A bill to amend the Internal Revenue Code of 1954 to provide for the valuation of a decedent's interest in a closely held business for estate tax purposes.

Summary

Provides that the value of a decedent's interest in a closely held business shall be determined by either of two methods, at the election of the executor, and within specified limitations. States that the election shall be exercised by the executor not later than the time prescribed for filing the return with respect to the estate tax (including extensions thereof). Defines the terms used in this Act, including "interest in a closely held business," "capitalization factor," and "operating return." (Adds 26 U.S.C. 2031(c))

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

Timeline

1. 21 February 1974

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 21 February 1974

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in Senate

  summary · EN · 21 February 1974

  Open at official source

Sponsors

• Sen. Curtis, Carl T. [R-NE] · R · Sponsor
• Sen. Hansen, Clifford P. [R-WY] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to provide for the valuation of a decedent's interest in a closely held business for estate tax purposes.