A bill to provide for the equitable tax treatment of certain foreign expropriation losses.

Provides that a specified corporation whose assets were seized by the Government of Peru shall be entitled to claim, for income tax purposes, a deductible loss on the full value of its unrecovered assets reduced by the amount of any potential recovery by insurance or otherwise.

Provides that the limitations on the foreign tax credit shall not apply to the taxes imposed by Peru on the corporation whose assets were seized.