OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Internal Revenue Code Section 664(G)

Date: Dec. 19, 2005
Location: Washington, DC
Issues: Finance and Banking


INTERNAL REVENUE CODE SECTION 664(G)

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Mr. GRASSLEY. I thank the Senator for his careful explanation of the law. I agree completely that the intent of the Finance Committee in including the limitation of section 664(g)(7) was to provide for an orderly and fair transfer of stock received in a gratuitous transfer and that we intended the value of the stock to be determined upon allocation to the participant's account and not upon some earlier date.

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