To amend the Internal Revenue Code of 1986 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

1. 4 August 1999

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 4 August 1999

   Introduced

   Sponsor introductory remarks on measure. (CR H6968, E1739)

   Source: IntroReferral

3. 4 August 1999

   Introduced

   Introduced in House

   Source: IntroReferral

4. 4 August 1999

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 4 August 1999 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 August 1999

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 4 August 1999

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 4 August 1999

  Open at official source

Sponsors

• Richard Neal · D · Sponsor
• · hswm00 · Standing

Related records

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