A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of gains from dispositions of patents or similar property for purposes of applying the limitation on the foreign tax credit.

Amends the Internal Revenue Code, with respect to the computation of the limitation on the foreign tax credit for corporations, to exclude from the reckoning of capital gains any gain from the sale, exchange or other disposition of a patent, copyright, a secret formula or process, or any other similar property right.