[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 947 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 947

    To amend the Internal Revenue Code of 1986 to allow individual 
  retirement accounts to exclude income with respect to certain debt-
   financed real property from the tax on unrelated business taxable 
                                income.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 8, 2001

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

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to allow individual 
  retirement accounts to exclude income with respect to certain debt-
   financed real property from the tax on unrelated business taxable 
                                income.

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

SECTION 1. EXCLUSION BY INDIVIDUAL RETIREMENT ACCOUNTS OF CERTAIN 
              INCOME WITH RESPECT TO CERTAIN DEBT-FINANCED REAL 
              PROPERTY FROM TAX ON UNRELATED BUSINESS TAXABLE INCOME.

    (a) In General.--Clause (ii) of section 514(c)(9)(C) is amended by 
inserting before the semicolon the following: ``or any trust which 
constitutes an individual retirement account under section 408''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2001.
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