To amend the Internal Revenue Code of 1986 to disallow losses from certain exchanges of debt pools, and for other purposes.

Summary

Amends the Internal Revenue Code to prohibit a loss from being recognized by a corporation from the transfer of any debt pool in exchange for consideration part or all of which consists of a substantially identical debt pool. Provides formulae for determining: (1) the amount disallowed if the taxpayer received property other than a substantially identical debt pool; and (2) the basis of any such debt pool received in an exchange. Requires that the taxable income of mutual savings and other such banks be reduced by net operating loss carrybacks for purposes of calculating the bad debt reserve deduction under the percentage of taxable income method.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 19 September 1990

  Open at official source

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