H.R.1261 - Capital Gains Inflation Relief Act of 2007110th Congress (2007-2008)
|Sponsor:||Rep. Pence, Mike [R-IN-6] (Introduced 03/01/2007)|
|Committees:||House - Ways and Means|
|Latest Action:||03/01/2007 Referred to the House Committee on Ways and Means.|
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Summary: H.R.1261 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in House (03/01/2007)
Capital Gains Inflation Relief Act of 2007 - Amends the Internal Revenue Code to allow an inflation adjustment based upon the gross domestic product deflator to the adjusted basis of certain assets (including C corporation common stock and tangible property used in a trade or business) held by a taxpayer for more than three years for purposes of determining gain or loss on the sale or other disposition of such assets.
Sets forth rules for applying such inflation adjustment to short sales, regulated investment companies and real estate investment trusts, partnerships and other pass-thru entities, and dispositions of assets between related persons.