A bill to amend section 682 (c) of the Internal Revenue Code of 1954 with respect to the transitional rules for foreign banks.

Provides, under Internal Revenue Code provisions relating to bond and debenture losses and gains of financial institutions, that in the case if a corporation which would be a bank except for the fact that it is a foreign corporation, the net gain for the taxable year on sales and exchanges shall be considered as gain from the sale or exchange of a capital asset, with specified capital loss carryover exceptions. Allows refunds or credits enumerated circumstances of any overpayment attributable to the application of this Act.