Summary: H.R.7929 — 94th Congress (1975-1976)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed Senate amended (10/01/1976)

(Measure passed Senate)

Removes, for purposes of deducting interest on a corporation's indebtedness, the classification, under the Internal Revenue Code, as "corporate acquisition indebtedness" specified obligations issued by a corporation to acquire stock of another corporation for taxable years ending after October 9, 1969.

Permits any refund or credit resulting from this Act to be allowed if such claim is filed within one year of the date of enactment.