A bill to provide that interest-free or below market rate loans made before February 23, 1984 did not give rise to any taxable gift prior to such date under Chapter 12 of the Internal Revenue Code of 1954.
Fairness in Gift Tax Act - Provides that interest-free or below market rate loans made before February 23, 1984, did not give rise to any taxable gift prior to such date. Extends the period of the statute of limitations for purposes of any refunds or credits for overpayments of tax resulting from this Act.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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