A bill to amend the Internal Revenue Code of 1954 to provide that certain Government publications, including the Congressional Record received by Members of Congress, shall not be treated as capital assets, thereby denying a deduction for contributions of such publications.

Summary

Provides, under the Internal Revenue Code, that a publication of the United States Government (including the Congressional Record) which is received from the United States Government or any agency, other than by purchase at the price for which it is offered for sale to the public, and which is held by: (1) a taxpayer who so received such publication, or (2) a taxpayer in whose hands the basis of such publication is determined, for purposes of determining gain from a sale or exchange, in whole or in part by reference to the basis of such publication in the hands of a taxpayer described in subparagraph (1), shall not be treated as a capital asset.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 28 July 1975

  Open at official source

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