A bill to amend the Revenue Act of 1978 with respect to foreign tax credit adjustments for capital gains.

Amends the Revenue Act of 1978 and the Internal Revenue Code, with respect to the limitation on the foreign tax credit for corporations, to treat as gain from sources outside the United States (therefor eligible for application of the foreign tax credit) gain from a sale of at least 80 percent of the total number of shares of all classes of stock of a foreign corporation. Applies this Act to taxable years beginning after December 31, 1975.