Small Business Capital Formation and Reinvestment Tax Act of 1979

Summary

Small Business Capital Formation and Reinvestment Tax Act of 1979 - Amends the Internal Revenue Code to allow a taxpayer not to recognize certain amounts of gain from the sale or exchange of stock in any small business corporation, if during the one year period beginning on the date of such sale or exchange, the taxpayer purchases replacement property (stock in another small business corporation). Provides that the amount of gain that a taxpayer shall recognize shall be limited to the amount by which the sales price of the small business corporation stock exceeds the cost of the replacement property. Requires the reduction of the basis of the replacement property by the amount of gain which is not recognized under the terms of this Act. Provides for a three year statute of limitations on the assessment of gain from the sale or exchange of small business stock, beginning on the date that the Internal Revenue Service is notified of the purchase or intention not to purchase replacement property.

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1 official file

• Introduced in House

  summary · EN · 2 August 1979

  Open at official source

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