Miscellaneous Revenue Act

Summary

Miscellaneous Revenue Act - Amends the Internal Revenue Code to permit a corporation which had not been classified as a personal holding company for the three years preceeding the taxable year to treat a dividend paid after the close of the taxable year, but prior to March 15 of the following year, as paid during the taxable year, for purposes of determining the dividends-paid deduction from personal holding company income. Prohibits the payment of any dividend which exceeds the undistributed personal holding company income of the corporation for the taxable year. Prescribes a date for the filing of an agreement to notify the Secretary of the Treasury of any acquisition of an interest in a corporation which might affect the capital gains tax treatment of a previous corporate distribution. Permits bankrupt estates to qualify as shareholders in Subchapter S corporations. Allows interest to be paid to taxpayers on money or property wrongfully seized by the Internal Revenue Service for the period in which such money or property is held. Repeals the filing requirements applicable to an individual who transfers income producing property valued in excess of $50,000 to a tax exempt organization subject to an unrelated business income tax. Authorizes the Secretary to exempt private foundations with assets of $5,000 or more from filing an annual tax return under the Code if the foundation complies with the applicable reporting requirements. Treats stock or partnership interests held by a decedent or by members of his family as held by a single shareholder or partner for purposes of qualifying a close corporation for the extended 15 year payment schedule for estate taxes attributable to the corporation.

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1 official file

• Introduced in House

  summary · EN · 1 May 1978

  Open at official source

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