Search Results: keywords:"related persons"

  • H. R. 1494 — To amend the Internal Revenue Code of 1986 to treat certain marketplace providers as importers for purposes of the excise tax on sporting goods.
    Status:Introduced in House
    Words:791

    H.R. 1494 is a bill aimed at updating how certain companies are identified for tax purposes when they import sporting goods into the United States. It proposes to categorize certain companies that act as intermediaries in sales, known as "marketplace providers," as importers...

    Simple Explanation

    This bill wants to change the rules so that online stores and apps that help people buy sports stuff from other countries have to pay a special tax, like paying a fee, when they bring those items into the U.S. to sell.

  • S. 798 — To amend the Internal Revenue Code of 1986 to provide for the indexing of certain assets for purposes of determining gain or loss.
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    Status:Introduced in Senate
    Words:3,150

    S. 798 aims to change the Internal Revenue Code of 1986 by introducing a new method for calculating the gain or loss on certain assets. The bill proposes adjusting the basis of these assets using an indexed basis, taking inflation into account, before determining gains or...

    Simple Explanation

    The bill is like a new rulebook that tries to make sure people don't have to pay extra taxes just because prices go up over time. It changes how people figure out if they made money or lost money when selling things like stocks or digital money by adjusting for the price changes over the years.