Page:United States Statutes at Large Volume 90 Part 2.djvu/975

 PUBLIC LAW 94^514—OCT. 15, 1976

90 STAT. 2443

Public Law 94-514 94th Congress An Act Relating to the deduction of interest on certain corporate indebtedness to acquire stock or assets of another corporation

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) subsection (i) of section 279 of the Internal Revenue Code of 1954 (relating to interest on indebtedness incurred by a corporation to acquire stock or assets of another corporation) is amended by striking out the last sentence thereof. (b) The amendment made by subsection (a) shall apply to taxable years ending after October 9, 1969. If refund or credit of any overpayment of income tax resulting from the amendment made by subsection (a) is prevented on the date of the enactment of this Act, or at any time within one year after such date, by the operation of any law or rule of law, refund or credit of such overpayment may, nevertheless, be made or allowed if claim therefor is filed within one year from such date. Approved October 15, 1976.

LEGISLATIVE HISTORY: HOUSE REPORT No. 94-1345 (Comm. on Ways and Means). SENATE REPORT No. 94-1266 (Comm. on Finance). CONGRESSIONAL RECORD, VoL 122 (1976): Aug. 24, considered and passed House. Oct. 1, considered and passed Senate.

Oct. 15, 1976 [H.R. 7929]

Taxes. Interest deduction on certain corporate indebtedness. 26 USC 279. 26 USC 279 note.

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