To amend the Internal Revenue Code of 1986 to prevent the avoidance of gain recognition through swap funds.

Summary

Amends the Internal Revenue Code to include as an exception to the nonrecognition of gain or loss (thus subjecting to taxation) upon certain stock transfers the transfer of: (1) an interest in an entity if the return on such interest is limited and preferred; and (2) interests in any entity if substantially all of the entity assets consist of either limited and preferred assets or assets previously excepted from such nonrecognition requirement. Includes as an additional exception a transfer of property to a corporation if such property is marketable securities and the corporation is an investment company or engages in investment company activities. Includes as an exception to the nonrecognition of gain or loss for contributions to a partnership those gains realized on a transfer of property to a partnership if, were the partnership incorporated: (1) it would be treated as an investment company; or (2) the exceptions with regard to corporate stock transfers would not apply.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

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

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 9 May 2001

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 9 May 2001

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 9 May 2001

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.