A bill to amend the Internal Revenue Code of 1954 to conform it to changes in the bankruptcy law, and to amend title 11, United States Code, to expand special tax provisions to cover Federal taxes.

Summary

Title I: Substantive Amendments to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to integrate its provisions with certain proposed changes in the Federal bankruptcy laws, including provisions relating to recapture of investment credits, discharge of indebtedness, railroad reorganization stock redemptions, the effect of shareholder termination of interest on the earnings and profits of a corporation, sales in connection with liquidations, transfers between controlled corporations, receivership transactions, personal holding companies, operating loss carryovers, depreciation recapture, Tax Court procedure, and income, estate and gift tax claims in bankruptcy proceedings. Title II: Miscellaneous Technical and Conforming Amendments to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to make technical and conforming amendments for purposes of integrating the Code with certain proposed changes in the Federal bankruptcy laws. Title III: Amendments to Four Special Tax Provisions of Title II of the United States Code - Extends certain provisions of Federal bankruptcy law pertaining to taxes to include Federal taxes.

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1 official file

• Introduced in House

  summary · EN · 3 November 1977

  Open at official source

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