Corporate Distribution Tax Reform Act of 1984

Summary

Corporate Distribution Tax Reform Act of 1984 - Amends the Internal Revenue Code to limit the income tax deduction for dividends received by a corporate shareholder which acquires another corporation to the extent such acquisition was debt financed. Sets forth the method for the calculation of such limit. Requires the reduction in the basis of a corporate shareholder's stock if the corporation receives an extraordinary dividend with respect to any share of stock. Defines "extraordinary dividend" as any dividend with respect to a share of stock issued by a corporation to a corporation which has acquired the issuer by merger if the dividend equals or exceeds a specified percentage of the taxpayer's adjusted basis in such share of stock. Requires the recognition of gain on distributions of appreciated property by integrated oil companies. Provides that loss shall be recognized to an integrated oil company on the distribution of property with respect to its stock if such distribution is pursuant to a plan of complete liquidation.

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1 official file

• Introduced in Senate

  summary · EN · 20 March 1984

  Open at official source

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