A bill to amend section 582(c) of the Internal Revenue Code of 1954 with respect to the transitional rules for foreign banks.

[AI summary unavailable — showing source text] Provides, under the Internal Revenue Code provisions relating to bond losses and gains of financial institutions, that in the case of a corporation which would be a bank except for the fact that it is a foreign corporation, the net gain for the taxable year shall be considered, under specified circumstances, as gain from the sale or exchange of a capital asset.…