DISC Revision Act of 1983

Summary

DISC Revision Act of 1983 - Amends the Internal Revenue Code to provide for the imposition of an interest charge on the accumulated income of a Domestic International Sales Corporation (DISC) which has been subject to deferral. Sets such interest rate at four percent for small exporters (those with less than $250,000 of DISC taxable income) and at the Federal funds rate for large exporters. Permanently defers all accumulated DISC income existing for taxable years beginning on or before December 31, 1983. Revises rules concerning the taxation of DISC income to shareholders. Revises rules concerning allocation in case of distributions and losses.

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1 official file

• Introduced in House

  summary · EN · 24 February 1983

  Open at official source

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