Donald Wagner
- Republican
Author
Existing law generally requires a trustee to allocate money received from an entity to income. However, existing law requires a trustee to allocate to principal money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a capitol gain dividend for federal income taxes. Existing law also requires an allocation to principal of money received in total or partial liquidation of an entity. Existing law provides that money is to be treated as received in partial liquidation to the extent the amount received from the distributing entity is attributable to the proceeds from a sale by the distributing entity, or by the distributing entity's subsidiary or affiliate, of a capital asset, as defined. This bill would provide that an allocation to principal of money received in total or partial liquidation of an entity does not include a net short-term capital gain distribution from a regulated investment company or a real estate investment trust. This bill would declare that it is to take effect immediately as an urgency statute.
Chaptered by Secretary of State - Chapter 867, Statutes of 2014.
Approved by the Governor.
Enrolled and presented to the Governor at 11:30 a.m.
Urgency clause adopted. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 78. Noes 0. Page 6094.).
From committee: That the Senate amendments be concurred in. (Ayes 9. Noes 0.) (August 12).
Re-referred to Com. on JUD. pursuant to Assembly Rule 77.2.
In Assembly. Concurrence in Senate amendments pending. May be considered on or after July 2 pursuant to Assembly Rule 77.
Read third time. Urgency clause adopted. Passed. Ordered to the Assembly. (Ayes 36. Noes 0. Page 4195.).
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 7. Noes 0.) (June 24).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on JUD.
In committee: Set, first hearing. Hearing canceled at the request of author.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 73. Noes 0. Page 1518.)
Read second time. Ordered to third reading.
Read second time and amended. Ordered to second reading.
From committee: Do pass as amended. (Ayes 10. Noes 0.) (May 7).
Read second time and amended.
From committee: Do pass as amended and re-refer to Com. on JUD. (Ayes 7. Noes 1.) (April 30).
Re-referred to Coms. on V.A. and JUD. pursuant to Assembly Rule 96.
From printer. May be heard in committee March 14.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB296 | HTML |
| 02/11/13 - Introduced | |
| 05/02/13 - Amended Assembly | |
| 05/15/13 - Amended Assembly | |
| 06/15/14 - Amended Senate | |
| 08/20/14 - Enrolled | |
| 09/30/14 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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