HR 7687 · 94th Congress · Taxation
A bill to amend the Internal Revenue Code of 1954 to limit the extension of the statute of limitations, in the case of an election by a taxpayer, to postpone a determination under the hobby loss rules, to the hobby loss issue alone and not to unrelated items on the taxpayer's return.
Bill Progress
✓
Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to House Committee on Ways and Means.(1975-06-06)
Plain Language Summary
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Extends under the Internal Revenue Code the statutory period for the assessment of any deficiency attributable to the disallowance of a deduction incurred in an activity not engaged in for profit.…
Summarized by Claude AI · Non-partisan · For informational purposes only