H.R. 998

To amend the Internal Revenue Code of 1986 to reduce the holding period used to determine whether horses are section 1231 assets to 12 months.

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I

113th CONGRESS

1st Session

H. R. 998

IN THE HOUSE OF REPRESENTATIVES

March 6, 2013

Mr. Barr introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to reduce the holding period used to determine whether horses are section 1231 assets to 12 months.

1.

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) of the Internal Revenue Code of 1986 is amended by striking and horses.

(b)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2012.