- 73 -
As amended, the provisions of the House bill were included
as Subtitle B of Title X (Revenue Provisions) of the Omnibus
Budget Reconciliation Act of 1987 (H.R. 3545) as passed by the
House in October 1987. H. Rept. 100-795, at 2. Paragraphs (1)
and (4) of section 10205(c) of the House-passed H.R. 3545 are
identical to the language of paragraphs (1) and (4) of section
105(c) of H.R. 2636 set forth supra. The description of the
amendment to the definition of “personal interest” in the House
Budget Committee’s report (the committee report for H.R. 3545) is
identical to the description of the amendment in the staff
pamphlet describing section 105(c)(4) of H.R. 2636 as introduced,
set forth supra. H. Rept. 100-391, at 1171 (1987). The report’s
description of the amendment to the definition of “investment
interest” adds to the description in the staff pamphlet
describing section 105(c)(1) of H.R. 2636 as introduced, set
forth supra. Id. at 1170. Below is the committee report
explanation of the amendment to the definition of “investment
interest”; the underscored language signifies language that was
not included in the staff pamphlet describing section 105(c)(1)
of H.R. 2636 as introduced:
Explanation of Provisions
Investment interest.–-The bill conforms the
language of the definition of investment interest to
the language of a related provision that allocates
interest expense to portfolio income under the passive
loss rule. Thus, under the bill, investment interest
is that which is properly allocable to property held
Page: Previous 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 NextLast modified: May 25, 2011