A bill relating to the tax treatment for purposes of the personal holding company tax of the interest received by securities brokers and dealers in connection with matched repurchase arrangements.

Summary

Amends the Internal Revenue Code to exclude from gross income, for purposes of the personal holding company tax, interest received in connection with a qualified matched repurchase arrangement by securities brokers and dealers. Defines "qualified matched repurchase arrangement" as an arrangement pursuant to which: (1) the customer sells an obligation to a broker and agrees to repurchase it on demand; (2) the broker sells such obligation to a bank and agrees to repurchase it; and (3) the interest paid by the broker to the bank is 90 percent or more of the interest paid by the customer to the broker.

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1 official file

• Introduced in House

  summary · EN · 29 October 1979

  Open at official source

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