Revises the Internal Revenue Code to provide that the loss from the sale or exchange of any security shall be considered as a loss from the sale or exchange of a capital asset unless the taxpayer notified the Secretary of the Treasury within 30 days of the acquisition of such security that the security was not acquired as an investment. Provides that if the required notification was given, any gain on the sale or exchange of such security shall be treated as gain from the sale or exchange of a security which is not a capital asset.
Requires the withholding of Federal income taxes where paramutuel wagering winnings on horse races, dog races, and jai alai are $600 or more and the odds are at least 200 to one or more.
Eliminates the reporting requirement for any winnings to which withholding applies.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Reported to House from the Committee on Ways and Means with amendment, H. Rept. 94-1360.
Reported to House from the Committee on Ways and Means with amendment, H. Rept. 94-1360.
Measure called up under motion to suspend rules and pass in House.
Measure considered in House.
Passed/agreed to in House: Measure passed House, amended, roll call #649 (356-39).
Roll Call #649 (House)Measure passed House, amended, roll call #649 (356-39).
Roll Call #649 (House)Referred to Senate Committee on Finance.
Reported to Senate from the Committee on Finance with amendments, S. Rept. 94-1392.
Reported to Senate from the Committee on Finance with amendments, S. Rept. 94-1392.
Measure called up by unanimous consent in Senate.
Measure considered in Senate.
Passed/agreed to in Senate: Measure passed Senate, amended.
Measure passed Senate, amended.
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