S.Amdt. 4365

SA 4365. Mr. WARNER submitted an amendment intended to be proposed to
amendment SA 4301 proposed by Mr. Baucus to the bill H.R. 4213, to
amend the Internal Revenue Code of 1986 to extend certain expiring
provisions, and for other purposes; which was ordered to lie on the
table; as follows:

On page 217, strike lines 5 through 18, and insert the
following:
``(A) In general.--Except as provided in subparagraph (B),
the term `applicable percentage' means 75 percent.
``(B) Exceptions for sales of assets held at least 5
years.--The applicable percentage shall be 50 percent with
respect to any net income or net loss under subsection
(a)(1), or any income or gain under subsection (e), which is
properly allocable to gain or loss from the sale or exchange
of any asset which is held at least 5 years.

____________________