A bill providing that certain foreign losses which were economically incurred before December 31, 1975, will not be subject to the loss recapture rules of the Tax Reform Act of 1976.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to extend for two years the time by which a corporation which has sustained substantial losses prior to January 1, 1976, and which has dismissed substantially all its employees before December 31, 1977, must liquidate in order to exempt a taxpayer who holds at least a ten percent interest in such corporation from the application of the foreign loss recapture rules enacted by the Tax Reform Act of 1976.…