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News & Views |Senate Panel Approves Changes to Section 357(c)Friday, January 22, 1999 Deloitte & Touche OnLine The Senate Finance Committee January 22 approved a bill (S. 262) altering Internal Revenue Code Section 357(c) and making miscellaneous changes to trade policy. The distinction between the assumption of a liability and the acquisition of an asset subject to a liability under Section 357(c) generally would be eliminated under the provision for corporate reorganizations that occur on or after October 19, 1998. The provision would raise $67 million over five years, according to the Joint Committee on Taxation staff. The House has not taken action on the measure this year. During the last Congress the House approved a similar bill, but that measure died at the end of the session. Full Senate action on the measure is not expected until the House acts because all revenue bills must originate in the House under the Constitution.
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