A bill to amend the Internal Revenue Code of 1986 to provide that certain loans between a domestic international sales corporation and a member of the same controlled group of corporations be treated as qualified export assets.

Summary

Amends the Internal Revenue Code to treat as qualified export assets obligations of a domestic international sales corporation that are: (1) either payable on demand or issued for a term of six months or less; and (2) issued to the corporation by members of a controlled group of corporations of which the corporation is a member. Limits the extent of such treatment to the lesser of $10,000,000 or 20 percent of the corporation's average qualified export receipts for the directly preceding three years. Applies these provisions retroactively to tax years 1972 through 1984.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 15 July 1987

  Open at official source

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