H.R.5420 - To amend the Internal Revenue Code of 1986 with respect to the treatment of cooperative housing corporations.102nd Congress (1991-1992)
|Sponsor:||Rep. Weiss, Ted [D-NY-17] (Introduced 06/17/1992)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 06/17/1992 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5420 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (06/17/1992)
Amends the Internal Revenue Code to exclude cooperative housing corporations from the limitations on deductions incurred by certain membership organizations in transactions with their members.
Prohibits patronage losses of an organization from being used to offset earnings which are not patronage earnings. Specifies earnings to be treated as patronage earnings in the case of cooperative housing corporations.