Summary: H.R.3260 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for H.R.3260. Bill summaries are authored by CRS.

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Introduced in House (09/15/1987)

Amends the Internal Revenue Code to allow a taxpayer to choose the taxable year for inclusion in income of generic commodity certificates (PIK certificates) used to repay Commodity Credit Corporation (CCC) loans. Permits as choices: (1) the year in which either the CCC loan is repaid or the commodity used as collateral for the loan is sold; or (2) the year in progress nine months after the date the loan was originally received. Applies to loans made after 1985.