An Act to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities

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An Act to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities

An Act to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities

Act Details

An Act to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities was, as a bill, a proposal (now, a piece of legislation) introduced on 1975-02-06 in the House of Commons and Senate respectively of the 94 United States Congress by Dan Rostenkowski in relation with: Charities, Finance and financial sector, Securities, Tax exclusion, Tax-exempt organizations.

An Act to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities became law (1) in the United States on 1976-09-03

It was referred to the following Committee(s): (2)

House Ways and Means (HSWM)
Senate Finance (SSFI)

Dan Rostenkowski, member of the US congress
Dan Rostenkowski, Representative from Illinois, district 8

The proposal had the following cosponsors:

Lowell Palmer Weicker, Republican, Senator, from Connecticut

Act Overview

  • Number: 3052 (3)
  • Official Title as Introduced: A bill to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities (4)
  • Date First Introduced: 1975-02-06
  • Sponsor Name: Dan Rostenkowski
  • Assignment Process: See Committe Assignments (5)
  • Latest Major Activity/Action: Enacted
  • Date Enacted (signed, in general (6), by President): 1976-09-03
  • Type: hr (7)
  • Main Topic: Finance and financial sector
  • Summary of An Act to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities: Govtrack. Authored by the Congressional Research Service (CRS) of the Library of Congress.
  • Primary Source: Congress Website

Text of the An Act to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities

(Measure passed Senate amended) Excludes under the Internal Revenue Code of 1954 the gain on the lapse of options to buy or sell securities for purposes of computing the tax on the unrelated business income of charitable organizations. Makes such exclusion applicable on or after January 1 1976 in taxable years on or after such date. Continues until September 15 1976 the current withholding income tax rates.

Act Notes

  • [Note 1] An Act (like An Act to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities) or a resolution cannot become a law in the United States until it has been approved (passed) in identical form by both the House of Representatives and the Senate, as well as signed by the President (but see (5)). If the two bodys of the Congress versions of an Act are not identical, one of the bodies might decide to take a further vote to adopt the bill (see more about the Congress process here). An Act may be pass in identical form with or without amendments and with or without conference. (see more about Enrollment).
  • [Note 2] Proposals are referred to committees for preliminary consideration, then debated, amended, and passed (or rejected) by the full House or Senate. To prevent endless shuttling of bills between the House and Senate, bills like An Act to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities are referred to joint committees made up of members of both houses.
  • [Note 3] For more information regarding this legislative proposal, go to THOMAS, select “Bill Number,” search on (An Act to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities)
  • [Note 4] A bill to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities. The current official title of a bill is always present, assigned at introduction (for example, in this case, on 1975-02-06) and can be revised any time. This type of titles are sentences.
  • [Note 5] The Act is referred to the appropriate committee by the Speaker of any of the two Houses. Bills are placed on the calendar of the committee to which they have been assigned. See Assignment Process.
  • [Note 6] Regarding exceptions to President´s approval, a bill that is not signed (returned unsigned) by the President can still become law if at lest two thirds of each of the two bodys of the Congress votes to pass it, which is an infrequent case. See also Presidential Veto.
  • [Note 7] Legislative Proposal types can be: hr, hres, hjres, hconres, s, sres, sjres, sconres. A bill originating in the Senate is designated by the letter “S”, and a bill originating from the House of Representatives begins with “H.R.”, followed, in both cases, by its individual number which it retains throughout all its parliamentary process.
  • [Note 8] For information regarding related bill/s to An Act to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities, go to THOMAS.

Analysis

No analysis (criticism, advocacy, etc.) about An Act to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities submitted yet.

Charities
Finance and financial sector
Securities
Tax exclusion
Tax-exempt organizations

Further Reading

  • “How our laws are made”, Edward F Willett; Jack Brooks, Washington, U.S. G.P.O.
  • “To make all laws : the Congress of the United States, 1789-1989”, James H Hutson- Washington, Library of Congress.
  • “Bills introduced and laws enacted: selected legislative statistics, 1947-1990”, Rozanne M Barry; Library of Congress. Congressional Research Service.

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