Excerpt from Possible Conference Agreement on Revenue Provisions of H. R. 3299 Treatment of distributions by certain corporations filing consolidated returns-house recedes with modifications. Instead of denying the dividends received deduction, the agreement provides that the group must compute its tax without permitting income distributed on section stock of a subsidiary to be offset by losses or credits (including foreign tax credits) of other group members. Other modifications are made to the manner in which the offsets are computed. The effective date follows the Senate amendment except that November 17, 1989 is substituted for October 2, 1989 and transition is provided for auction rate preferred stock issued no later than 30 days after enactment of the provision if the issuing subsidiary was incorporated and a rating agency retained for the purpose of issuing such stock prior to July 10, 1989. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.