A bill to establish a system of capital transfer taxes for individuals, and for other purposes.

Summary

Imposes a tax, under the Internal Revenue Code, on chapter 13 net capital gain received by an individual during the taxable year. Defines the term "chapter 13 net capital gain" as the amount of the net long-term capital gain for the taxable year in excess of the sum of $500, and the allowable deduction for interest. Defines such "deduction for interest" as the excess of investment interest on indebtedness over the amount allowed for such a deduction, under the Code, for an individual. Provides that such deduction for interest shall be allowed only to the extent of such net capital gain computed without such deduction. Provides that the above tax shall not apply in the case of an estate or trust. Provides that gross income shall not include gain and loss from the sale or exchange of property to the extent such property was held and used by the taxpayer for personal purposes. Repeals the provision of the Code relating to gain or loss resulting from the sale or exchange of a residence. Provides that the tax imposed on the transfer of the taxable estate of a decedent shall be credited with the aggregate amount of the taxes paid by the decedent which were imposed upon him as a tax on chapter 13 net capital gains. Provides that the value of the taxable estate of a decedent, for purposes of the tax imposed on the transfer thereof, shall be determined by deducting from the value of the gross estate the exemption and deductions provided for under chapter 11 of the Code, and after such deduction, adding the chapter 13 capital gain transfer taxes paid by the decedent during his lifetime.

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1 official file

• Introduced in House

  summary · EN · 29 January 1973

  Open at official source

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