A bill to amend the Internal Revenue Code of 1986 to limit the interest deduction on corporate stock acquisition indebtedness.

Summary

Amends the Internal Revenue Code to place additional limitations on the deductibility by a C corporation of interest on corporate stock acquisition indebtedness, denying a deduction for such interest in excess of $5,000,000 incurred in connection with any acquisition of stock pursuant to the acquiring corporation's plan to acquire 50 percent or more (by vote or value) of the stock in a corporation. Applies a debt/equity test in determining which acquisitions will be subject to this limitation.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 February 1989

  Open at official source

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