A bill to amend the Internal Revenue Code of 1954 to provide that in the case of certain corporations net losses from farming shall not be deductible.

Summary

Provides, under the Internal Revenue Code, that in the case of any corporation engaged in the business of farming, the deductions attributable to such business which, but for this Act, would be allowable for the taxable year shall be allowed only to the extent of the amount of gross income derived from the business of farming for the taxable year. Provides that the above deduction shall not apply in the case of any corporation with respect to which the sum of the deductions attributable to the business of farming which, but for this Act, would be allowable for the taxable year exceeds 90 percent of the sum of all deductions which, but for this Act, would be allowable for such taxable year.

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Timeline

1. 3 January 1973

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 3 January 1973

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 January 1973

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in House

  summary · EN · 3 January 1973

  Open at official source

Sponsors

• Rep. Thomson, Vernon W. [R-WI-3] · R · Sponsor
• · hswm00 · Standing

Related records

• related to ← A bill to amend the Internal Revenue Code of 1954 to provide that in the case of certain corporations net losses from farming shall not be deductible.