[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1761 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1761

 To amend the Internal Revenue Code of 1986 to repeal the exception to 
the treatment of consolidated groups under the personal holding company 
                                 rules.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             October 21 (legislative day, October 20), 2011

 Ms. Cantwell 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 repeal the exception to 
the treatment of consolidated groups under the personal holding company 
                                 rules.

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

SECTION 1. REPEAL OF EXCEPTION TO TREATMENT AS CONSOLIDATED GROUP UNDER 
              PERSONAL HOLDING COMPANY RULES.

    (a) In General.--Subsection (b) of section 542 of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking paragraphs (2) and (4), and
            (2) by redesignating paragraphs (3) and (5) as paragraphs 
        (2) and (3), respectively.
    (b) Conforming Amendments.--
            (1) Paragraph (1) of section 542(b) of such Code is amended 
        by striking ``paragraphs (2) and (3)'' and inserting 
        ``paragraph (2)''.
            (2) Clause (ii) of section 1504(c)(2)(B) of such Code is 
        amended by striking ``section 542(b)(5)'' and inserting 
        ``section 542(b)(3)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning on or after the date of the enactment 
of this Act.
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