Number: RL34216
Title: Tax Gap: Proposals in the 110th Congress to Require Brokers to Report Basis on Publicly Traded Securities
Authors: James M. Bickley, Government and Finance Division 
Abstract: Proposals to report basis were included in the President's FY2008 Budget and FY2009 Budget and are initially discussed in this report. Then the Senate Finance Committee's draft proposal to report basis on publicly traded securities, which was released on May 25, 2007, is examined. On June 29, 2007, the committee held a hearing on this proposal. Written comments of representatives of private financial associations are examined and legislative implications presented. Lastly, relevant legislation in the 110th Congress is described, including P.L. 110-343.
Pages: 13
Date: October 8, 2008