H.R. 10653 — A bill to amend the Internal Revenue Code of 1954 with respect to the redemption of United States Railway Association certificates of value issued to railroads in reorganization.

Summary

(Reported to House from the Committee on Ways and Means with amendment, H. Rept. 95-1539)

Amends the Internal Revenue Code: (1) to allow income derived from a certificate of value of the United States Railway Corporation issued to a corporation which is a member of an affiliated group of corporations to be offset by the expired net operating loss carryover deductions of other members of the affiliated group; and (2) to exempt certain transfers of rail properties from investment credit recapture.

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Legislative Actions

1978-01-31
Introduced in House
1978-01-31
Introduced in House
1978-01-31
Referred to House Committee on Ways and Means.
1978-09-06
Reported to House from the Committee on Ways and Means with amendment, H. Rept. 95-1539.
1978-09-06
Reported to House from the Committee on Ways and Means with amendment, H. Rept. 95-1539.
1978-10-03
Measure called up under motion to suspend rules and pass in House.
1978-10-03
Measure considered in House.
1978-10-03
Passed/agreed to in House: Measure passed House, amended.
1978-10-03
Measure passed House, amended.
1978-10-04
Referred to Senate Committee on Finance.

A bill to amend the Internal Revenue Code of 1954 with respect to the redemption of United States Railway Association certificates of value issued to railroads in reorganization.

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