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HR 1372 96th Congress House Taxation Agriculture and Rural Affairs Agriculture in foreign trade Business and commerce Capital gains tax Farm lands Farms Foreign Trade and Investments Foreign investments Income tax Taxation of foreign income

A bill to amend the Internal Revenue Code of 1954 to subject investors to the capital gains tax on gain from the sale of real property situated in the United States.

Introduced: January 24, 1979 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 24, 1979
Referred to House Committee on Ways and Means.
Jan 24, 1979
Introduced in House
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to subject nonresident aliens and foreign corporations to a tax on the gain from the sale or exchange of farm or rural lands situated in the United States.

Requires foreign corporations which hold United States farm lands comprising 20 percent of their assets to make reports on such holdings as the Secretary of the Treasury may require.

What's happening now January 24, 1979

Referred to House Committee on Ways and Means.

 Committees of jurisdiction 1