A bill relating to alternative minimum tax relief for certain insolvent taxpayers.

Summary

Amends the Internal Revenue Code to provide that for purposes of the alternative minimum tax, any gain or loss from the transfer of property to a creditor in cancellation of a debt or from the sale or exchange of property under threat of foreclosure shall not be taken into account in computing net capital gain if prior to such sale or exchange the taxpayer is insolvent.

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

Timeline

1. 7 January 1985

   Introduced

   Introduced in House

   Source: IntroReferral

2. 7 January 1985

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

3. 7 January 1985

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 7 January 1985

  Open at official source

Sponsors

• Rep. Evans, Cooper [R-IA-3] · R · Sponsor
• Sen. Brown, Hank [R-CO] · R · Sponsor
• · hswm00 · Standing

Related records

• related to ← A bill to amend the Internal Revenue Code of 1954 to exclude certain net capital gain of insolvent taxpayers from the alternative minimum tax.