Corporate Raider Tax Act of 1991

Corporate Raider Tax Act of 1991 - Amends the Internal Revenue Code to disallow a deduction for interest on junk bonds incurred to acquire stock or assets in hostile takeovers.

Requires that a hostile stock purchase in a corporate takeover attempt be treated as an asset acquisition by the purchasing corporation.

Disallows an income tax deduction for interest on any indebtedness incurred or continued by a purchasing shareholder to purchase or carry corporate stock or assets acquired through a hostile purchase.

Lowers the minimum maturity date requirement of an applicable high yield discount obligation from five years to two years (thus restricting the tax deduction for interest on certain high yield original issue discount obligations). Amends the definition of "disqualified yield" as it relates to the disqualified portion of original issue discount on any applicable high yield discount obligation to remove the additional percentage point added to the excess of the yield to maturity over a specified sum.