Community Bank Flexibility Act
Last action on Jul 29, 2015Referred to the House Committee on Ways and Means.
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Summary
Community Bank Flexibility Act
This bill amends the Internal Revenue Code, with respect to the tax treatment of small banks, to: (1) allow such banks to reorganize as either corporations or partnerships for tax purposes, (2) permit such banks to reorganize without incurring an additional tax for liquidation, and (3) impose a five-year recognition period of the built-in gains of such banks.
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