[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3885 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 3885

To waive interest and penalties for failures to file schedule D of Form 
               1040 with a timely filed return for 1997.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 14, 1998

  Ms. Rivers introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To waive interest and penalties for failures to file schedule D of Form 
               1040 with a timely filed return for 1997.

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

SECTION 1. WAIVER OF INTEREST AND PENALTIES ON FAILURES TO FILE 
              SCHEDULE D OF FORM 1040 WITH A TIMELY FILED RETURN FOR 
              1997.

    If--
            (1) on or before the last day for filing the return of tax 
        imposed by chapter 1 of the Internal Revenue Code of 1986 for a 
        taxable year ending during 1997, a taxpayer filed a Form 1040 
        (without a schedule D) for such taxable year and included 
        payment of the tax shown on such Form,
            (2) the taxpayer is notified by the Internal Revenue 
        Service that the taxpayer is being treated as not having filed 
        a return for such year solely by reason of the taxpayer's 
        failure to include a completed schedule D with such Form,
            (3) the only items of capital gain or loss for such taxable 
        year are capital gain dividends (as defined in sections 
        852(b)(3)(C) and 857(b)(3)(C) of such Code), and
            (4) not later than 30 days after the date such notice is 
        mailed (or, if later, the last day for filing such Form with 
        extensions), such taxpayer files such Form with a completed 
        schedule D and pays the tax shown on the return,
then no interest, penalty, addition to the tax, or additional amount 
shall be imposed solely by reason of the treatment described in 
paragraph (2) with respect to the tax shown on the return.
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