H.R.15195 - A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of capital gains and losses.93rd Congress (1973-1974)
|Sponsor:||Rep. Chamberlain, Charles E. [R-MI-6] (Introduced 06/05/1974)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 06/05/1974 Referred to House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.15195 — 93rd Congress (1973-1974)All Information (Except Text)
Introduced in House (06/05/1974)
Redefines, under the Internal Revenue Code, long and short-term capital gains and losses.
States that, in the case of a taxpayer other than a corporation, the excess of the net long-term capital loss over the net short-term capital gain for a taxable year shall be allowed only to the extent of whichever of the following is the smaller: (1) the taxable income for the taxable year; or (2) $4,000.
Provides that if a taxpayer other than a corporation has a net capital loss for any taxable year, and such loss is not otherwise carried back the amount by which the excess of the net short-term capital loss over the net long-term capital gain for such year exceeds taxable income computed without regard to such excess shall be a short-term capital loss in the succeeding taxable year, and the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.
States that if a taxpayer other than a corporation has a net capital loss for any taxable year at the election of the taxpayer such net capital loss shall be a capital loss carryback to each of the 3 taxable years preceding the loss year, but only to the extent the carryback of such loss does not increase or produce a net operating loss for that taxable year to which it is being carried back.