A bill to amend the Internal Revenue Code of 1954 to provide an exclusion of contiguous country branch items of domestic life insurance companies.

[AI summary unavailable — showing source text] Revises the Internal Revenue Code by excluding from each and every item involved in the determination of life insurance company taxable income the items separately accounted for in the separate contiguous country branch account of domestic life insurance companies as provided in this Act. Sets forth the items to be included in each separate contiguous country branch account.…