Amends the Internal Revenue Code to exclude from foreign base company income any dividend received by a controlled foreign corporation from a qualified foreign subsidiary if: (1) the dividend is out of earnings of the qualified foreign subsidiary and is attributable to the active conduct of the business of buying, selling and distributing coffee; (2) no foreign tax with respect to such dividend is imposed; (3) the controlled foreign corporation was incorporated before 1962 and has carried on its trade or business for many years prior to 1962; and (4) the taxpayer acquired control of the controlled foreign corporation in 1978 but such control has been limited at all times since 1978.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Referred to Subcommittee on Select Revenue Measures.
Subcommittee Hearings Held.
Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee (Amended).
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended).
Reported to House (Amended) by House Committee on Ways and Means. Report No: 97-829.
Reported to House (Amended) by House Committee on Ways and Means. Report No: 97-829.
Placed on Union Calendar No: 512.
Called up by House Under Suspension of Rules.
Considered by House Unfinished Business Vote Postponed Until September 22, 1982.
Failed of passage/not agreed to in House: Failed to Receive 2/3's Vote to Suspend and Pass by Yea-Nay Vote: 113 - 274 (Record Vote No: 350).
Roll Call #350 (House)Failed to Receive 2/3's Vote to Suspend and Pass by Yea-Nay Vote: 113 - 274 (Record Vote No: 350).
Roll Call #350 (House)checking server…
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