To amend the Internal Revenue Code of 1986 to provide an election for an overpayment in lieu of a basis increase where indebtedness secured by property has original issue discount and is held by a cash method taxpayer.

Summary

Amends the Internal Revenue Code to allow a seller who has reacquired real property to elect to treat indebtedness secured by such property as an overpayment of tax in lieu of a basis increase if: (1) such debt has original issue discount; and (2) the seller used the cash receipts and disbursements method of accounting.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 December 1995

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• Introduced in House (PDF)

  Introduced in House · EN · 12 December 1995

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• Introduced in House

  summary · EN · 12 December 1995

  Open at official source

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