A bill to amend the Internal Revenue Code of 1954 to provide for more equitable test and imputed interest rates, and for other purposes.

Summary

Amends the Internal Revenue Code to reduce the rate of imputed interest for the sale or exchange of property. Allows a lower rate of imputed interest for the first $1,500,000 of the sales price of principal residences or farm lands. Reduces the rate of imputed interest for purposes of determining the issue price in the case of debt instruments issued for property. Provides that such rate of imputed interest shall not apply in determining the issue price of debt instruments issued for residences and the first $1,500,000 of the sales price for farm lands.

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

Timeline

1. 27 September 1984

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 27 September 1984

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 2 October 1984

   Committee

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

   Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 27 September 1984

  Open at official source

Sponsors

• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Sponsor
• Sen. Melcher, John [D-MT] · D · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Sen. Simpson, Alan K. [R-WY] · R · Sponsor
• Sen. Nickles, Don [R-OK] · R · Sponsor
• Sen. Pryor, David H. [D-AR] · D · Sponsor
• Sen. Thurmond, Strom [R-SC] · R · Sponsor
• Sen. Johnston, J. Bennett [D-LA] · D · Cosponsor
• Sen. Heinz, John [R-PA] · R · Cosponsor
• · ssfi00 · Standing

Related records

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