Summary: S.2354 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for S.2354. Bill summaries are authored by CRS.

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Introduced in Senate (04/04/2000)

Amends the Internal Revenue Code respecting corporate exchange distributee basis to provide for basis reduction (up to fair market value) by any assumed liability, except if: (1) the business associated with such liability is transferred to the person assuming such liability; or (2) substantially all of the assets associated with such liability are transferred to such person.