,,ii  #aai? ,,congress  #a/ ,session    
,s4 #acce  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #h1 #bjbe,mr4   
,tillis 7= himself & ,mr4 ,w>nock7      
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to exclude debt   
held by c]ta9 insurance companies f     
capital assets & to ext5d capital loss  
c>ryov]s = su* companies f #e ye>s to   
#aj ye>s4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,secure ,family ,futures   
,act ( #bjbe4  #b4 ,debt n treat$ z     
capital asset = applicable insurance    
companies  7a7 ,exclusion f capital     
assets ,section #abba7;a7 ( ! ,int]nal  
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
or at ! end ( p>agraph 7#g71 by /rik+ ! 
p]iod at ! end ( p>agraph 7#h7 & ins]t+ 
2 or1 & by add+ at ! end ! foll[+ new   
p>agraph3  7#i7 any note1 bond1         
deb5ture1 or o!r evid5ce ( indebt$ness  
held by an applicable insurance company4
  4  7b7 ,applicable insurance company  

def9$ ,section #abba7;b7 ( su* ,code is 
am5d$ by r$esignat+ p>agraph 7#d7 z     
p>agraph 7#e7 & by ins]t+ aft] p>agraph 
7#c7 ! foll[+ new p>agraph3  7#d7       
,applicable insurance company ,=        
purposes ( subsection 7a77#i71 ! t]m    
applicable insurance company means1 )   
respect to any taxable ye>-- 7,a7 any   
insurance company o!r ?an an insurance  
company-- 7i7 ) respect to :i* an       
election is 9 effect "u section         
#hca7;b77#b77;,a77iii7 or #hce7;a7 = su*
 taxable ye>1  7ii7 :i* is a =eign      
corporation describ$ 9 section #hdb1 or 
7iii7 :i* is an organization to :i*     
section #hcc applies = su* taxable ye>1 
or  7,b7 a face-am\nt c]tificate company
 regi/]$ "u ! ,inve/m5t ,company ,act ( 
#aidj4  4  7c7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 
to notes1 bonds1 deb5tures1 or o!r      
evid5ce ( indebt$ness acquir$ by an     
applicable insurance company 7z def9$ 9 
section #abba7;b77#d77 ( su* ,code aft] 
,decemb] #ca1 #bjbe4  #c4 ,capital loss 

c>ryov]s incurr$ by applicable insurance
 companies all[$ = #aj ye>s  7a7 ,9     
g5]al ,section #abab7;a77#a77;,c7 ( !   
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
to read z foll[s3  7,c7 a capital loss  
c>ryov] to ea* ( ! #aj taxable ye>s     
succe$+ ! loss ye>1 b only to ! ext5t   
su* loss-- 7i7 is attributable to a     
=eign expropriation loss1 or  7ii7 0    
incurr$ by an applicable insurance      
company 7z def9$ 9 section              
#abba7;b77#d774  4  7b7 ,effective date 
,! am5dm5t made by ?is section %all     
apply to net capital losses aris+ 9     
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjbe4