HR 12590 · 95th Congress · Taxation

A bill to amend the Internal Revenue Code of 1954 to provide that percentage depletion allowable to an electing small business corporation shall not be deducted in arriving at taxable income of such corporation but shall be allowed as a deduction from gross income of the shareholders of such corporation.

Introduced 1978-05-08· Sponsored by Rep. Frenzel, Bill [R-MN-3]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1978-05-08)

Plain Language Summary

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that percentage depletion allowable to a corporation electing Subchapter S status shall not be deducted in arriving at the taxable income of such corporation, but shall be allowed as a deduction from the gross income of the shareholders of such corporation.…

Summarized by Claude AI · Non-partisan · For informational purposes only