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United States · Bill · HR

H.R. 2744 (96th)

A bill to repeal the carryover basis provisions added by the Tax Reform Act of 1976.

referredUnited States· United States Congress· EN

Introduced

8 March 1979

Last action

8 March 1979 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Gibbons, Sam [D-FL-11], Rep. Brinkley, Jack [D-GA-3], Rep. de la Garza, E. [D-TX-15], Rep. Gudger, V. Lamar [D-NC-11], Rep. Leath, Marvin [D-TX-11], Rep. Stack, Edward J. [D-FL-12], Rep. Wyatt, Joe, Jr. [D-TX-14], Rep. Jones, Ed [D-TN-8], Rep. Bevill, Tom [D-AL-4], Sen. Shelby, Richard C. [R-AL], Rep. Lloyd, James F. [D-CA-35], Rep. Hinson, Jon C. [R-MS-4], Rep. Burgener, Clair W. [R-CA-43], Rep. Boggs, Corinne C. (Lindy) [D-LA-2], Rep. Coelho, Anthony Lee [D-CA-15], Rep. Long, Clarence D. [D-MD-2], Rep. Bowen, David R. [D-MS-2], Rep. Fountain, L. H. [D-NC-2], Rep. Ginn, Bo [D-GA-1], Rep. Hance, Kent R. [D-TX-19], Rep. Hefner, W. G. (Bill) [D-NC-8], Rep. Hutto, Earl [D-FL-1], Rep. Jones, Walter B. [D-NC-1], Rep. McKay, K. Gunn [D-UT-1], Rep. Natcher, William H. [D-KY-2], Rep. Neal, Stephen L. [D-NC-5], Sen. Nelson, Bill [D-FL], Rep. Nichols, Bill [D-AL-3], Rep. Perkins, Carl Dewey [D-KY-7], Rep. Pickle, J. J. [D-TX-10], Rep. Preyer, Richardson [D-NC-6], Rep. Roberts, Ray [D-TX-4], Rep. Rose, Charlie [D-NC-7], Rep. Watkins, Wes [R-OK-3], Rep. White, Richard C. [D-TX-16], Rep. Whitley, Charles O., Sr. [D-NC-3], Rep. Whitten, Jamie L. [D-MS-1], Rep. Mollohan, Robert H. [D-WV-1], Rep. Young, C. W. Bill [R-FL-13], Rep. English, Glenn [D-OK-6], Rep. Kazen, Abraham, Jr. [D-TX-23], Rep. Steed, Tom [D-OK-4]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act of 1976 which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent.

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

Timeline

  1. 8 March 1979

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 8 March 1979

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 8 March 1979

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

Leesvertaling

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Sponsors

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Sources

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