Amends the Internal Revenue Code to provide that specified liabilities assumed by a corporation upon the transfer of property to the corporation by a controlling shareholder shall not result in gain to the shareholder even though the liabilities exceed the shareholder's basis in the property transferred.
Introduced in Senate
Referred to Senate Committee on Finance.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line