A bill to amend section 682 (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 Internal Revenue Code provisions relating to bond and debenture losses and gains of financial institutions, that in the case if a corporation which would be a bank except for the fact that it is a foreign corporation, the net gain for the taxable year on sales and exchanges shall be considered as gain from the sale or exchange of a capital asset, with specified capital loss carryover exceptions. Allows refunds or credits enumerated circumstances of any overpayment attributable to the application of this Act.…