S.1822 - A bill to amend the Internal Revenue Code of 1954 to encourage investments in mortgage-backed securities through trusts for investments in mortgages, and for other purposes.98th Congress (1983-1984)
|Sponsor:||Sen. Garn, E. J. (Jake) [R-UT] (Introduced 08/04/1983)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 11/04/1983 Committee on Finance. Hearings held. Hearings printed: S.Hrg. 98-630. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: S.1822 — 98th Congress (1983-1984)All Information (Except Text)
Introduced in Senate (08/04/1983)
Amends the Internal Revenue Code to allow the establishment of tax-exempt trusts for investments in mortgages (TIM). Defines a TIM as a corporation, trust, or association: (1) which is managed by one or more trustees or directors; (2) the beneficial ownership of which is evidenced by registered transferable shares or by transferable certificates of beneficial interest; (3) which would otherwise be taxable as a domestic corporation; and (4) which is not a financial institution or an issuance company. Sets forth special rules and investment requirements for qualification as a TIM.
Excludes such trusts from taxation. Requires that a TIM shall: (1) use the cash method of accounting; and (2) use the calendar year as its accounting period.
Requires that a TIM shareholder shall be treated as if the TIM was partnership and the shareholder was a partner. Sets forth rules for the treatment of dispositions of qualified obligations. Sets forth rules for the treatment of 20 percent or more shareholders. Sets forth rules for the recognition of gains and losses by shareholders.
Prohibits certain transactions by TIM'S. Imposes an excise tax on any such prohibited transactions.