Job Protection Act

[AI summary unavailable — showing source text] Job Protection Act - Prohibits a tax exclusion, under the Internal Revenue Code, on the gross income from industrial development bonds, if such bonds are related to plant departure from areas in which the average unemployment rate exceeds 6 percent during the year preceding the tax year for which such exclusion is sought. Eliminates the exclusion of exchanges of stocks and securities in reorganizations if the total fair market value of the assets of the corporations which are parties to the reorganization exceeds $10,000,000. Eliminates the exclusion of distribution of stocks and securities of a controlled corporation if, immediately prior to the distribution, the total fair market value of the assets of the distributing corporation exceeds $10,000,000. Eliminates the nonrecognition of gain or loss to corporations if the total fair market value of the assets of the corporations which are parties to the reorganization exceeds $10,000,000. Eliminates the nonrecognition of gain or loss in connection with liquidations following sales to corporations if the total fair market value of the assets of the corporations which are parties to the sale or exchange exceeds $10,000,000. Provides t…