PUBLIC LAW 100-647—NOV. 10, 1988
102 STAT. 3575
"(ID as deductions allowable in computing unrelated business taxable income, such holder's pro rata share of the items of deduction described in clause (iiXn) of such organization. Such amounts shall be token into account for the taxable year of the holder in which (or with which) the taxable year of such organization ends. "(ii) DESCRIPTION OF AMOUNTS.—For purposes of clause (i)— "(0 gross income is described in this clause to the extent such income would (but for this paragraph) be treated under subsection (a) as derived from an unrelated trade or business, and "(ID any deduction is described in this clause to the extent it would (but for this paragraph) be allowable under subsection (a)(2) in computing unrelated business taxable income, "(iii) DISQUALIFIED HOLDER.—For purposes of this subparagraph, the term 'disqualified holder' means any shareholder (or beneficiary) which is not described in clause (i) or (ii) of subparagraph (C)." (B) The amendment made by subparagraph (A) shall apply 26 USC 514 note. with respect to interests in the organization acquired after June 10, 1987, except that such amendment shall not apply to any such interest acquired after June 10, 1987, pursuant to a binding written contract in effect on Jiuie 10, 1987, and at all times thereafter before such acquisition. (6) The last sentence of section 514(c)(9)(B) of the 1986 Code is amended by striking out "clause (vi)" and inserting in lieu thereof "th^ paragraph", (b) REPEAL OF SECTIION 1608 OF THE REFORM ACT.—Section 1608 of
the Reform Act is hereby repealed. SEC. 1017. AMENDMENTS RELATED TO TITLE XYII OF THE REFORM ACT. (a) AMENDMENTS RELATED TO SECTION 1701 OF THE REFORM ACT.—
Oause (i) of section 51(d)(12XB) of the 1986 Code is amended by striking out "subsection (a)(1)" and inserting in lieu thereof "subsection (a)". (b) AMENDMENT RELATED TO SECTION 1702 OF THE REFORM ACT.—
Subsection (j) of section 6652 of the 1986 Code, as added by section 1702(b) of the Reform Act and as in effect before its repeal by the Revenue Act of 1987, is amended by inserting "(and the corresponding provision of section 4041(d)(l))" after "section 4041(a)(l)". (c) AMENDBCENTS RELATED TO SECTION 1703 OF THE REFORM ACT.—
dXA) Subsection (a) of section 4081 of the 1986 Code, as amended by section 1703 of the Reform Act, is amended by redesignating paragraph (2) as paragraph (3) and by striking out paragraph (1) and inserting in lieu thereof the following new paragraphs: "(1) IN GENERAL.—There is hereby imposed a tax at the rate specified in paragraph (2) on the earlier of— "(A) the removal, or "(B) the sale, of gasoline by the refiner or importer thereof or the terminal operator. "(2) RATES OF TAX.—
26 USC 170 note.
�
