[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1496 Introduced in Senate (IS)]
107th CONGRESS
1st Session
S. 1496
To clarify the accounting treatment for Federal income tax purposes of
deposits and similar amounts received by a tour operator for a tour
arranged by such operator.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
October 3, 2001
Mr. Graham introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To clarify the accounting treatment for Federal income tax purposes of
deposits and similar amounts received by a tour operator for a tour
arranged by such operator.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Tour Operators Up-Front-Deposit
Relief (TOUR) Act''.
SEC. 2. METHOD OF ACCOUNTING FOR DEPOSITS RECEIVED BY ACCRUAL BASIS
TOUR OPERATORS.
In the case of a tour operator using an accrual method of
accounting, amounts received from or on behalf of passengers in advance
of the departure of a tour arranged by such operator--
(1) shall be treated as properly accounted for under the
Internal Revenue Code of 1986 if they are accounted for under a
method permitted by section 3 of Revenue Procedure 71-21, and
(2) for purposes of Revenue Procedure 71-21, shall be
deemed earned as of the date the tour departs.
<all>
Introduced in Senate
Sponsor introductory remarks on measure. (CR S10165)
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S10165)
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