legislation: 98-s-2447

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
98-s-2447 98 s 2447 Corporate Distribution Tax Reform Act of 1984 Taxation 1984-03-20 1984-03-26 Committee on Finance requested executive comment from OMB, Treasury Department. Senate Sen. Specter, Arlen [R-PA] PA R S000709 0 Corporate Distribution Tax Reform Act of 1984 - Amends the Internal Revenue Code to limit the income tax deduction for dividends received by a corporate shareholder which acquires another corporation to the extent such acquisition was debt financed. Sets forth the method for the calculation of such limit. Requires the reduction in the basis of a corporate shareholder's stock if the corporation receives an extraordinary dividend with respect to any share of stock. Defines "extraordinary dividend" as any dividend with respect to a share of stock issued by a corporation to a corporation which has acquired the issuer by merger if the dividend equals or exceeds a specified percentage of the taxpayer's adjusted basis in such share of stock. Requires the recognition of gain on distributions of appreciated property by integrated oil companies. Provides that loss shall be recognized to an integrated oil company on the distribution of property with respect to its stock if such distribution is pursuant to a plan of complete liquidation. 2025-08-29T17:38:33Z https://www.congress.gov/bill/98th-congress/senate-bill/2447

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