Authorizes the nonrecognition of gain or loss, under the Internal Revenue Code, on the transfer of rail properties of a transferor railroad corporation to the Consolidated Rail Corporation pursuant to an order under the Regional Rail Reorganization Act to carry out the final system plan, in exchange solely for stock of the Consolidated Rail Corporation, securities of such Corporation, certificates of value of the United States Railway Association, or any combination thereof.
Prohibits the carryover of any net operating loss of a transferor corporation to the Consolidated Rail Corporation.
Makes technical and conforming amendments.
Permits a Corporation to use specified expired net operating loss carryovers where such Corporation has received an award, settlement, or redemption includable in gross income.
Introduced in House
Referred to House Committee on Ways and Means.
Reported to House from the Committee on Ways and Means with amendment, H. Rept. 94-940.
Reported to House from the Committee on Ways and Means with amendment, H. Rept. 94-940.
Measure called up by unanimous consent in House.
Measure considered in House.
Passed/agreed to in House: Measure passed House, amended.
Measure passed House, amended.
Measure called up by unanimous consent in Senate.
Measure considered in Senate.
Passed/agreed to in Senate: Measure passed Senate.
Measure passed Senate.
Measure enrolled in House.
Measure enrolled in Senate.
Measure presented to President.
Measure presented to President.
Signed by President.
Signed by President.
Public law 94-253.
Public law 94-253.
Enacted as Public Law 94-253
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