To amend the Internal Revenue Code of 1986 to reduce from 24 months to 12 months the holding period used to determine whether horses are assets described in section 1231 of such Code.

Amends the Internal Revenue Code to reduce from 24 to 12 months the holding period used to determine whether horses are section 1231 (property used in the trade or business and involuntary conversions) assets.

[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1174 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 1174

To amend the Internal Revenue Code of 1986 to reduce from 24 months to 
   12 months the holding period used to determine whether horses are 
             assets described in section 1231 of such Code.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 17, 1999

 Mr. Weller (for himself, Mrs. Thurman, Mr. Lewis of Kentucky, and Mr. 
   Hefley) 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 reduce from 24 months to 
   12 months the holding period used to determine whether horses are 
             assets described in section 1231 of such Code.

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

SECTION 1. HOLDING PERIOD REDUCED 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, 1999.
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