A bill to stop retroactive application of IRS Letter Ruling 80-19120.

Summary

Requires the determination of whether certain transactions involving automobiles or trucks are sales or leases, for purposes of the Internal Revenue Code, without regard to any rental adjustment clause in the transaction documents. Limits such rule to transactions entered into before January 1, 1981, and under which one person acquires from another person the right to use an automobile or truck for a specified period. Defines "rental adjustment clause" as a provision under which: (1) at or before the close of the specified period, the automobile or truck is to be sold by the lessor (with no option by the lessee to purchase such vehicle); and (2) the lessee is required to pay the lessor any excess of an agreed to "lease" amount over the proceeds from such sale (or, where such proceeds exceed such "lease" amount, the lessor is required to pay such excess to the lessee).

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Documents

1 official file

• Introduced in Senate

  summary · EN · 5 May 1981

  Open at official source

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