A bill to amend the Internal Revenue Code of 1986 to prevent the duplication of losses through the assumption of liabilities giving rise to a deduction.

Summary

Amends the Internal Revenue Code respecting corporate exchange distributee basis to provide for basis reduction (up to fair market value) by any assumed liability, except if: (1) the business associated with such liability is transferred to the person assuming such liability; or (2) substantially all of the assets associated with such liability are transferred to such person.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 4 April 2000

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 4 April 2000

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 4 April 2000

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.