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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
11/21/1991--Introduced. Amends the Internal Revenue Code to allow a capital gains deduction for individuals for assets held from two to six years. Disallows such deduction in computing the alternative minimum tax. Requires indexing, based on the consumer price index, of the adjusted basis of certain assets (corporate stock and tangible property that is a capital asset of property used in a trade or business after December 31, 1991) that have been held for more than one year at the time of sale or other transfer, solely for the purpose of determining gain or loss. Provides for the inflation adjustment treatment of: (1) short sales; (2) regulated investment companies and real estate investment trusts; and (3) partnerships, S corporations, and common trust funds. Prohibits gain from the sale or other disposition of an indexed asset from being taken into account under the limitation on investment interest.