Foreign Tax Simplification Act of 1991

Summary

Foreign Tax Simplification Act of 1991 - Amends the Internal Revenue Code to exempt foreign corporations that are not doing business in the United States from the uniform capitalization rules in determining earnings and profits. Makes a technical correction to the definition of passive foreign investment company. Applies a separate foreign tax credit limitation for foreign corporations in which U.S. parent companies do not own a controlling interest. Requires that foreign tax credits claimed on foreign income be translated in U.S. dollars at the same rate as the income. Provides that the look-through rules for controlled foreign corporations do not apply to companies with less than $1,000,000 in all of their separate categories.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 April 1991

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.