S. 1261 (104th): Foreign Trust Tax Compliance Act of 1995

Introduced:
Sep 19, 1995 (104th Congress, 1995–1996)
Status:
Died (Referred to Committee)
Sponsor
Daniel Moynihan
Senator from New York
Party
Democrat
Text
Read Text »
Last Updated
Sep 19, 1995
Length
34 pages
Related Bills
H.R. 2356 (identical)

Referred to Committee
Last Action: Sep 19, 1995

 
Status

This bill was introduced on September 19, 1995, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 19, 1995
Referred to Committee Sep 19, 1995
 
Full Title

A bill to amend the Internal Revenue Code of 1986 to prevent the avoidance of tax through the use of foreign trusts.

Summary

No summaries available.

Cosponsors
none
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


9/19/1995--Introduced.
Foreign Trust Tax Compliance Act of 1995 - Amends the Internal Revenue Code to revise the requirements regarding information that must be reported regarding certain foreign trusts.
Section 3 -
Modifies the circumstances (with regard to foreign trusts having one or more U.S. beneficiaries) in which a transferor is treated as the owner.
Section 4 -
Replaces provisions setting forth a special rule applicable to foreign grantors with provisions declaring that provisions relating to treating grantors and others as substantial owners shall apply only when that application results in an amount being currently taken into account in computing the income of a U.S. citizen or resident or a domestic corporation.
Section 5 -
Requires a United States person to report information regarding foreign gifts or bequests when the gifts' aggregate value during a taxable year exceeds $10,000.
Section 6 -
Modifies requirements regarding the interest charge on accumulation distributions from foreign trusts.
Section 7 -
Changes the circumstances in which an estate or trust is included in the definition of "United States person." Modifies the definition of "foreign estate" and "foreign trust." Requires (for provisions relating to the imposition of a tax on transfers to avoid income tax) treating a trust which is not a foreign trust and which becomes a foreign trust as having transferred, immediately before becoming a foreign trust, all of its assets to a foreign trust.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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