A bill to provide Alaska Native Corporations, through an election process, standing to contest the disallowance of certain tax losses by the Internal Revenue Service if the purchasers of the losses agree; and to offset any associated revenue losses by increasing the interest rate on certain related tax deficiencies.

Summary

Amends the Technical and Miscellaneous Revenue Act of 1988 to permit Alaska Native Corporations to litigate the validity of the sale of their net operating losses to other corporate buyers as reported on their tax returns, if the buyers so agree. Increases the interest on the underpayment rate for any underpayments resulting from such litigation.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 4 February 1993

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 4 February 1993

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 4 February 1993

  Open at official source

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