Individual Tax Reduction and Tax Reform Act

[AI summary unavailable — showing source text] Individual Tax Reduction and Tax Reform Act - Authorizes the individual taxpayer to elect a $250 credit against income tax in lieu of the deduction for personal exemptions under the Internal Revenue Code. Repeals the percentage depletion allowance for all oil and gas wells except for those gas wells located in the northern quadrisphere. Exempts that part of the taxpayer's average daily production of crude oil in the northern quadrisphere that does not exceed $3,000 barrels. Provides for a reduction in the amount allowed as foreign tax for purposes of computation of the foreign tax credit. Provides a formula for the recapture of foreign oil-related loss by treating that portion of foreign oil-related income equal to the amount of such loss up to 50 percent of the foreign oil-related income for the succeeding taxable year as income from sources within (and not from without) the United States. Disqualifies from Domestic International Sales Corporation treatment those DISC corporations which are partly owned by corporations not presently qualified as Domestic International Sales Corporations. Imposes (in lieu of the present minimum tax) a tax equal to the tax which would be imposed on …