A bill to amend the Revenue Act of 1978 with respect to foreign tax credit adjustments for capital gains.

Summary

Amends the Revenue Act of 1978 and the Internal Revenue Code, with respect to the limitation on the foreign tax credit for corporations, to treat as gain from sources outside the United States (hence, eligible for application of the foreign tax credit) gain from a sale of at least 80 percent of the total number of shares of all classes of stock of a foreign corporation. Applies this Act to taxable years beginning after December 31, 1975.

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Timeline

1. 26 August 1980

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 26 August 1980

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 26 August 1980

  Open at official source

Sponsors

• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• · ssfi00 · Standing

Related records

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