Senate Proposed Amendments to H.R. 5043 (Bankruptcy Tax Act of 1980) Adopted by Both Senate and House

Congressional Record—Senate, December 13, 1980, S16489-S16493


Mr. ROBERT C. BYRD. Mr. President, I ask unanimous consent that the Senate proceed to the consideration of H.R. 5043, Calendar No. 1167.

There being no objection,

The Senate proceeded to consider the bill (H.R. 5043) to amend the Internal Revenue Code of 1954 to provide for the tax treatment of bankruptcy, insolvency, and similar proceedings, and for other purposes, which had been reported from the Committee on Finance with amendments, as follows:

On page 5, after line 4, insert the following:

(E) Foreign tax credit carryovers.—Any carryover to or from the taxable year of the discharge for purposes of determining the amount of the credit allowable under section 33.

On page 5, line 16, strike “paragraph (2)(B)” and insert the following: “subparagraphs (B) and (E) of paragraph (2)”;

On page 6, line 9, strike “SUBPARAGRAPH (B)” and insert the following: “SUBPARAGRAPHS (B) AND (E) OF PARAGRAPH (2)”;

On page 6, line 15, strike “depreciable property” and insert the following: “the depreciable property”;

On page 9, after line 7, insert the following:

(5) Depreciable property.—The term “depreciable property” has the same meaning as when used in section 1017.

On page 9, line 11, strike “(5)” and insert “(6)”;

On page 9, line 15, strike “(6)” and insert “(7)”;

On page 9, line 24, strike ...

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