FASIT Provisions of 1993

[AI summary unavailable — showing source text] FASIT Provisions of 1993 - Amends the Internal Revenue Code to provide for the creation of financial asset securitization investment trusts. Allows such trusts to consist of: (1) money or debt obligations; (2) property acquired in connection with certain defaults held by the trust; (3) hedges or guarantees against economic risks associated with debts issued or held by the trust; or (4) ownership interests in other such trusts. Provides for taxing the income of such trusts in a manner similar to corporations. Sets forth other rules for such trusts.…