A bill providing that certain foreign losses which were economically incurred before December 31, 1975, will not be subject to the loss recapture rules of the Tax Reform Act of 1976.

Summary

Amends the Internal Revenue Code to extend for two years the time by which a corporation, which has sustained substantial losses prior to January 1, 1976, and which has dismissed substantially all its employees before December 31, 1977, must liquidate in order to exempt a taxpayer who holds at least a ten percent interest in such corporation from the application of the foreign loss recapture rules enacted by the Tax Reform Act of 1976.

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Timeline

1. 12 December 1979

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 12 December 1979

   Introduced

   Introduced in House

   Source: IntroReferral

3. 12 December 1979

   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 · 12 December 1979

  Open at official source

Sponsors

• Rep. Vander Jagt, Guy [R-MI-9] · R · Sponsor
• · hswm00 · Standing

Related records

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