ADJUSTMENT FOR CHANGE IN COMPUTING RESERVES.

SEC. 13513. ADJUSTMENT FOR CHANGE IN COMPUTING RESERVES.(a) In General.—Paragraph (1) of section 807(f) is amended to read as follows:“(1) Treatment as change in method of accounting.—If the basis for determining any item referred to in subsection (c) as of the close of any taxable year differs from the basis for such determination as of the close of the preceding taxable year, then so much of the difference between—“(A) the amount of the item at the close of the taxable year, computed on the new basis, and“(B) the amount of the item at the close of the taxable year, computed on the old basis,as is attributable to contracts issued before the taxable year shall be taken into account under section 481 as adjustments attributable to a change in method of accounting initiated by the taxpayer and made with the consent of the Secretary.”.(b) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2017.