Tax Reform Act

[AI summary unavailable — showing source text] Tax Reform Act - Title I: Income Tax Amendments - Repeals specified provisions of the Internal Revenue Code. Increase the corporate surtax exemption from a flat $25,000 to $50,000 reduced by an amount which bears the same ratio to $50,000 as the amount of the taxpayer's taxable income for that year in excess of $100,000 bears to $125,000. Provides for the apportionment of such exemption among the members of a group of controlled corporations. Provides, in the case of a taxpayer having tax preference income in excess of $5,000, that the total amount of deductions otherwise allowable shall be reduced by an amount equal to such total amount multiplied by a fraction the numerator of which is the sum of tax preference and the demoninator of which is the sum of tax preferences plus taxable income. States that the issuer of governmental bonds the interest on which is presently free from taxation may elect to issue obligations the interest on which shall be taxable. Repeals the deduction for investment interest. Limits the deduction of mortgage interest to the interest paid or accrued with respect to a mortgage on residential property in which the taxpayer lives during the taxable year unl…