To amend the Internal Revenue Code of 1986 to permit certain tax free corporate liquidations into a 501(c)(3) organization and to revise the unrelated business income tax rules regarding receipt of debt-financed property in such a liquidation.

Summary

Amends the Internal Revenue Code to allow certain tax-free liquidations from a closely held corporation into a tax-exempt organization. Revises unrelated business income provisions regarding property acquired subject to a mortgage with respect to such a liquidation.

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

Timeline

1. 12 November 1997

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 12 November 1997

   Introduced

   Sponsor introductory remarks on measure. (CR E2328-2329)

   Source: IntroReferral

3. 12 November 1997

   Introduced

   Introduced in House

   Source: IntroReferral

4. 12 November 1997

   Introduced

   Introduced in House

   Source: IntroReferral

5. 13 October 1998

   Introduced

   Sponsor introductory remarks on measure. (CR E2106-2107)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 12 November 1997 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 November 1997

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 12 November 1997

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 12 November 1997

  Open at official source

Sponsors

• Rep. Dunn, Jennifer [R-WA-8] · R · Sponsor
• Rep. Smith, Robert [R-OR-2] · R · Sponsor
• Rep. Furse, Elizabeth [D-OR-1] · D · Sponsor
• Rep. Nethercutt, George R., Jr. [R-WA-5] · R · Sponsor
• Rep. Hooley, Darlene [D-OR-5] · D · Sponsor
• Rep. Paul, Ron [R-TX-22] · R · Sponsor
• Rep. Houghton, Amo [R-NY-34] · R · Cosponsor
• Rep. English, Phil [R-PA-3] · R · Cosponsor
• · hswm00 · Standing

Related records

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