American Competitiveness and Corporate Accountability Act of 2002

[AI summary unavailable — showing source text] American Competitiveness and Corporate Accountability Act of 2002 - Amends the Internal Revenue Code to impose a civil penalty for failing to include on any tax return or statement any required information with respect to a "reportable transaction." Imposes a civil penalty for a "reportable transaction understatement." Requires each "material advisor" with respect to a reportable transaction to file a report about such transaction with the Secretary of the Treasury. Modifies or imposes penalties dealing with maintaining lists of investors, frivolous tax submissions, interests in foreign financial accounts, and promoting tax shelters. Establishes rules concerning the tax treatment of expatriated entities and their foreign parents. Imposes an excise tax on the stock compensation of specified insiders in expatriated corporations. Repeals the CFC (controlled foreign corporations) rules on foreign base company sales and services income. Sets forth provisions concerning foreign tax credit, including: (1) modifying interest expense allocation rules; (2) recharacterizing overall domestic loss; and (3) extending the period in which excess foreign taxes may be carried. Applies uniform capita…