Summary: S.1828 — 97th Congress (1981-1982)All Information (Except Text)

There is one summary for S.1828. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (11/09/1981)

Thrift Partnership Tax Act of 1981 - Amends the Internal Revenue Code to set forth rules for the tax treatment of partnerships which include a thrift institution (financial institution which finances home mortgages) as a partner. Prescribes rules for the characterization of gain or loss from the sale of mortgages by thrift institutions, the allocation of such gain or loss, and the recognition of gain or loss on the contribution of property to a thrift partnership.

Defines a thrift partnership as a partnership which includes at least one thrift institution as a partner, has as its primary purpose investment in mortgage instruments, consists almost exclusively (95 percent) of cash and mortgage instruments, and requires its non-thrift institution partners to make their contributions in cash.