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- H.R.2761
H.R.2761: To amend the Internal Revenue Code of 1986 to provide an election for an overpayment in lieu of a basis increase where indebtedness secured by property has original issue discount and is held by a cash method taxpayer.
About This Bill
- This bill was introduced in the 104th Congress
- This bill is primarily about taxation
- Introduced Dec. 12, 1995
- Latest Major Action Dec. 12, 1995
Bill Sponsor
Bill Cosponsor
Bill Summary
Amends the Internal Revenue Code to allow a seller who has reacquired real property to elect to treat indebtedness secured by such property as an overpayment of tax in lieu of a basis increase if: (1) such debt has original issue discount; and (2) the seller used the cash receipts and disbursements method of accounting.
(Source: Library of Congress)
Bill Actions
Date | Description |
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Referred to the House Committee on Ways and Means.
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Dec. 12, 1995 |
Introduced in the House by James C. Greenwood (R-Pa.) |