A bill to amend the Internal Revenue Code of 1986 to defer the tax consequences of the repayment of a Commodity Credit Corporation loan with a generic commodity certificate.

Summary

Amends the Internal Revenue Code with respect to income taxation of generic commodity certificates (PIK certificates) used to repay Commodity Credit Corporation (CCC) loans. Taxes the certificates based on the earlier of: (1) the date on which the commodity used as collateral for the loan is sold; or (2) the date nine months after the loan was originally received. Disallows this treatment if the taxpayer chose to consider the CCC loan as income for the taxable year in which it was received. Applies to loans made after 1985.

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

Timeline

1. 15 September 1987

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 15 September 1987

   Introduced

   Introduced in Senate

   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 Senate

  summary · EN · 15 September 1987

  Open at official source

Sponsors

• Chuck Grassley · R · Sponsor
• Sen. Dole, Robert J. [R-KS] · R · Sponsor
• Sen. Karnes, David K. [R-NE] · R · Sponsor
• Sen. Durenberger, Dave [R-MN] · R · Cosponsor
• Rep. Pressler, Larry [R-SD-1] · R · Cosponsor
• Sen. McClure, James A. [R-ID] · R · Cosponsor
• Sen. Conrad, Kent [D-ND] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1986 to defer the tax consequences of the repayment of a Commodity Credit Corporation loan with a generic commodity certificate.