H.R.1708 - Small Investors Tax Simplification Act of 1999106th Congress (1999-2000)
||Rep. Ramstad, Jim [R-MN-3] (Introduced 05/05/1999)
||House - Ways and Means
||05/05/1999 Referred to the House Committee on Ways and Means. (All Actions)
This bill has the status Introduced
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Introduced in House (05/05/1999)
Small Investors Tax Simplification Act of 1999 - Amends the Internal Revenue Code to provide that a partner's distributive share of all items of income, gain, loss, deduction, or credit of a qualified investment club shall be determined under the simplified method. Defines such method, in general, as a method pursuant to which a partnership allocates each of the items of income, gain, loss, deduction, and credit for its taxable year to its partners based on their proportionate interests on the last day of such taxable year in partnership profits.