Bank Holding Company Tax Act of 1976

[AI summary unavailable — showing source text] Bank Holding Company Tax Act - Allows bank holding companies, under the Internal Revenue Code, to make pro rata distributions of prohibited property without the surrender of stock by the shareholder or in exchange for preferred stock or securities without the shareholder or security holder recognizing any gain on the receipt of such prohibited property. Requires the Board of Governors of the Federal Reserve System to certify such prohibited property as an interest in a nonbanking organization. Allows a bank holding company to first create a second corporation to receive such prohibited property and then to distribute stock in such second corporation without the stockholder or security holder recognizing any gain on the receipt of such property. Allows a bank holding company to distribute all or a part of the property by reason of which such corporation controls a bank or bank holding company without the shareholder or security holder recognizing any gain on the receipt of such property. Allows a bank holding company to exchange the property by reason of which it is a bank holding company for all of the stock of a second corporation created to receive such property and then to distr…