A bill to amend the Internal Revenue Code of 1986 to reduce the holding period to 12 months for purposes of determining whether horses are section 1231 assets.
Amends the Internal Revenue Code to reduce from 24 to 12 months the holding period used to determine whether horses are section 1231 (property used in the trade or business and involuntary conversions) assets.
Actions
Oct 20, 2003
Read twice and referred to the Committee on Finance.