A bill to amend the Internal Revenue Code of 1954 to provide for the treatment of dividends received by a member of an affiliated group from a subsidiary that is excluded from the group solely because such subsidiary is a life insurance company.

[AI summary unavailable — showing source text] Provides that for an affiliated group of corporations filing a consolidated return there is excluded from consolidated personal holding company income dividends received by a member of the affiliated group from a life insurance company that is not a member of the affiliated group.…