H.R.3652 - To amend the Internal Revenue Code of 1986 with respect to the treatment of certain real estate activities under the passive loss rules and to provide for individuals a capital gains preference based on the period the asset is held.102nd Congress (1991-1992)
|Sponsor:||Rep. Shaw, E. Clay, Jr. [R-FL-15] (Introduced 10/29/1991)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 10/29/1991 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3652 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (10/29/1991)
Amends the Internal Revenue Code to provide for the treatment of rental and nonrental real estate activities under the limitations on losses from passive activities.
Provides individuals a deduction for capital gains based on the period the asset is held (up to three years). Excludes collectibles from such assets. Makes such deduction an item of tax preference.