following promotions have also been announced at Liberty National Bank and Trust Co.
Ken L. Burdick, director of bank security, and Kay Fenimore, manager of information and control services, have been named vice presidents at Liberty in Oklahoma City.
J. David Lee, Ingrid Servais, and Robin Thomas were named assistant vice presidents.
Newly-named officers are Pam Bradmon, operations officer; Thomas H. Faulk, loan review officer; Ross Hansen, commercial banking officer; Kim Lewallen, operations officer; Maria I. Mendez, commercial banking officer; Gary Nelson, operations officer; Lee Ann Nordin, loan administration officer; Sue Osner, operations officer; Melinda Riggs, operations officer; Lloyd E. Stone, loan administration officer; Jo Tate, operations officer; and Marc Yount, operations officer.
These officers were named at Liberty's branch in Norman:
Kenneth Cubbage, Gwen Dallas, and Frank Lesser, vice presidents; Linda Battersby, operations officer; Kelly Deaver, operations officer; Diane Maddox, customer service officer; Mildred Owens, operations officer; Karen Pennington, operations officer; El Juana Pollock, trust officer; Phyllis Richardson, operations officer; and Marilyn Stookey, accounting officer. . .
- Lee G. Fisher has been elected president of United Bankers Mortgage Corp. He was previously senior vice president at Lumbermen's Investment Corp. in Austin, Texas. . .
- Mabrey Insurance Agency Inc. of Okmulgee has applied to the Federal Reserve Bank in Kansas City for approval to acquire 100 percent of the voting shares of the Bank of Commerce in …