A bill to amend the Internal Revenue Code of 1986 to provide that the passive loss limitation shall not apply to deductions allowable for cash out-of-pocket expenses for taxes, interest, and trade or business expenses in connection with rental real estate activities in which the taxpayer actively or materially participates.

referredUnited States· United States Congress· EN

Introduced

13 May 1988

Last action

—

Status

Read twice and referred to the Committee on Finance.

Summary

Amends the Internal Revenue Code to exclude deductions for business expenses, interest on indebtedness, and taxes from calculations to determine the passive loss limitation in connection with rental real estate activity in which a noncorporate taxpayer actively or materially participates.

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Documents

1 official file

Introduced in Senate
summary · EN · 13 May 1988
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/100th-congress/senate-bill/2386
Open data entity: https://api.congress.gov/v3/bill/100/s/2386