Amends the Internal Revenue Code to allow farmers' cooperatives to elect to treat as ordinary income or loss certain capital gains and losses from the disposition of assets used in conducting business with or for patrons.
Decreases from five years to four years the maturity date for high yield discount obligations for purposes of determining the deduction for interest on indebtedness.
Requires any interest received by a limited equity housing corporation on reasonable reserves (including reserves required by a government agency or lender) to be treated as income derived by such corporation from transactions with members.
Pocket Vetoed by President.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Reported by the Committee on Ways and Means. H. Rept. 102-719.
Reported by the Committee on Ways and Means. H. Rept. 102-719.
Placed on the Union Calendar, Calendar No. 409.
Mr. Gibbons moved to suspend the rules and pass the bill.
Considered under suspension of the rules.
DEBATE - The House proceeded with forty minutes of debate.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
On motion to suspend the rules and pass the bill Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and read twice and referred to the Committee on Finance.
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See H.R.11.