A bill to amend the Internal Revenue Code of 1954 to assure that foreign investment in operating concerns actively engaged in a United States trade or business other than farming should be distinguished from foreign investment in passive United States real property interests and that such operating concerns should not be subject to the provisions of the United States Foreign Investment in Real Property Tax Act of 1980.

Summary

Amends the Internal Revenue Code to exempt interests in real property held by nonresident aliens or foreign corporations and used in the conduct of an active trade or business from the operation of the rules enacted by the United States Foreign Investment in Real Property Tax Act of 1980 providing for the taxation of gain from such investments.

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1 official file

• Introduced in House

  summary · EN · 8 November 1983

  Open at official source

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