H.R.1159 - To amend the Internal Revenue Code of 1986 to provide special rules for investments lost in a fraudulent Ponzi-type scheme.

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  • Official: To amend the Internal Revenue Code of 1986 to provide special rules for investments lost in a fraudulent Ponzi-type scheme. as introduced.

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Introduced
 
House
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Senate
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President
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02/24/09
 
 
 
 
 
 
 

Official Summary

Amends the Internal Revenue Code to: (1) allow an enhanced tax deduction for losses sustained from a fraudulent Ponzi-type scheme; (2) extend the carryback period for net operating losses attributable to such schemes; (3) waive certain limitations on the charitable tax deduction for contrib

Official Summary

Amends the Internal Revenue Code to:
(1) allow an enhanced tax deduction for losses sustained from a fraudulent Ponzi-type scheme;
(2) extend the carryback period for net operating losses attributable to such schemes;
(3) waive certain limitations on the charitable tax deduction for contributions to charities with losses from fraudulent Ponzi-type schemes; and
(4) restore the gift tax unified credit for gifts of an interest in a fraudulent Ponzi-type scheme. Defines \"fraudulent Ponzi-type scheme\" as any fraudulent investment operation that provides investors with returns that are derived substantially from investments made by other investors rather than from profits.

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