Amends the Internal Revenue Code to allow certain personal holding companies to be treated as regulated investment companies. Subjects the undistributed taxable income of a regulated investment company that is a personal holding company to the highest rate of corporate income tax rate plus the personal holding company tax.
Allows a regulated investment company to elect to computed taxable income without regard to rules related to short-term obligations issued on a discount basis.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Referred to Subcommittee on Select Revenue Measures.
Subcommittee Hearings Held.
Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee (Amended).
See H.R.4170.
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