Family Business Preservation Act

Summary

Family Business Preservation Act - Amends the Internal Revenue Code to provide that for purposes of the accumulated earnings tax any accumulation before the death of a shareholder needed to redeem stock death shall be treated as a reasonable business need. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to increase from 15 to 35 the number of shareholders in a qualifying closely held business.

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

Timeline

1. 24 February 1983

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 24 February 1983

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 24 March 1983

   Committee

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

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 24 February 1983

  Open at official source

Sponsors

• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Sen. Thurmond, Strom [R-SC] · R · Sponsor
• Rep. Symms, Steven D. [R-ID-1] · R · Cosponsor
• · ssfi00 · Standing

Related records

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