HR 947 IH
107th CONGRESS
1st Session
H. R. 947
To amend the Internal Revenue Code of 1986 to allow individual
retirement accounts to exclude income with respect to certain debt-financed real
property from the tax on unrelated business taxable income.
IN THE HOUSE OF REPRESENTATIVES
March 8, 2001
Mr. DUNCAN 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 allow individual
retirement accounts to exclude income with respect to certain debt-financed real
property from the tax on unrelated business taxable income.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. EXCLUSION BY INDIVIDUAL RETIREMENT ACCOUNTS OF CERTAIN INCOME
WITH RESPECT TO CERTAIN DEBT-FINANCED REAL PROPERTY FROM TAX ON UNRELATED
BUSINESS TAXABLE INCOME.
(a) IN GENERAL- Clause (ii) of section 514(c)(9)(C) is amended by
inserting before the semicolon the following: `or any trust which constitutes
an individual retirement account under section 408'.
(b) EFFECTIVE DATE- The amendment made by this section shall apply to
taxable years beginning after December 31, 2001.
END