H.R.1935 - To amend the Internal Revenue Code of 1986 to provide for the treatment of partnership interests held by partners providing services.

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  • Official: To amend the Internal Revenue Code of 1986 to provide for the treatment of partnership interests held by partners providing services. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
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04/01/09
 
 
 
 
 
 
 

Official Summary

4/2/2009--Introduced.Amends the Internal Revenue Code to: (1) to set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services; (2) treat as ordinary income or loss net income or loss from an investment servic

Official Summary

4/2/2009--Introduced.Amends the Internal Revenue Code to:
(1) to set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services;
(2) treat as ordinary income or loss net income or loss from an investment services partnership interest;
(3) include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment;
(4) apply the rule treating gain from sales between related persons as ordinary income to certain partnership interests; and
(5) exempt income from investment services partnership interests from treatment as qualifying income of publicly traded partnerships. Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by:
(1) advising the partnership about investing in, purchasing, or selling specified assets;
(2) managing, acquiring, or disposing of specified assets; or
(3) arranging financing with respect to acquiring specified assets.

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