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 April 15, 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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Documents

1 official file

• Introduced in Senate

  summary · EN · 27 March 1980

  Open at official source

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