H.R. 4454 would amend the Internal Revenue Code to make permanent a rule that expired at the end of 2013 that defines how a shareholder in an S corporation adjusts the basis of that S corporation stock to account for that corporation's contributions of property to charity. This legislation would permanently provide that a shareholder reduces S corporation stock basis by an amount equal to the shareholder's pro rata share of the adjusted basis of the contributed property, instead of the pro rata share of the fair market value of the contributed property.
The staff of the
The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending and revenues. Enacting H.R. 4454 would result in revenue losses in each year beginning in 2015.
JCT has determined that the bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.
TNS 30FurigayJane-140503-4722895 30FurigayJane
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