APPENDIX D
Representative Ullman’s Statement Regarding Bankruptcy Tax Legislation
Congressional Record—House, December 12, 1980, H12419, H12420, H12459-H12464
REQUEST TO CONCUR IN SENATE AMENDMENTS TO H.R. 5043, BANKRUPTCY TAX ACT OF 1980
Mr. ROSTENKOWSKI. Mr. Speaker, I ask unanimous consent to take from the Speaker’s table 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, with Senate amendments thereto, and concur in the Senate amendments.
The Clerk read that title of the bill.
The Clerk read the Senate amendments, as follows:
Page 4, after the matter below line 20, insert:
(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.
Page 8, line 20, strike out “(5)” and insert “(6)”.
Page 8, line 24, strike out “(6)” and insert “(7)”.
Page 9, line 9, strike out “(7)” and insert “(8)”.
Page 9, line 22, strike out “(8)” and insert “(9)”.
Page 11, line 6, after “debtor,” insert “Such regulations shall provide for such adjustments in the treatment of any subsequent transactions involving the indebtedness as may be appropriate by reason of the application of the preceding sentence”.
Page 11, line 17, strike out “section 414(c)” and insert “subsection (b) or (c) of section 414”.
Page 12, strike out all after line 9, over to and including line 9 ...
