H.R. 7581 — An Act to amend the Internal Revenue Code of 1954 with respect to the treatment of mutual or cooperative telephone company income from nonmember telephone companies, and for other purposes. | PoliFocus

H.R. 758195th Congress

An Act to amend the Internal Revenue Code of 1954 with respect to the treatment of mutual or cooperative telephone company income from nonmember telephone companies, and for other purposes.

A bill to amend the Internal Revenue Code of 1954 to provide that certain income from a nonmember telephone company is not taken into account in determining whether any mutual or cooperative telephone company is exempt from income tax.

Subjects

Taxation

Summary

(House agreed to Senate amendment with an amendment)

Amends the Internal Revenue Code to provide that income received from nonmember telephone companies shall not be used in determining whether mutual and cooperative telephone companies qualify as tax exempt organizations.

Provides that the lending of securities to a broker and the return to the lender of identical securities does not constitute a taxable sale or exchange of the securities and no gain or loss is recognized by the tax exempt organization. Provides that the payments on such securities loans are not to be treated as unrelated business taxable income for tax exempt organizations.

Authorizes the use of the "completed crop pool method of accounting" by cooperative organizations engaged in pooling arrangements for the marketing of products with respect to currently open crop pools and crop pools opened prior to March 1, 1978.

Full Text

Legislative Actions

1978-01-24
Measure passed House.
1978-01-25
Referred to Senate Committee on Finance.
1978-04-25
Reported to Senate from the Committee on Finance with amendment, S. Rept. 95-762.
1978-04-25
Reported to Senate from the Committee on Finance with amendment, S. Rept. 95-762.
1978-04-27
Call of calendar in Senate.
1978-04-27
Measure considered in Senate.
1978-04-27
Passed/agreed to in Senate: Measure passed Senate, amended.
1978-04-27
Measure passed Senate, amended.
1978-06-14
Resolving differences -- House actions: House agreed to Senate amendment with an amendment.
1978-06-14
House agreed to Senate amendment with an amendment.
1978-08-02
Resolving differences -- Senate actions: Senate agreed to House amendments.
1978-08-02
Senate agreed to House amendments.
1978-08-03
Measure enrolled in House.
1978-08-03
Measure enrolled in Senate.
1978-08-04
Measure presented to President.
1978-08-04
Measure presented to President.
1978-08-15
Signed by President.
1978-08-15
Signed by President.
1978-08-15
Public Law 95-345.
1978-08-15
Public Law 95-345.

Enacted as Public Law 95-345

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