A bill to amend section 582(c) of the Internal Revenue Code of 1954 with respect to the transitional rules for foreign banks.

Provides, under the Internal Revenue Code provisions relating to bond losses and gains of financial institutions, that in the case of a corporation which would be a bank except for the fact that it is a foreign corporation, the net gain for the taxable year shall be considered, under specified circumstances, as gain from the sale or exchange of a capital asset.