A bill to amend the Internal Revenue Code of 1954 to treat a corporation issuing stock in satisfaction of a debt in certain circumstances as having income from the discharge of indebtedness.

openUnited States· United States Congress· EN

Introduced

29 June 1982

Last action

—

Status

Committee on Finance requested executive comment from OMB; Treasury Department.

Summary

Amends the Internal Revenue Code to provide that, for purposes of determining income of a corporate debtor from discharge of indebtedness, the corporation shall be treated as having satisfied the indebtedness with an amount of money equal to the fair market value of any stock transferred to the creditor in satisfaction of the debt.

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Documents

1 official file

Introduced in Senate
summary · EN · 29 June 1982
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/97th-congress/senate-bill/2688
Open data entity: https://api.congress.gov/v3/bill/97/s/2688