To amend the Internal Revenue Code of 1986 to allow noncorporate shareholders of foreign sales corporations the same deduction for dividends received from such corporations as is allowed to corporate shareholders.

Summary

Amends the Internal Revenue Code to allow noncorporate shareholders of a foreign sales corporation an income tax deduction equal to: (1) 100 percent of any dividend distributed out of earnings and profits attributable to foreign trade income for a period during which the corporation was a foreign sales corporation; and (2) 85 percent of any dividend distributed out of earnings and profits attributable to qualified interest and carrying charges.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 January 1989

  Open at official source

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