A bill to amend the Internal Revenue Code of 1954 to require recognition of gains by distributing corporation, and for other purposes.

Summary

Amends the Internal Revenue Code to repeal provisions which allow distributions made in partial liquidation of a corporation to be treated as part payment in exchange for the shareholders stock (i.e. capital gains) rather than taxed as dividends at ordinary income rates. Disallows the nonrecognition of gain by a corporation which distributes appreciated property in redemption of its stock in the case of: (1) complete redemptions of the stock of a ten-percent shareholder; (2) redemptions of stock of a 50 percent or more subsidiary of the redeeming corporation; and (3) distributions pursuant to antitrust judgments. Provides that redemption of stock attributable to a corporation's ceasing to conduct an active trade or business shall be treated as an exchange and not taxed as a dividend.

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

Timeline

1. 19 May 1982

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 19 May 1982

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 24 May 1982

   Committee

   Committee on Finance requested executive comment from OMB; Treasury Department.

   Source: Committee

4. 15 July 1982

   Committee

   Committee on Finance. Hearings held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 19 May 1982

  Open at official source

Sponsors

• Sen. Metzenbaum, Howard M. [D-OH] · D · Sponsor
• · ssfi00 · Standing

Related records

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