HR 3260 · 100th Congress · Taxation
A bill to amend the Internal Revenue Code of 1986 with respect to date of inclusion into gross income when a Commodity Credit Loan is paid with a commodity certificate.
Bill Progress
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Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to House Committee on Ways and Means.(1987-09-15)
Plain Language Summary
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Amends the Internal Revenue Code to allow a taxpayer to choose the taxable year for inclusion in income of generic commodity certificates (PIK certificates) used to repay Commodity Credit Corporation (CCC) loans. Permits as choices: (1) the year in which either the CCC loan is repaid or the commodity used as collateral for the loan is sold; or (2) the year in progress nine months after the date the loan was originally received. Applies to loans made after 1985.…
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (11)
6 Democrats5 Republicans