HR 4958 · 95th Congress · Taxation

A bill to amend section 1372 of the Internal Revenue Code of 1954, relating to passive investment income.

Introduced 1977-03-14· Sponsored by Rep. Michel, Robert H. [R-IL-18]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1977-03-14)

Plain Language Summary

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude interest on installment obligations from Subchapter S corporations' passive investment income where the obligations arise from the sale of substantially all of the corporation's properties and where the corporation has elected to return all the sale income under installment accounting methods.…

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