Page:United States Statutes at Large Volume 104 Part 2.djvu/937

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PUBLIC LAW 101-508 —NOV. 5, 1990 104 STAT. 1388-529 vehicle purchased) during any of the first 3 quarters of his taxable year, a claim may be filed under this section with respect to fuel used (or a qualified diesel powered highway vehicle purchased), during such quarter." (C) Paragraph (2) of section 6427(i) is amended by striking subparagraph (B) and redesignating subparagraph (C) as subparagraph (B). SEC. 11802. MISCELLANEOUS PROVISIONS. (a) REPEAL OF SECTION 72(t)(2)(C).—Subsection (t) of section 72 is amended— (1) by striking subparagraph (C) of paragraph (2), (2) by redesignating subparagraph (D) of paragraph (2) as subparagraph (C), and (3) by striking "(C), and (D)" in paragraph (3)(A) and inserting "and(C)". (b) REPEAL OF OBSOLETE PROVISIONS IN SECTION 274. — (1) Paragraph (2) of section 274(1) is amended to read as follows: "(2) SKYBOXES, ETC. — In the case of a skybox or other private luxury box leased for more than 1 event, the amount edlowable as a deduction under this chapter with respect to such events shall not exceed the sum of the face value of non-luxury box seat tickets for the seats in such box covered by the lease. For purposes of the preceding sentence, 2 or more related leases shall be treated as 1 lease." (2) Subsection (n) of section 274 is amended— (A) in paragraph (2)— (i) by striking subparagraph (D) and redesignating subparagraphs (E) and (F) as subparagraphs (D) and (E), respectively, (ii) by striking "described in subparagraph (E)" and inserting "described in subparagraph (D)", and (iii) by striking "of subparagraph (F)" and inserting "of subparagraph (E)", and (B) by striking paragraph (3). (c) REPEAL OF SECTION 468(a)(2)(B)(ii).— Subparagraph (B) of section 468(a)(2) is amended to read as follows: "(B) INCREASE FOR INTEREST. — A reserve shall be increased each taxable year by an amount equal to the amount of interest which would have been earned during such taxable year on the opening balance of such reserve for such taxable year if such interest were computed— "(i) at the Federal short-term rate or rates (determined under section 1274) in effect, and "(ii) by compounding semiannually." (d) REPEAL OF OBSOLETE PROVISIONS IN SECTION 556(b)(l). — (1) Paragraph (1) of section 556(b) is amended by striking the last 2 sentences. (2) The gimendment made by paragraph (1) shall not apply to 26 USC 556 note, any corporation with respect to which an election under the second sentence of section 556(b)(l) of the Internal Revenue Code of 1986 (as in effect before the amendment made by paragraph (1)) is in effect unless such corporation elects to have such amendment apply and agrees to such adjustments as the Secretary of the Treasury or his delegate may require.