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S 418 99th Congress Senate Taxation Capital gains tax Debt Income tax Minimum tax

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

Introduced: February 6, 1985 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 14, 1985
Committee on Finance requested executive comment from OMB, Treasury Department.
Feb 6, 1985
Read twice and referred to the Committee on Finance.
Feb 6, 1985
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now February 14, 1985

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

 Committees of jurisdiction 1