A bill to amend the Internal Revenue Code of 1954 to allow a limited exclusion in the case of income received by an individual from hobbies and other activities not engaged in for profit.

Summary

Amends the Internal Revenue Code to allow an individual whose amounts derived from activities not engaged in for profit exceeds the deductions attributable to such activities, and the amount of such excess is $500 or less, to elect to exclude such amounts from gross income. Prohibits such election if for two or more of the taxable years in the period of five consecutive years preceding the election year the amounts derived from activities not engaged in for profit exceeds the deductions allowable for such activities by more than $500.

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Documents

1 official file

• Introduced in House

  summary · EN · 2 April 1976

  Open at official source

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