S.2688 - Capital Gains Inflation Relief Act of 2018115th Congress (2017-2018) |
|Sponsor:||Sen. Cruz, Ted [R-TX] (Introduced 04/17/2018)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 04/17/2018 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.2688 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (04/17/2018)
Capital Gains Inflation Relief Act of 2018
This bill amends the Internal Revenue Code to allow the adjusted basis of certain assets (including common stock in a C corporation and tangible property used in a trade or business) to be indexed for inflation for the purpose of determining the gain or loss of a taxpayer (other than a corporation) who has held the asset for more than three years.
The bill sets forth rules for applying the inflation adjustment to:
- short sales;
- regulated investment companies;
- real estate investment trusts;
- other pass-through entities, including partnerships, S corporations, and common trust funds;
- dispositions between related persons; and
- improvements to property or contributions of capital.
The Internal Revenue Service may disallow an adjustment if any person transfers cash, debt, or any other property to another person for the principal purpose of securing or increasing the adjustment allowed by this bill.