Equitable Taxation of Capital Act

Summary

Equitable Taxation of Capital Act - Title I: Capital Gains and Losses - Revises the provisions of the Internal Revenue Code relating to alternative tax for individuals and corporations on capital gains. States that if, for any taxable year, the net long-term capital gain of any corporation exceeds the net short-term capital loss, then, in lieu of the imposition of other specified taxes, there shall be imposed a tax consisting of the sum of: (1) a partial tax computed on the taxable income reduced by the amount of such excess; and (2) an amount equal to 25 percent of such excess. Sets forth rules governing the gain from sale or exchange of an individual's residence, including special rules on tenant-stockholder cooperative housing corporations, involuntary conversions, and property used in part as a principal residence. Title II: Estate Tax Amendments - States that a tax, computed in accordance with a tax table is imposed, on the transfer of the taxable estate of every decedent, citizen, or resident of the United States dying after the date of enactment of this title. Specifies in such table the value of the taxable estates and tax amounts required. Increases the estate tax exemption from $60,000 to $200,000. Provides that the amount of estate tax, in the case of an estate containing a closely held business, shall be reduced by an amount of tax equal to the tax attributable to the tax on the closely held business provided the executor agrees to specified rules.

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1 official file

• Introduced in House

  summary · EN · 14 January 1975

  Open at official source

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