There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/22/1994)

Insurance Broker Foreign Source Income Clarification Act of 1994 - Amends the Internal Revenue Code to provide that in the case of any controlled foreign corporation passive income does not include any income derived from insurance brokerage or agency services. Declares that income earned on fiduciary funds held by an insurance agent or broker shall not be passive income and such funds shall be treated as having a tax basis equal to their original purchase price.