A bill to provide for the equitable tax treatment of certain foreign expropriation losses.

Summary

Provides that a specified corporation whose assets were seized by the Government of Peru shall be entitled to claim, for income tax purposes, a deductible loss on the full value of its unrecovered assets reduced by the amount of any potential recovery by insurance or otherwise. Provides that the limitations on the foreign tax credit shall not apply to the taxes imposed by Peru on the corporation whose assets were seized.

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

Timeline

1. 25 March 1986

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 25 March 1986

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 31 March 1986

   Committee

   Committee on Finance requested executive comment from OMB, Treasury Department, State Department.

   Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 25 March 1986

  Open at official source

Sponsors

• Sen. Zorinsky, Edward [D-NE] · D · Sponsor
• · ssfi00 · Standing

Related records

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