HR 1785 · 107th Congress 2001–2003, ended

To amend the Internal Revenue Code of 1986 to prevent the avoidance of gain recognition through swap funds.

Introduced May 9, 2001 Originated House Sponsor Richard E. Neal D-MA

Latest action · May 10, 2001 Sponsor introductory remarks on measure. (CR E765-766)

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedMay 9, 2001
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Amends the Internal Revenue Code to include as an exception to the nonrecognition of gain or loss (thus subjecting to taxation) upon certain stock transfers the transfer of: (1) an interest in an entity if the return on such interest is limited and preferred; and (2) interests in any entity if substantially all of the entity assets consist of either limited and preferred assets or assets previously excepted from such nonrecognition requirement.

Includes as an additional exception a transfer of property to a corporation if such property is marketable securities and the corporation is an investment company or engages in investment company activities.

Includes as an exception to the nonrecognition of gain or loss for contributions to a partnership those gains realized on a transfer of property to a partnership if, were the partnership incorporated: (1) it would be treated as an investment company; or (2) the exceptions with regard to corporate stock transfers would not apply.

Cosponsors

Members who signed on, in the order they did.

No cosponsors are on file for this measure.

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Ways and Means Committee	Referred May 9, 2001

Actions 3

Everything that happened, newest first.

May 10, 2001Sponsor introductory remarks on measure. (CR E765-766)
May 9, 2001Introduced in House
May 9, 2001Referred to the House Committee on Ways and Means.

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

Where	In the Record	Members	Date
Extensions	Debate and remarks E765	Richard E. Neal D-MA	May 10, 2001

Titles 1

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To amend the Internal Revenue Code of 1986 to prevent the avoidance of gain recognition through swap funds.

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

May 9, 2001Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.