S.Amdt. 3634
What it does: Adds SEC. ____. PERMANENT RULE REGARDING BASIS ADJUSTMENT TO STOCK OF S CORPORATIONS MAKING CHARITABLE CONTRIBUTIONS OF PROPERTY wherever appropriate
Sen. John Thune (R-SD)What it changes
1 change to S. 2569
Adds SEC. ____. PERMANENT RULE REGARDING BASIS ADJUSTMENT TO STOCK OF S CORPORATIONS MAKING CHARITABLE CONTRIBUTIONS OF PROPERTY wherever appropriate
Adds a sectionInserted: SEC. ____. PERMANENT RULE REGARDING BASIS ADJUSTMENT TO STOCK OF S CORPORATIONS MAKING CHARITABLE CONTRIBUTIONS OF PROPERTY.
Inserted: (a) In General.--Section 1367(a)(2) of the Internal Revenue Code of 1986 is amended by striking the last sentence.
Inserted: (b) Effective Date.--The amendment made by this section shall apply to contributions made in taxable years beginning after December 31, 2013.
Inserted: SEC. ____. REDUCED RECOGNITION PERIOD FOR BUILT-IN GAINS OF S CORPORATIONS MADE PERMANENT.
Inserted: (a) In General.--Paragraph (7) of section 1374(d) of the Internal Revenue Code of 1986 is amended to read as follows:
Inserted: "(7) Recognition period.--
Inserted: "(A) In general.--The term recognition period means the 5-year period beginning with the 1st day of the 1st taxable year for which the corporation was an S corporation. For purposes of applying this section to any amount includible in income by reason of distributions to shareholders pursuant to section 593(e), the preceding sentence shall be applied without regard to the phrase 5-year.
Inserted: "(B) Installment sales.--If an S corporation sells an asset and reports the income from the sale using the installment method under section 453, the treatment of all payments received shall be governed by the provisions of this paragraph applicable to the taxable year in which such sale was made.".
Inserted: (b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2013.
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Original wording
At the appropriate place, insert the following:
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As printed
SA 3634. Mr. THUNE (for himself, Mr. Roberts, and Ms. Collins) submitted an amendment intended to be proposed by him to the bill S. 2569, to provide an incentive for businesses to bring jobs back to America; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. ____. PERMANENT RULE REGARDING BASIS ADJUSTMENT TO STOCK OF S CORPORATIONS MAKING CHARITABLE CONTRIBUTIONS OF PROPERTY.
(a) In General.--Section 1367(a)(2) of the Internal Revenue Code of 1986 is amended by striking the last sentence.
(b) Effective Date.--The amendment made by this section shall apply to contributions made in taxable years beginning after December 31, 2013.
SEC. ____. REDUCED RECOGNITION PERIOD FOR BUILT-IN GAINS OF S CORPORATIONS MADE PERMANENT.
(a) In General.--Paragraph (7) of section 1374(d) of the Internal Revenue Code of 1986 is amended to read as follows:
“(7) Recognition period.--
“(A) In general.--The term recognition period means the 5-year period beginning with the 1st day of the 1st taxable year for which the corporation was an S corporation. For purposes of applying this section to any amount includible in income by reason of distributions to shareholders pursuant to section 593(e), the preceding sentence shall be applied without regard to the phrase 5-year.
“(B) Installment sales.--If an S corporation sells an asset and reports the income from the sale using the installment method under section 453, the treatment of all payments received shall be governed by the provisions of this paragraph applicable to the taxable year in which such sale was made.”.
(b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2013.
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Senate amendment submitted
July 24, 2014