S.Amdt. 2655
What it does: Adds SEC. __. REDUCTION OF HOLDING PERIOD TO 12 MONTHS FOR PURPOSES OF DETERMINING WHETHER HORSES ARE SECTION 1231 ASSETS on page 179, line 25
Sen. Jim Bunning (R-KY)What it changes
1 change to S. 1637
Adds SEC. __. REDUCTION OF HOLDING PERIOD TO 12 MONTHS FOR PURPOSES OF DETERMINING WHETHER HORSES ARE SECTION 1231 ASSETS on page 179, line 25
Adds a sectionPrinted pageInserted: SEC. __. REDUCTION OF HOLDING PERIOD TO 12 MONTHS FOR PURPOSES OF DETERMINING WHETHER HORSES ARE SECTION 1231 ASSETS.
Inserted: (a) In General.--Subparagraph (A) of section 1231(b)(3) (relating to definition of property used in the trade or business) is amended by striking "and horses".
Inserted: (b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2003.
Original wording
On page 179, after line 25, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2655. Mr. BUNNING submitted an amendment intended to be proposed by him to the bill S. 1637, to amend the Internal Revenue Code of 1986 to comply with the World Trade Organization rulings on the FSC/ETI benefit in a manner that preserves jobs and production activities in the United States, to reform and simplify the international taxation rules of the United States, and for other purposes; which was ordered to lie on the table; as follows:
On page 179, after line 25, insert the following:
SEC. __. REDUCTION OF HOLDING PERIOD TO 12 MONTHS FOR PURPOSES OF DETERMINING WHETHER HORSES ARE SECTION 1231 ASSETS.
(a) In General.--Subparagraph (A) of section 1231(b)(3) (relating to definition of property used in the trade or business) is amended by striking “and horses”.
(b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2003.
Legislative Activity
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Senate amendment submitted
March 3, 2004