A bill to amend the Internal Revenue Code of 1954 to deny any deduction for interest paid or incurred on loans in connection with certain takeovers, or certain attempted takeovers, of corporations.
Fairness in Corporate Takeovers Act of 1985 - Amends the Internal Revenue Code to disallow an income tax deduction for interest paid or incurred on any loan which is used to acquire control of a corporation if a majority of the independent members of the board of directors of such corporation disapprove of such acquisition.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department.
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