A bill to amend the Internal Revenue Code of 1986 to require the recapture of certain losses of savings and loan associations, to clarify the treatment of certain Federal financial assistance to savings and loan associations, and for other purposes.

Summary

Amends the Internal Revenue Code to provide for the recapture of losses claimed by a savings and loan association by reason of certain acquisitions and such association, after January 3, 1991, becomes subject to the jurisdiction of a bankruptcy court or similar case or received Federal financial assistance. Describes such acquisition as one which occurred after November 10, 1988, and before January 1, 1989, and one which the Federal Savings and Loan Insurance Corporation (FSLIC) provided assistance. Excludes Federal financial assistance from the determination of earnings and profits. Requires that, except in specified instances, certain Federal financial assistance be taken into account when determining losses or certain bad debts of savings and loans institutions (thus denying income tax deductions for losses or bad debts to the extent Federal assistance has compensated for them).

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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 · 6 March 1991

  Open at official source

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