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CONTENTS
INTRODUCTION
I. CORPORATE TAX RATES....
II. THE TWO-TIER TAX ON DISTRIBUTED INCOME AND CERTAIN
EXCEPTIONS-PROPOSALS REGARDING DIVIDEND DEDUC-
TIONS.......
III. DISTRIBUTIONS AND LIQUIDATING SALES OF APPRECIATED
ASSETS THE General Utilities RULE...
IV. ENTITY CLASSIFICATION.
V. CERTAIN OTHER PROPOSALS.
A. Corporate Distributions........
1. Character of nonliquidating distributions....
2. Bail-outs through use of related corpora-
tions......
B. Tax-Free Corporate Organizations and Reorgani-
zations.......
........
1. Dividend-within-gain limitation on boot
dividends....
2. Treatment of securities as boot......
3. Treatment of acquired corporation's debts...
4. Treatment of acquiring corporations in tri-
angular reorganizations......
5. Boot derived from reorganizations involv-
ing certain foreign corporations....
6. Transfer of property to controlled corpora-
C. Miscellaneous Provisions.
1. Depreciation recapture in certain tax-free
exchanges.....
2. Conversion of a C corporation to an S cor-
poration.......
3. Worthless stock deductions
4. Taxes of a shareholder paid by the corpora-
tion..........
5. Deferral by solvent taxpayers of discharge
of indebtedness income.
6. Basis in stock of controlled subsidiary.....