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ID-77-26 1 (1977-04-06)

handle is hein.gao/gaobaabxw0001 and id is 1 raw text is: DOCURENT RESURE 00576 - EA10519161 CompeLsation Provided to American Claimants through Foreign Claims Settlements. B-186184; ID-77-26. April 6, 197/. Released April 13, 1977. 3 pp. + appendices (11 pp.). Report to Rep. Dante B. Fascell, Chairman, House Committee on International Relations: International Operations Subcommittee; by gobert F. Keller, Acting Comptroller General. Issue Area: International Economic and Military Programs (00). Contact: International Div. Budget Function: International Affairs: Conduct cf Pereign Affairs (152). Organization Concerned: Department of the Treasury; Forsign Claims Settlement Commission of the United States. Congressional Relevance: House Committee on International Relations: International Operations Subcommittee. Authority: International Claims Settlement Act of 1949, as amended (22 U.S.C, 1621 et seg. (Supp. IV)). War Claims Act of 1948 (50 U.S.C. 2001 et seq. (Supp. IV)). P.L. 94-542. Claims for losses arising from a foreign government's nationalization, expropriation, or other takeover of the property of United States nationals are administered under provisions of the International Settlement Claims Act of 1948. This Act has serred as the authority for adjudication and payment of claias resulting from American prcperty losses in nine foreign countries, and has provided autbority for determiniug the validity and amounts of 'I.S. claims against the Governments of Cuba, the People's Republic of China, and East Germany. The Foreign Claims Settlement Commission is solely responsible for receivi'.g and determining the validity of the claims. Upon the Commission's certification, the claims are pai' by the Treasury, using funds obtained from the tcreign governments. Findings/Conclusions: Tax :3avings attributable to the deduction of foreign expropriation losses by claimants are not considered in computing compensation payments made by Treasury. If payments were adjusted for tax benefits, net losses would be spread more equitably among the -laimants, but tax revenues would decline. It is felt that pu'yment adjustments for tax benefits should be made only to preclude the availability of windfall profits to claimants as a result ot tax rate changes. The usual provision of authorizing initial payments of up to a maximum of $1,000 per award is not sufficient to discharge many of the smaller awards. Under the Cuba program, awards in the $1,001 to $5,000 range were about 50 percent more frequept than -hose of less than $1,000. Recommendations: The initial payment claim should be raised to accommodate more of che smaller claims. (RRS,

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