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

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

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

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.


No summaries available.


House Ways and Means

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Primary Source

THOMAS.gov (The Library of Congress)

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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.

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

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House Democratic Caucus Summary

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