Summary: H.R.5429 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for H.R.5429. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (09/30/1988)

Amends the Internal Revenue Code to create a special rule under which a foreign corporation will not be treated as a passive foreign investment company if it is a controlled foreign corporation that engages in substantial manufacturing or production activities in a foreign country that: (1) treats the corporation as a resident; and (2) had a deficit in its trade balance with the United States for the preceding calendar year.