DEFINITION OF TOTAL ASSETS FOR PURPOSES OF SECTIONS 442–446.

SEC. 510. DEFINITION OF TOTAL ASSETS FOR PURPOSES OF SECTIONS 442–446. The first sentence of section 442 (f) (relating to definition of total assets) is hereby amended to read as follows: “For the purposes of this section, the taxpayer’s total assets for any day shall be determined as of the end of such day and shall be an amount equal to the excess of— “(1) the sum of the cash and the property (other than cash, inadmissible assets, and loans to members of a controlled group as defined in section 435 (f) (4)) held by the taxpayer in good faith for the purposes of the business, over “(2) the amount of any indebtedness (other than borrowed capital as defined in section 439 (b) (1)1 to a member of a controlled group (as defined in section 435 (g) (6)) which includes the taxpayer.”