H.R.4522 - To clarify the income and gift tax consequences of catching and returning record home run baseballs.105th Congress (1997-1998)
|Sponsor:||Rep. Thomas, William M. [R-CA-21] (Introduced 09/09/1998)|
|Committees:||House - Ways and Means|
|Latest Action:||09/09/1998 Referred to the House Committee on Ways and Means.|
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Text: H.R.4522 — 105th Congress (1997-1998)All Bill Information (Except Text)
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Introduced in House (09/09/1998)
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[Congressional Bills 105th Congress] [From the U.S. Government Printing Office] [H.R. 4522 Introduced in House (IH)] 105th CONGRESS 2d Session H. R. 4522 To clarify the income and gift tax consequences of catching and returning record home run baseballs. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES September 9, 1998 Mr. Thomas (for himself, Mr. Bonilla, Mr. Gibbons, Mr. Franks of New Jersey, Mr. Boehner, and Mr. Jones) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To clarify the income and gift tax consequences of catching and returning record home run baseballs. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. TAX TREATMENT OF CATCHING AND RETURNING RECORD HOME RUN BASEBALLS. (a) In General.--In the case of a record home run baseball-- (1) for purposes of subtitle A of the Internal Revenue Code of 1986 (relating to income taxes), no amount shall be includible in the gross income of the individual catching (or otherwise recovering) the baseball by reason of catching (or recovering) the baseball, and (2) for purposes of subtitle B of such Code (relating to estate and gift taxes), the gift of the baseball to the batter by such individual shall not be treated as a gift for purposes of subtitle B of such Code. (b) Record Home Run Baseball.--For purposes of this section, the term ``record home run baseball'' means a baseball which is a home run ball hit during the 1998 baseball season if the batter of the baseball hit at least 61 home runs during such season. (c) Denial of Double Benefit.--If, by reason of subsection (a), no amount is includible in the gross income of an individual on catching (or otherwise recovering) a baseball, no deduction shall be allowed under subtitle A of the Internal Revenue Code of 1986 for any contribution or gift made directly or indirectly by the individual of such baseball. <all>