Export Sales Corporation Act of 1983

Summary

Export Sales Corporation Act of 1983 - Amends the Internal Revenue Code to set forth rules for the tax treatment of export sales corporations. Defines "export sales corporation" for purposes of this Act. Requires the Secretary of the Treasury to prescribe regulations for treatment as an export sales corporation. Sets forth procedures for the election by a corporation to be taxed as an export sales corporation and for the termination of such an election. Provides that personal holding companies and domestic international sales corporations are ineligible for such election. Requires that the income resulting from a sale to an export sales corporation of export property shall be based on an arms-length transfer price. Limits the amounts of such taxable income. Directs the Secretary to set forth special rules for commissions, rentals, and marginal costing. Sets forth rules for the taxation of export sales corporation income to shareholders. Provides that dividends from certain foreign corporations and export sales corporations shall be deemed to be dividends from a domestic corporation subject to taxation as such. Limits the tax deduction for dividends received from export sales corporations. Disallows a deduction or a credit for foreign taxes paid by an export sales corporation. Allows small business corporations to own stock in export sales corporations. Directs the Secretary to prescribe regulations for the allocation of certain distributions of exports sales corporations to shareholders. Requires the Secretaries of Treasury and Commerce to establish a program to provide public information about the benefits of the export sales corporation election. Sets forth rules for the transfer to an export sales corporation of the assets of a domestic international sales corporation.

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1 official file

• Introduced in Senate

  summary · EN · 26 January 1983

  Open at official source

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