[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1759 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                S. 1759

To amend the Internal Revenue Code of 1986 to reduce the holding period 
  to 12 months for purposes of determining whether horses are section 
                              1231 assets.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 20, 2003

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

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to reduce the holding period 
  to 12 months for purposes of determining whether horses are section 
                              1231 assets.

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

SECTION 1. REDUCTION OF HOLDING PERIOD TO 12 MONTHS FOR PURPOSES OF 
              DETERMINING WHETHER HORSES ARE SECTION 1231 ASSETS.

    (a) In General.--Subparagraph (A) of section 1231(b)(3) of the 
Internal Revenue Code of 1986 (relating to definition of property used 
in the trade or business) is amended by striking ``and horses''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2003.
                                 <all>