HR 2503 · 101th Congress · Taxation
To amend the Internal Revenue Code of 1986 to provide that certain corporations whose passive income is currently taxable to their United States shareholders under section 951 of the Internal Revenue Code of 1986 will not be subject to the passive foreign investment company provisions of the Internal Revenue Code of 1986, and to eliminate the asset test for purposes of classifying a foreign corporation as a passive foreign investment company.
Bill Progress
✓
Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to the House Committee on Ways and Means.(1989-05-25)
Plain Language Summary
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Amends the Internal Revenue Code with respect to capital gains to exempt from treatment as a passive foreign investment company any controlled foreign corporation whose active income is currently taxable to its U.S. shareholders as passive income. Eliminates the asset test for purposes of defining a passive foreign investment company.…
Summarized by Claude AI · Non-partisan · For informational purposes only