Summary: H.R.5884 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.5884. Bill summaries are authored by CRS.

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Introduced in House (10/20/1990)

Amends the Internal Revenue Code to allow certain commercial finance companies, in lieu of a deduction for wholly worthless debts, a deduction for a reasonable addition to a reserve for bad debts. Makes a company eligible for such deduction if: (1) the average adjusted basis of all its assets is $500,000,000 or less; or (2) such company was a member of a parent-subsidiary controlled group and the average adjusted basis of all assets of such groups was $50,000,000 or less.