International Sales Corporation Tax Act of 1981

[AI summary unavailable — showing source text] International Sales Corporation Tax Act of 1981 - Amends the Internal Revenue Code to permit U.S. corporations or citizens to establish an International Sales Corporation (ISC). Exempts an ISC from taxation as a foreign corporation as long as it continues to qualify as an ISC. Provides that, for qualification as an ISC, a corporation must: (1) be incorporated under the laws of a foreign nation; (2) be incorporated in a nation where its income is subject to taxation; (3) not have more than one class of stock and the par or stated value of such stock is at least $2,500; (4) have four or fewer shareholders each of which owns at least 25 percent of its stock and is either a U.S. citizen or a domestic corporation (other than a personal holding company); (5) have a taxable year the same as any of its shareholders; (6) have 95 percent or more of its gross receipts in "qualified export receipts"; (7) have 95 percent or more of its assets in "qualified export assets"; and (8) make an election to be an ISC during the 90-day period immediately preceding the beginning of the taxable year. Grants an exception for failure to meet the "qualified export assets" and "qualified export receipts" requ…