A bill to amend the Internal Revenue Code of 1954 with respect to the amount deductible in the case of casualty losses of timber.

Summary

Amends the Internal Revenue Code to set the basis of the income tax deduction for casualty loss of timber at not less than the fair market value immediately before such casualty. Provides for a ten-year carryback and a four-year carryover of such deduction.

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

Timeline

1. 17 October 1979

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 17 October 1979

   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 · 17 October 1979

  Open at official source

Sponsors

• Sen. Heflin, Howell [D-AL] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 with respect to the amount deductible in the case of casualty losses of timber.