,,ii  #aacth ,,congress  #ast ,session  
,s4 #ahee  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #ah1 
#bjac,mr4 ,cardin 7for himself and ,mr4 
,roberts7 introduced the following bill2
 which was read twice and referred to   
the ,committee on ,finance  ,a ,,bill   
,to amend the ,internal ,revenue ,code  
of #aihf to make permanent the reduced  
recognition period for built-in gains   
for ,s corporations4  #a4 ,reduced      
recognition period for built-in gains   
made permanent  7a7 ,in general         
,paragraph 7#g7 of section #acgd7;d7 of 
the ,internal ,revenue ,code of #aihf is
 amended-- 7#a7 by striking             
subparagraphs 7,a71 7,b71 7,c71 and     
7,d71  7#b7 by redesignating            
subparagraph 7,e7 as subparagraph 7,b71 
and  7#c7 by inserting before           
subparagraph 7,b7 7as so redesignated7  
the following new subparagraph3  7,a7   
,in general ,the term recognition period
 means the #e-year period beginning with
 the #ast day of the #ast taxable year  

for which the corporation was an ,s     
corporation4 ,for purposes of applying  
this section to any amount includible in
 income by reason of distributions to   
shareholders pursuant to section        
#eic7;e71 the preceding sentence shall  
be applied without regard to the phrase 
#e-year4  4  7b7 ,effective date ,the   
amendment made by this section shall    
apply to taxable years beginning after  
,december #ca1 #bjac4