Summary: H.R.7171 — 96th Congress (1979-1980)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed Senate amended (12/13/1980)

(Measure passed Senate, amended)

Amends the Internal Revenue Code to: (1) grant tax-exempt status to an annuity contract purchased by the Uniformed Services University of the Health Sciences for any employee who is a member of the civilian faculty or staff of such University; (2) set forth rules for the valuation of certain stock in a transferor railroad subject to a determination of final purposes of consolidated return regulations; (3) restore the availability of certain net operating loss carryovers to railroads in Conrail proceedings; (4) open tax returns or return information obtained by a State agency charged with the administration of State tax laws to State audit agencies for the purpose of auditing, for compliance with State law, the State agency which originally obtained such returns; (5) redefine exemptions from personal holding company tax treatment to include within the statutory exemption landing or finance businesses which make loans with maturities up to 144 months and which engage in revolving credit transactions and to eliminate the $1,000,000 cap on the amount of business expenses required for a determination that a corporation is a lending or finance business.