S.2047

No Capital Gains Allowance for American Adversaries Act treats gains and dividends from specified countries as ordinary income.

The No Capital Gains Allowance for American Adversaries Act amends the Internal Revenue Code to treat gains from the sale or disposition of specified country of concern property as ordinary income. This applies to property owned by entities incorporated or located in countries of concern, including China, Russia, Belarus, Iran, and North Korea. The act also requires the Securities and Exchange Commission to publish a list of securities affected by this change and mandates that sellers of such securities notify buyers of the ordinary income treatment.