Like Countable?

Install the App
TRY NOW

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Ways and Means
    IntroducedApril 2nd, 2009

Bill Details

Official information provided by the Congressional Research Service. Learn more or make a suggestion.
The Congressional Research Service writes summaries for most legislation. These summaries are listed here. Countable will update some legislation with a revised summary, title or other key elements.

Suggest an update to this bill using our form.

Official Title

To amend the Internal Revenue Code of 1986 to provide for the treatment of partnership interests held by partners providing services.

Summary

Amends the Internal Revenue Code to: (1) to set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services; (2) treat as ordinary income or loss net income or loss from an investment services partnership interest; (3) include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment; (4) apply the rule treating gain from sales between related persons as ordinary income to certain partnership interests; and (5) exempt income from investment services partnership interests from treatment as qualifying income of publicly traded partnerships. Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.

    There are currently no opinions on this bill, be the first to add one!