A bill to amend section 956(b) of the Internal Revenue Code of 1954, to eliminate from the concept of U.S. property certain debt obligations acquired by controlled foreign corporations engaged in the banking business.

Summary

Excludes as United States property, for purposes of taxation of investments of controlled foreign corporations under the Internal Revenue Code, any obligation of a U.S. person acquired by a foreign corporation which in engaged in the banking or financing business if such U.S. person is not an individual, corporation, or trust which controls the corporation, and if such obligation is acquired as a result of a direct loan. (Amends 26 U.S.C. 956(b))

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 8 March 1973

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 8 March 1973

   Introduced

   Introduced in House

   Source: IntroReferral

3. 8 March 1973

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 8 March 1973

  Open at official source

Sponsors

• Rep. Chamberlain, Charles E. [R-MI-6] · R · Sponsor
• Rep. Conable, Barber B., Jr. [R-NY-35] · R · Cosponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.