,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #iebi  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #bi1 #bjbf,ms4  
,sal9as introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d ! ,int]nal ,rev5ue
 ,code ( #aihf to impose a tax on net   
capital ga9 accru$ :ile s]v+ z ,presid5t
 ( ! ,unit$ ,/ates4  #a4 ,%ort title    
,?is ,act may be cit$ z ! ,no ,(ficial  
,presid5tial ,returns ,on ,furtive      
,individual ,trades ,act or ! ,,no      
,,pr(it ,act4  #b4 ,imposition ( tax on 
net capital ga9 accru$ :ile s]v+ z      
,presid5t ( ! ,unit$ ,/ates  7a7 ,9     
g5]al ,section #a ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new subsection3  7k7 ,special  
rules = net capital ga9 accru$ :ile s]v+
 z ,presid5t ( ! ,unit$ ,/ates  7#a7 ,9 
g5]al ,if a taxpay] has a qualifi$ net  
capital ga9 = any applicable taxable    
ye>1 ! tax impos$ by ?is section on su* 
ga9 = su* taxable ye> %all be equal to  
#ajj p]c5t ( su* ga94 ,prop] adju/m5ts  

%all be made 9 ! application ( ?is      
section to ensure t ga9 subject to tax  
"u ! prec$+ s5t5ce is n subject to      
additional tax "u ?is section4  7#b7    
,m>k to m>ket ,9 ! case ( any capital   
asset o!r ?an a qualifi$ capital asset  
:i* is held by a taxpay] at ! close (   
any applicable taxable ye>-- 7,a7 su*   
taxpay] %all recognize ga9 or loss on   
su* capital asset z if su* capital asset
 7 sold = its fair m>ket value on ! la/ 
bus9ess day ( su* taxable ye>1 &  7,b7  
any ga9 or loss %all be tak5 into acc\nt
 = su* taxable ye>4  ,prop] adju/m5ts   
%all be made 9 ! am\nt ( any ga9 or loss
 subsequ5tly realiz$ = ga9 or loss tak5 
into acc\nt "u ! prec$+ s5t5ce4  7#c7   
,def9itions ,= purposes ( ?is           
subsection--  7,a7 ,qualifi$ net capital
 ga9 ,! t]m qualifi$ net capital ga9    
means1 ) respect to any applicable      
taxable ye>1 an am\nt equal to ! excess 
7if any7 (-- 7i7 ! aggregate am\nt ( ga9
 f ! sale or ex*ange dur+ su* taxable   
ye> ( any capital asset o!r ?an a       

qualifi$ capital asset1 if & to ! ext5t 
t su* ga9 is tak5 into acc\nt 9 comput+ 
gross income1 ov]  7ii7 ! aggregate     
am\nt ( loss f ! sale or ex*ange dur+   
su* taxable ye> ( any capital asset o!r 
?an a qualifi$ capital asset1 if & to ! 
ext5t t su* loss is tak5 into acc\nt 9  
comput+ taxable income4  7,b7 ,qualifi$ 
capital asset ,! t]m qualifi$ capital   
asset means1 ) respect to any taxpay]1  
any capital asset :i*1 at all times dur+
 :i* ! individual is s]v+ z ,presid5t ( 
! ,unit$ ,/ates1 is n held by su*       
taxpay] o!r ?an 9 a qualifi$ bl9d tru/  
7z def9$ 9 section #acajd7;f77#c7 (     
title #e1 ,unit$ ,/ates ,code74  7,c7   
,applicable taxable ye> ,! t]m          
applicable taxable ye> means1 ) respect 
to any taxpay]1 any taxable ye> dur+ any
 portion ( :i* ! individual s]v$ z      
,presid5t ( ! ,unit$ ,/ates4  4  7b7    
,effective date ,! am5dm5t made by      
subsection 7a7 %all apply ) respect to  
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjbd4