REPEAL OF FAIR MARKET VALUE METHOD OF INTEREST EXPENSE APPORTIONMENT.

SEC. 14502. REPEAL OF FAIR MARKET VALUE METHOD OF INTEREST EXPENSE APPORTIONMENT.(a) In General.—Paragraph (2) of section 864(e) is amended to read as follows:“(2) Gross income and fair market value methods may not be used for interest.—All allocations and apportionments of interest expense shall be determined using the adjusted bases of assets rather than on the basis of the fair market value of the assets or gross income.”.(b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2017.