HR 3656 · 105th Congress · Taxation
To amend the Internal Revenue Code of 1986 to provide an election of deduction in lieu of a basis increase where indebtedness secured by property has original issue discount and is held by a cash method taxpayer.
Bill Progress
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Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to the House Committee on Ways and Means.(1998-04-01)
Plain Language Summary
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Amends the Internal Revenue Code with respect to certain reacquisitions of real property to allow an election of deduction in lieu of basis increase where indebtedness secured by property has original issue discount and is held by a cash method taxpayer.…
Summarized by Claude AI · Non-partisan · For informational purposes only