A bill to amend the Internal Revenue Code of 1954 with respect to amounts received on certain loans of securities.

Summary

Amends the Internal Revenue Code to include within the support income of tax exempt organizations, all amounts received in respect to loaned securities where the respective loan agreements provide reasonable procedures to command collateral to cover the security's current market value, and allows the lender to recall the loaned security upon no more than five business days' notice. Expands the definition of the term "regulated investment companies" to allow the inclusion of payments on securities loans within the portion of gross income attributed to the sale or other disposition of stock or securities. Makes such provisions applicable to amounts received after December 31, 1975.

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Timeline

1. 14 September 1976

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 14 September 1976

   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 · 14 September 1976

  Open at official source

Sponsors

• Sen. Packwood, Bob [R-OR] · R · Sponsor
• Sen. Ribicoff, Abraham A. [D-CT] · D · Cosponsor
• · ssfi00 · Standing

Related records

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