US Congress House Bill 1935 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on April 2 2009 - 25% progression, died in committee
Action: 2009-04-02 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

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.

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

Rep. Sander Levin [D-MI]

Date	Chamber	Action
2009-04-02		Referred to the House Committee on Ways and Means.

HB4213 (Related) 2010-07-22 - Became Public Law No: 111-205.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/1935/all-info
Text	https://www.congress.gov/111/bills/hr1935/BILLS-111hr1935ih.pdf