Publisher's Synopsis
Excerpt from Summary of Tax Bills and Proposed Legislation: Scheduled for a Markup by the Subcommittee on Select Revenue Measures of the Committee on Ways and Means on November 8, 1983
The Tax Reform Act of 1976 substantially revised Code sections 382 and 383, relating to the carryover of corporate net operating losses and other corporate tax attributes following taxable acquisitions or tax-free reorganizations. Because of problems with the 1976 Act revisions which have been brought to the attention of the tax committees, the effective dates for these revisions had been postponed in order to allow time for further study and analysis.
Under present law, the 1976 Act revisions relating to taxable acquisitions are scheduled to become generally effective with respect to taxable years beginning after June 30, 1984. Those relating to tax-free reorganizations are now scheduled to become effective with respect to a reorganization pursuant to a plan of reorganization adopted by either party on or after January 1, 1984.
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