A bill to amend the Internal Revenue Code of 1986 to deny certain tax benefits in the case of certain acquisitions of thrift institutions.

Summary

Amends the Internal Revenue Code to require a domestic building and loan association to include in its gross income any assistance from the Federal Savings and Loan Insurance Corporation in excess of $200,000,000 in connection with reorganizations of financially troubled thrift institutions. Revises a special rule pertaining to certain loss carryforwards and built-in losses following an ownership change in title 11 (Bankruptcy) or similar cases involving financial institutions. Disallows application of the rule when it is reasonable to expect that FSLIC assistance exceeding $200,000,000 will be associated with the ownership change.

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1 official file

• Introduced in House

  summary · EN · 8 March 1988

  Open at official source

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