Home > 106th Congressional Bills > S. 1331 (rs) To give Lincoln County, Nevada, the right to purchase at fair market value certain public land in the county. [Reported in Senate] ...
S. 1331 (rs) To give Lincoln County, Nevada, the right to purchase at fair market value certain public land in the county. [Reported in Senate] ...
108th CONGRESS
1st Session
S. 1331
To clarify the treatment of tax attributes under section 108 of the
Internal Revenue Code of 1986 for taxpayers which file consolidated
returns.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 25, 2003
Mr. Santorum (for himself, Mr. Conrad, and Mr. Breaux) introduced the
following bill; which was read twice and referred to the Committee on
Finance
_______________________________________________________________________
A BILL
To clarify the treatment of tax attributes under section 108 of the
Internal Revenue Code of 1986 for taxpayers which file consolidated
returns.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. CLARIFICATION OF THE TREATMENT OF TAX ATTRIBUTES.
(a) In General.--Section 108(b) of the Internal Revenue Code of
1986 (relating to reduction of tax attributes) is amended by adding at
the end the following new paragraph:
``(6) Affiliated groups.--If the taxpayer is a
member of an affiliated group of corporations which
files a consolidated return under section 1501, the tax
attributes described in paragraph (1) shall be the
aggregate tax attributes of such group. The Secretary
shall prescribe such regulations as may be necessary
under section 1502 to carry out the purposes of this
paragraph.''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply to discharges of indebtedness occurring after June 25, 2003,
except that discharges of indebtedness under any plan of reorganization
in a case under title 11, United States Code, shall be deemed to occur
on the date such plan is confirmed.
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