A bill to amend the Internal Revenue Code of 1986 with respect to date of inclusion into gross income when a Commodity Credit Loan is paid with a commodity certificate.

referredUnited States· United States Congress· EN

Introduced

15 September 1987

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to allow a taxpayer to choose the taxable year for inclusion in income of generic commodity certificates (PIK certificates) used to repay Commodity Credit Corporation (CCC) loans. Permits as choices: (1) the year in which either the CCC loan is repaid or the commodity used as collateral for the loan is sold; or (2) the year in progress nine months after the date the loan was originally received. Applies to loans made after 1985.

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Documents

1 official file

Introduced in House
summary · EN · 15 September 1987
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/100th-congress/house-bill/3260
Open data entity: https://api.congress.gov/v3/bill/100/hr/3260