A bill to amend the Internal Revenue Code of 1954 to exclude small transactions and to make certain clarifications relating to broker reporting requirements.

Summary

Amends the Internal Revenue Code to revise the definition of "broker" for purposes of broker reporting requirements to require that a dealer or barter exchange regularly acts for a consideration as a middleman with respect to property or services in order to be classified as a broker. Exempts from broker reporting requirements: (1) transactions involving specified collectibles (including antiques, gems, stamps, coins, and guns) and other tangible personal property; and (2) certain transactions (not involving stocks, bonds, commodity futures, and other intangible personal property) in which the gross proceeds are less than $10,000.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 6 March 1985

  Open at official source

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