International Sales and Services Corporation Tax Act of 1982

[AI summary unavailable — showing source text] International Sales and Services Corporation Tax Act of 1982 - Amends the Internal Revenue Code to repeal the tax deferral provisions relating to Domestic International Sales Corporation (DISC) and to allow U.S. corporations or citizens to establish an International Sales and Services Corporation (ISSC) in lieu of a DISC. Allows the transfer of assets from an existing DISC to an ISSC. Sets forth rules for such transfers. Provides that, for qualification as an ISSC, a corporation must: (1) have 95 percent or more of its gross receipts as qualified trading receipts; (2) have 95 percent or more of all assets as qualified trading assets; (3) have only one class of stock and have outstanding stock with a par or stated value of at least $2,500; (4) have a taxable year which is the same as that of any of its principal shareholders; (5) maintain a duplicate set of records and books in the United States; and (6) make an election to be treated as an ISSC. Defines "qualified export assets" and "qualified export receipts" for purposes of this Act. Makes ineligible for ISSC treatment any corporation which is: (1) incorporated in any State or Puerto Rico; (2) incorporated in a country which does…