S.112 - A bill to amend the Internal Revenue Code of 1986 with respect to the treatment of certain amounts received by a cooperative telephone company.104th Congress (1995-1996)
|Sponsor:||Sen. Daschle, Thomas A. [D-SD] (Introduced 01/04/1995)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 01/04/1995 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: S.112 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in Senate (01/04/1995)
Amends the Internal Revenue Code with respect to the tax-exempt status of a mutual or cooperative telephone company to provide that 50 percent of the income received from a nonmember telephone company for services by the cooperative shall be treated as collected from members of the cooperative for the sole purpose of meeting the losses and expenses of the cooperative.
Excludes, in determining the income of a cooperative: (1) billing and collection services performed for a nonmember telephone company; and (2) certain reserve income that does not exceed 35 percent of the company's total income. Subjects a portion of such reserve income to unrelated business income tax.