Summary: H.R.4542 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for H.R.4542. Bill summaries are authored by CRS.

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Introduced in House (05/05/1988)

Amends the Internal Revenue Code to permit cooperatives (farmers' cooperatives, cooperative banks, mutual insurance companies, and rural electric and telephone cooperatives) to: (1) elect to treat as ordinary income or loss any gain or loss from the sale or other disposition of any asset used by the organization to facilitate the conduct of business done with or for patrons; and (2) include such gain or loss in net earnings of the organization from business done with or for patrons.