[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 242 Introduced in House (IH)]

  1st Session
                                H. R. 242

     To extend the retroactive period during which farm insolvency 
  transactions are exempt from the prior law alternative minimum tax.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 4, 1995

 Mr. Emerson introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
     To extend the retroactive period during which farm insolvency 
  transactions are exempt from the prior law alternative minimum tax.

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

SECTION 1. EXTENSION OF RELIEF FROM PRIOR LAW ALTERNATIVE MINIMUM TAX 
              FOR FARM INSOLVENCY TRANSACTIONS.

    (a) In General.--Subsection (b) of section 13208 of the 
Consolidated Omnibus Budget Reconciliation Act of 1985 (relating to 
certain insolvent taxpayers allowed to reduce capital gains preference 
item for purposes of the individual minimum tax) is amended by striking 
``1981'' and inserting ``1978''.
    (b) Statute of Limitations.--If refund or credit of any overpayment 
of tax resulting from the application of the amendment made by 
subsection (a) is prevented at any time before the close of the 1-year 
beginning on the date of the enactment of this Act, by the operation of 
any law or rule of law (including res judicata), refund or credit of 
such overpayment (to the extent attributable to the application of such 
amendment) may, nevertheless, be made or allowed if claim therefor is 
filed before the close of such 1-year period.
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