A bill to amend the Internal Revenue Code of 1954 to provide that percentage depletion allowable to an electing small business corporation shall not be deducted in arriving at taxable income of such corporation but shall be allowed as a deduction from gross income of the shareholders of such corporation.

referredUnited States· United States Congress· EN

Introduced

8 May 1978

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to provide that percentage depletion allowable to a corporation electing Subchapter S status shall not be deducted in arriving at the taxable income of such corporation, but shall be allowed as a deduction from the gross income of the shareholders of such corporation.

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Documents

1 official file

Introduced in House
summary · EN · 8 May 1978
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/95th-congress/house-bill/12590
Open data entity: https://api.congress.gov/v3/bill/95/hr/12590