To amend the Internal Revenue Code of 1986 to disallow losses from certain exchanges of debt pools, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to prohibit a loss from being recognized by a corporation from the transfer of any debt pool in exchange for consideration part or all of which consists of a substantially identical debt pool. Requires that the taxable income of mutual savings banks and carryovers be reduced by net operating loss carrybacks and carryovers for purposes of calculating the bad debt reserve deduction under the percentage of taxable income method.…