HR 2823 · 95th Congress · Taxation

A bill to amend the Internal Revenue Code of 1954 to exempt activities related to oil and gas from the provisions limiting deductions to amounts at risk.

Introduced 1977-02-01· Sponsored by Rep. Hall, Sam B., Jr. [D-TX-1]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1977-02-01)

Plain Language Summary

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exempt activities related to oil and gas from the limitation on business losses to the amounts at risk; retains the exemption for such activities from the limitation on the division of partnership losses to each partner's contribution basis.…

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