A bill to provide that the provisions of section 252 of the Economic Recovery Tax Act of 1981 (relating to transfers of property to employees subject to certain restrictions) shall apply to certain transfers occurring during 1973.

Summary

Provides for the application of tax rules governing the inclusion in gross income of stock received by a taxpayer in connection with the performance of services where: (1) the transfer of such stock occurred in November or December of 1973 under the exercise of a stock option granted in November or December of 1971; (2) the corporation granting such stock option was acquired by another corporation in a reorganization in December of 1973; (3) the stock had a certain fair market value as of July 1, 1974; (4) the transferee of the stock sold substantially all of the stock received in the reorganization in 1975 or 1976; and (5) such transferee makes an election for the application of such tax rules. Limits the applicability of such tax rules to the extent that their application would result in a reduction of the taxpayer's tax liability in excess of $100,000. Waives the statute of limitations with respect to any overpayment or deficiencies of tax resulting from the application of this Act.

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Documents

1 official file

• Introduced in House

  summary · EN · 22 June 1983

  Open at official source

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