H.R. 5351 (98th): Oil Company Acquisition Moratorium Act

Introduced:
Apr 04, 1984 (98th Congress, 1983–1984)
Status:
Died (Referred to Committee)
Sponsor
James Shannon
Representative for Massachusetts's 5th congressional district
Party
Democrat
 
Status

This bill was introduced on April 4, 1984, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 04, 1984
Referred to Committee Apr 04, 1984
 
Full Title

A bill to provide that certain tax benefits will not be available in the case of certain acquisitions of oil companies occuring during a moratorium period.

Summary

No summaries available.

Cosponsors
none
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


4/4/1984--Introduced.
Oil Company Acquisition Moratorium Act - Amends the Internal Revenue Code to provide that for the time period between April 4 1984, and April 3, 1985:
(1) no income tax deduction shall be allowed for interest paid on indebtedness incurred to acquire a major energy corporation;
(2) purchases of stock in a major energy corporation shall be treated as a purchase of assets;
(3) the acquisition of a major energy corporation shall not be treated as a reorganization;
(4) the nonrecognition of gain or loss shall not apply to any sale or exchange made by a corporation which was a major energy corporation immediately before adopting a plan of complete liquidation;
(5) gain shall be recognized on distributions of property in a liquidation by a major energy corporation; and
(6) gain shall be recognized on any non-liquidating distribution of a major energy corporation.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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