To amend the Internal Revenue Code of 1986 to provide that certain corporations whose passive income is currently taxable to their United States shareholders under section 951 of the Internal Revenue Code of 1986 will not be subject to the passive foreign investment company provisions of the Internal Revenue Code of 1986, and to eliminate the asset test for purposes of classifying a foreign corporation as a passive foreign investment company.

Summary

Amends the Internal Revenue Code with respect to capital gains to exempt from treatment as a passive foreign investment company any controlled foreign corporation whose active income is currently taxable to its U.S. shareholders as passive income. Eliminates the asset test for purposes of defining a passive foreign investment company.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 25 May 1989

  Open at official source

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