[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 352 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                 S. 352

     To provide for the self-employment tax treatment of qualified 
  withdrawals from a capital construction fund account under section 
                   607(d) of the Merchant Marine Act.


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                   IN THE SENATE OF THE UNITED STATES

             February 4 (legislative day, January 5), 1993

  Mr. Stevens introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
     To provide for the self-employment tax treatment of qualified 
  withdrawals from a capital construction fund account under section 
                   607(d) of the Merchant Marine Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SELF-EMPLOYMENT TAX TREATMENT OF QUALIFIED WITHDRAWALS FROM 
              CAPITAL CONSTRUCTION FUND ACCOUNT.

    (a) In General.--Subsection (g) of section 607 of the Merchant 
Marine Act, 1936 (46 U.S.C. 1177) is amended by adding at the end the 
following new paragraph:
            ``(6) Special rule for self-employment tax.--In determining 
        net earnings from self-employment for any taxable year, the 
        basis of a vessel, barge, or container shall not be reduced by 
        any qualified withdrawal in such taxable year.''
    (b) Conforming Amendments.--
            (1) Subsection (f) of section 7518 of the Internal Revenue 
        Code of 1986 is amended by adding at the end the following new 
        paragraph:
            ``(6) Special rule for self-employment tax.--In determining 
        net earnings from self-employment for any taxable year, the 
        basis of a vessel, barge, or container shall not be reduced by 
        any qualified withdrawal in such taxable year.''
            (2) Section 1403(b) of the Internal Revenue Code of 1986 is 
        amended by adding the following new paragraph:
            ``(3) For treatment of qualified withdrawals from capital 
        construction fund accounts, see section 607(g)(6) of the 
        Merchant Marine Act, 1936 (46 U.S.C. 1177) and section 
        7518(f)(6).''
    (c) Effective Date.--The amendments made by this section shall 
apply to withdrawals occurring after December 31, 1992.

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