A bill to amend section 956(b) of the Internal Revenue Code of 1954, to eliminate from the concept of U.S. property certain debt obligations acquired by controlled foreign corporations engaged in the banking business.

[AI summary unavailable — showing source text] Excludes as United States property, for purposes of taxation of investments of controlled foreign corporations under the Internal Revenue Code, any obligation of a U.S. person acquired by a foreign corporation which in engaged in the banking or financing business if such U.S. person is not an individual, corporation, or trust which controls the corporation, and if such obligation is acquired as a result of a direct loan. (Amends 26 U.S.C. 956(b))…