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House bill introduced on exclusion of partnership debt from “acquisition indebtedness”

• Bricker & Eckler LLP
• -
• USA
• -
• August 31 2009

House Bill 3497 (Rep. Levin, D-Mich), introduced on July 31, would add a provision to the tax code stating that “acquisition indebtedness” for exempt organizations’ unrelated business taxable income purposes does not include debt incurred by a partnership in purchasing qualified securities or commodities