A bill to amend the Internal Revenue Code of 1954 to provide that sales of nonproductive assets will not be eligible for capital gains treatment.

Summary

Amends the Internal Revenue Code to provide that for purposes of the alternative tax on corporations and the capital gains deduction for individuals, the sale of nonproductive assets will not qualify for capital gains tax treatment. Defines "productive asset" for purposes of this Act. Specifies that farm real property will not be considered a productive asset unless the taxpayer materially participated in the operation of the business and the taxpayer or a renter engaged in substantial farming activities on such property. Excludes from the definition of productive asset stock held by certain holding corporations.

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

Timeline

1. 6 February 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 6 February 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 6 February 1981

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 6 February 1981

  Open at official source

Sponsors

• Rep. Shannon, James M. [D-MA-5] · D · Sponsor
• Rep. Brodhead, William [D-MI-17] · D · Sponsor
• Rep. Downey, Thomas J. [D-NY-2] · D · Sponsor
• · hswm00 · Standing

Related records

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