,,ii  #aag? ,,congress  #a/ ,session    
,s4 #bgae  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #ac1         
#bjba,mr4 ,m55dez 7= himself & ,mr4 ,"y7
 introduc$ ! foll[+ bill2 :i* 0 read    
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to modify ! rules 
= con/ructive own]%ip ) respect to real 
e/ate inve/m5t tru/s4  #a4 ,modification
 ( ,,reit con/ructive own]%ip rules  7a7
 ,9 g5]al ,section #hef7;d77#e7 ( !     
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ & at ! end ( subp>agraph 7,a71 
by /rik+ ! p]iod at ! end ( subp>agraph 
7,b7 & ins]t+ 1 &1 & by add+ at ! end ! 
foll[+3  7,c7 except z o!rwise provid$  
by ! ,secret>y1 /ock1 assets1 & net     
pr(its con/ructively own$ by a p>tn]%ip1
 e/ate1 tru/1 or corporation by reason (
 ! application ( section #cah7;a77#c7   
7aft] application ( subp>agraphs 7,a7 & 
7,b77 %all n be consid]$ z own$ by x =  
purposes ( aga9 apply+ su* section 9    
ord] to make ano!r p]son ! con/ructive  

own] ( su* /ock1 assets1 or net pr(its4 
,subp>agraph 7,c7 %all n prev5t any     
p]son f be+ ! con/ructive own] ( /ock1  
assets1 or net pr(its ( any p]son z !   
result ( any o!r application ( section  
#cah7;a7 7z modifi$ by ?is p>agraph74 4 
7b7 ,effective date ,! am5dm5ts made by 
?is section %all apply to taxable ye>s  
end+ aft] ! date ( ! enactm5t ( ?is     
,act4  7c7 ,no inf]5ce ,no?+ 9 ?is ,act 
or ! am5dm5ts made by ?is ,act %all be  
con/ru$ to create any inf]5ce ) respect 
to ! prop] application ( section #cah ( 
! ,int]nal ,rev5ue ,code ( #aihf to     
cases o!r ?an cases to :i* su* am5dm5ts 
apply4