To amend the Internal Revenue Code of 1986 to treat as an asset acquisition any hostile qualified stock purchase by a foreign person and to limit the deduction for certain interest where a foreign person acquires control of a domestic corporation.

Amend the Internal Revenue Code to require that a hostile stock purchase by a foreign person in a corporate takeover be treated as an asset acquisition by the purchasing corporation.

Disallows an income tax deduction for interest on any indebtedness incurred or continued to purchase or carry corporate stock in the domestic corporation.