Publisher's Synopsis
Excerpt from Description of Proposals Relating to Middle Income Tax Relief and Economic Growth: Scheduled for Hearings Before the House Committee on Ways and Means on December 17-18, 1991
The proposal would allow individuals an exclusion of a perce age of the gain realized upon the disposition of qualified capi assets. Assets held three years or more would qualify for a cent exclusion; assets held at least two years but les years would qualify for a 20-percent exclusion; and a least one year but less than two years would qualify cent exclusion.
Qualified capital assets generally would be capital fined under present law, except that collectibles would The capital gains exclusion would be a preference for the alternative minimum tax.
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