A bill to amend the Internal Revenue Code of 1954 to exclude gain from certain sales of farms or businesses from treatment as an item tax preference for purposes of the minimum tax.

Summary

Amends the Internal Revenue Code to exclude from the minimum tax any gain realized from any sale of: (1) substantially all the assets of any trade or business (including farming) owned by the taxpayer for the five-year period ending on the sale date; or (2) all the stock of a corporation owned by the taxpayer if his or her holdings on the sale date amount to at least 50 percent of the total fair market value of all stock of such corporation, if such sale of assets or stock is pursuant to a binding contract entered into before October 4, 1976.

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Documents

1 official file

• Introduced in House

  summary · EN · 15 September 1977

  Open at official source

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