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A BILL TO BE ENTITLED
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AN ACT
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relating to apportionment for margin tax purposes resulting from |
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loans and securities held as inventory. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.106(f) is amended to read as |
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follows: |
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Sec. 171.106 (f) Notwithstanding Section 171.1055, if a |
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loan or security is treated as inventory of the seller for federal
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income tax purposesgenerally accepted accounting principles, |
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the gross proceeds of the sale of that loan or security are |
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considered gross receipts. |
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SECTION 2. This Act takes effect September 1, 2009. |