A bill to amend the Internal Revenue Code of 1954 to make permanent the present percentage rate for computing the addition to reserves for bad debts for banks and to modify the experience method to allow a showing based on facts and circumstances.

Summary

Amends the Internal Revenue Code to make permanent the present one percent rate for deductible additions to a bank's bad debt loss reserve account. Modifies the experience method of determining amounts necessary to sustain such a reserve account to allow a taxpayer to use an alternate method of determining reasonable additions to reserve accounts.

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

Timeline

1. 26 January 1983

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 26 January 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 26 January 1983

   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 · 26 January 1983

  Open at official source

Sponsors

• Rep. Frenzel, Bill [R-MN-3] · R · Sponsor
• · hswm00 · Standing

Related records

• related to ← A bill to amend the Internal Revenue Code of 1954 to make permanent the percentage rate for computing the addition to reserves for bad debts for banks, and to modify the experience method to allow a showing based on facts and circumstances.