H.R.1935 - To amend the Internal Revenue Code of 1986 to provide for the treatment of partnership interests held by partners providing services.111th Congress (2009-2010)
|Sponsor:||Rep. Levin, Sander M. [D-MI-12] (Introduced 04/02/2009)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 04/02/2009 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1935 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (04/02/2009)
Amends the Internal Revenue Code to: (1) to set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services; (2) treat as ordinary income or loss net income or loss from an investment services partnership interest; (3) include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment; (4) apply the rule treating gain from sales between related persons as ordinary income to certain partnership interests; and (5) exempt income from investment services partnership interests from treatment as qualifying income of publicly traded partnerships.
Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.