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H.R. 7929 (94th): A bill relating to the deduction of interest on certain corporate indebtedness to acquire stock or assets of another corporation.

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The text of the bill below is as of Oct 15, 1976 (Passed Congress).

PUBLIC LAW 94^514—OCT. 15, 1976                                   90 STAT. 2443

Public Law 94-514
94th Congress
                                   An Act
                                                                                       Oct. 15, 1976
Relating to the deduction of interest on certain corporate indebtedness to acquire
                      stock or assets of anotlier corporation                           [H.R. 7929]

  Be it enacted hy the Senate and House of Representatives of the
United States of America in Congress assembled, That (a) subsection                  Taxes.
(i) of section 279 of the Internal Revenue Code of 1954 (relating to                 Interest
interest on indebtedness incurred by a corporation to acquire stock or               deduction on
assets of another corporation) is amended by striking out the last                   certain corporate
sentence thereof.                                                                    indebtedness.
   (b) The amendment made by subsection (a) shall apply to taxable                   26 u s e 279.
years ending after October 9, 1969. If refund or credit of any over-                 26 u s e 279 note.
payment of income tax resulting from the amendment made by
subsection (a) is prevented on the date of the enactment of this Act,
or at any time within one year after such date, by the operation of
any law or rule of law, refund or credit of such overpayment may,
nevertheless, be made or allowed if claim therefor is filed within one
year from such date.
  Approved October 15, 1976.




LEGISLATIVE HISTORY:
HOUSE REPORT No. 94-1345 (Comm. on Ways and Means).
SENATE REPORT No. 94-1266 (eomm. on Finance).
CONGRESSIONAL RECORD, VoL 122 (1976):
     Aug. 24, considered and passed House.
     Oct. 1, considered and passed Senate.