Uncle Sam Wants You Act of 2002

Summary

Uncle Sam Wants You Act of 2002 - Amends the Internal Revenue Code by determining that acquiring corporations in "corporate expatriation transactions" completed after September 11, 2001, and before January 1, 2004, shall be considered domestic corporations. Defines a "corporate expatriation transaction" as, with certain exceptions, one in which a "nominally foreign corporation" acquires substantially all of the properties held by a domestic corporation and in which, immediately after the transaction, more than 80 percent of the stock of the acquiring corporation is held by former shareholders of the domestic corporation. Lowers the 80 percent threshold to 50 percent when the acquiring "nominally foreign corporation" lacks substantial business activities in the foreign country in which it was created and organized compared to the total activities of the "expanded affiliated group" and the stock is publicly traded, with the principal market of trading being the United States. Defines the terms "nominally foreign corporation" and "expanded affiliated group." Applies similar rules to partnership transactions. Establishes that a series of related transactions relevant to the Act shall be handled as a single transaction.

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Timeline

1. 16 May 2002

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 16 May 2002

   Introduced

   Introduced in House

   Source: IntroReferral

3. 16 May 2002

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 16 May 2002 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 16 May 2002

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 16 May 2002

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 16 May 2002

  Open at official source

Sponsors

• Rep. Johnson, Nancy L. [R-CT-6] · R · Sponsor
• Rep. McInnis, Scott [R-CO-3] · R · Cosponsor
• Rep. Hayworth, J. D. [R-AZ-5] · R · Cosponsor
• Rep. English, Phil [R-PA-3] · R · Cosponsor
• Rep. Houghton, Amo [R-NY-34] · R · Cosponsor
• Rep. Tiahrt, Todd [R-KS-4] · R · Cosponsor
• · hswm00 · Standing

Related records

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