Summary: H.R.4032 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for H.R.4032. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (02/25/1988)

Amends Internal Revenue Code accounting provisions to revise the definition of "passive activity" to exclude the rental real estate activity of any individual: (1) whose work time is at least 50 percent devoted to real estate trade or business activities; and (2) whose average earned income for the three preceding taxable years is at least 50 percent attributable to such activities.