A bill to amend the Internal Revenue Code of 1954 to exclude certain net capital gain of insolvent taxpayers from the alternative minimum tax.

Summary

Amends the Internal Revenue Code to provide that for purposes of the alternative minimum tax, any gain or loss from the transfer of property to a creditor in cancellation of a debt or from the sale or exchange of property under threat of foreclosure shall not be taken into account in computing net capital gain if prior to such sale or exchange the taxpayer is insolvent.

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

Timeline

1. 6 February 1985

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 6 February 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 14 February 1985

   Committee

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

   Source: Committee

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 · 6 February 1985

  Open at official source

Sponsors

• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. Armstrong, William L. [R-CO] · R · Sponsor
• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Bumpers, Dale [D-AR] · D · Cosponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Cosponsor
• Sen. Harkin, Tom [D-IA] · D · Cosponsor
• Sen. Zorinsky, Edward [D-NE] · D · Cosponsor
• Sen. Kassebaum, Nancy Landon [R-KS] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill relating to alternative minimum tax relief for certain insolvent taxpayers.
• amends ← To amend the Internal Revenue Code of 1954 to exclude certain net capital gain of insolvent taxpayers and other taxpayers unable to met debts from the alternative minimum tax.