CHARGING OF EARNINGS OF CORPORATE DIRECTORS.

SEC. 5123. CHARGING OF EARNINGS OF CORPORATE DIRECTORS. (a) In General.— (1) Title II is amended by moving the last undesignated paragraph of section 211(a) of such title (as added by section 9022(a) of the Omnibus Budget Reconciliation Act of 1987) to the end of section 203(f)(5) of such title. (2) The undesignated paragraph moved to section 203(f)(5) of the Social Security Act by paragraph (1) is amended— (A) by striking “Any income of an individual which results from or is attributable to” and inserting “(E) For purposes of this section, any individual’s net earnings from self-employment which result from or are attributable to”, (B) by striking “the income is actually paid” and inserting “the income, on which the computation of such net earnings from self-employment is based, is actually paid”; and (C) by striking “unless it was” and inserting “unless such income was”. (3) The last undesignated paragraph of section 1402(a) of the Internal Revenue Code of 1986 (as added by section 9022(b) of the Omnibus Budget Reconciliation Act of 1987) is repealed. (b) Effective Date.—The amendments made by this section shall apply with respect to income received for services performed in taxable years beginning after December 31, 1990.