Code · BILL · 113th Congress · H.R. 1 (Introduced in House) — To amend the Internal Revenue Code of 1986 to provide for comprehensive tax reform. · Sec. 3131

Sec. 3131. Repeal of passive activity exception for working interests in oil and gas property

86 words·~1 min read·/bill/113/hr/1/ih/section-3131

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Subsection

(c)of section 469 is amended by striking paragraph (3). Section 469 is amended— by striking paragraph

(4)and by redesignating paragraphs (5), (6), and

(7)as paragraphs (3), (4), and (5), respectively, and in paragraph (2)— by striking paragraph

(7)and inserting paragraph

(5), and by inserting , without regard to whether or not the taxpayer materially participates in the activity before the period at the end. The amendments made by this section shall apply to taxable years beginning after December 31, 2014.