Sec. 1414. Repeal of 2-percent floor on miscellaneous itemized deductions
246 words·~1 min read·
/bill/113/hr/1/ih/section-1414A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Part 1 of subchapter B of chapter 1 is amended by striking section 67 (and the item relating to such section in the table of sections for such part). Section 642(b)(2)(C)(i)(II) is amended to read as follows: by determining the adjusted gross income of the trust under the rules of section 2(b)(2) (without the reference to section 642(b)). . Section 162(o) is amended by striking paragraph (2). Section 302(b)(5) is amended by striking section 67(c)(2)(B) and inserting section 562(c)(2) .
Section 562(c) is amended— by striking (as defined in section 67(c)(2)(B)) , by striking (as so defined) , by striking Except in the case of and inserting the following: Except in the case of , and by adding at the end the following new paragraph: For purposes of this subsection— The term publicly offered regulated investment company means a regulated investment company the shares of which are— continuously offered pursuant to a public offering (within the meaning of section 4 of the Securities Act of 1933, as amended (15 U.S.C. 77a to 77aa)), regularly traded on an established securities market, or held by or for no fewer than 500 persons at all times during the taxable year.
The Secretary may by regulation decrease the minimum shareholder requirement of clause (i)(III) in the case of regulated investment companies which experience a loss of shareholders through net redemptions of their shares. . The amendments made by this section shall apply to taxable years beginning after December 31, 2014.
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 1414
Repeal of 2-percent floor on miscellaneous itemized deductions
Cites 1Cited by 0 across 0 sources