S.3535 - A bill to amend the Internal Revenue Code of 1986 to index certain assets for purposes of determining gain or loss.110th Congress (2007-2008)
|Sponsor:||Sen. DeMint, Jim [R-SC] (Introduced 09/22/2008)|
|Latest Action:||11/18/2008 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 1119 under authority of the order of the Senate of 11/17/2008.|
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Summary: S.3535 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in Senate (09/22/2008)
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.