Small Business Tax Reform Act

Summary

Small Business Tax Reform Act - Provides, under the Internal Revenue Code, for a ten-year carryover of net operating losses incurred during the first 10 years of operation of a trade or business. Authorizes a partnership to elect to close its taxable year as of the date of death of a partner, or provides that the taxable year may close only with respect to the deceased partner. Provides that the estate of a deceased spouse shall not be treated as a shareholder in a closed corporation electing taxation as a partnership. Increases the number of permissible shareholders in such a close corporation from 10 to 15. Authorizes grantor trusts and voting trusts to be shareholders in closed corporations eligible to elect to be taxed as a partnership. Directs the Secretary of the Treasury to study the possibilities for simplification of the last-in, first-out method of inventory accounting.

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Timeline

1. 11 November 1975

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 11 November 1975

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 11 November 1975

  Open at official source

Sponsors

• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• · ssfi00 · Standing

Related records

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