A bill relating to the income tax treatment of securities which are acquired for business reasons and not as an investment.

Summary

Revises the Internal Revenue Code to provide that the loss from the sale or exchange of any security shall be considered as a loss from the sale or exchange of a capital asset unless the taxpayer notified the Secretary of the Treasury within 30 days of the acquisition of such security that the security was not acquired as an investment. Provides that if the required notification was given, any gain on the sale or exchange of such security shall be treated as ordinary gain.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Reported to Senate with amendment(s)

  summary · EN · 1 October 1976

  Open at official source

• Introduced in House

  summary · EN · 1 December 1975

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.