Amends the Internal Revenue Code to: (1) grant tax-exempt status to an annuity contract purchased by the Uniformed Services University of the Health Sciences for any employee who is a member of the civilian faculty or staff of such University; (2) set forth rules for the valuation of certain stock in a transferor railroad subject to a determination of final purposes of consolidated return regulations; (3) restore the availability of certain net operating loss carryovers to railroads in Conrail proceedings; (4) open tax returns or return information obtained by a State agency charged with the administration of State tax laws to State audit agencies for the purpose of auditing, for compliance with State law, the State agency which originally obtained such returns; (5) redefine exemptions from personal holding company tax treatment to include within the statutory exemption landing or finance businesses which make loans with maturities up to 144 months and which engage in revolving credit transactions and to eliminate the $1,000,000 cap on the amount of business expenses required for a determination that a corporation is a lending or finance business.
Passed/agreed to in Senate: Measure passed Senate, amended.
Measure passed Senate, amended.
Resolving differences -- House actions: House agreed to certain Senate amendments.
House agreed to certain Senate amendments.
Resolving differences -- House actions: House agreed to Senate amendments with amendments.
House agreed to Senate amendments with amendments.
Resolving differences -- House actions: House disagreed to certain Senate amendment.
House disagreed to certain Senate amendment.
Resolving differences -- Senate actions: Senate receded from certain amendment.
Senate receded from certain amendment.
Resolving differences -- Senate actions: Senate agreed to House amendments to certain Senate amendments.
Senate agreed to House amendments to certain Senate amendments.
Measure enrolled in House.
Measure enrolled in Senate.
Measure presented to President.
Measure presented to President.
Signed by President.
Signed by President.
Public Law 96-613.
Public Law 96-613.
Enacted as Public Law 96-613
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