MISCELLANEOUS PROVISIONS.

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 allowable 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 amendment made by paragraph (1) shall not apply to any corporation with respect to which an election under the second sentence of section 556(b)(1) 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. 104 STAT. 1388–530 (e) Elimination of Unnecessary Section Relating to Jury Duty Pay Remitted to Employer.— (1) Paragraph (13) of section 62(a) is amended to read as follows: “(13) Jury duty pay remitted to employer.— Any deduction allowable under this chapter by reason of an individual remitting any portion of any jury pay to such individual’s employer in exchange for payment by the employer of compensation for the period such individual was performing jury duty. For purposes of the preceding sentence, the term ‘jury pay’ means any payment received by the individual for the discharge of jury duty.” (2) Part VII of subchapter B of chapter 1 is amended by striking out section 220 and redesignating section 221 as section 220. (3) The table of sections for part VII of subchapter B of chapter 1 is amended by striking the items relating to sections 220 and 221 and inserting in lieu thereof the following: “Sec. 220. Cross reference.” (f) Other Provisions.— (1) Section 541 is amended by striking “(38.5 percent in the case of taxable years beginning in 1987)”. (2) Subsection (e) of section 665 is amended to read as follows: “(e) Preceding Taxable Year.— For purposes of this subpart— “(1) In the case of a foreign trust created by a United States person, the term ‘preceding taxable year’ does not include any taxable year of the trust to which this part does not apply. “(2) In the case of a preceding taxable year with respect to which a trust qualified, without regard to this subpart, under the provisions of subpart B, for purposes of the application of this subpart to such trust for such taxable year, such trust shall, in accordance with regulations prescribed by the Secretary, be treated as a trust to which subpart C applies. (3) Subsection (c) of section 668 is amended to read as follows: “(c) Interest Charge Not Deductible.— The interest charge determined under this section shall not be allowed as a deduction for purposes of any tax imposed by this title.” (4) Paragraph (1) of section 1503(c) is amended by striking the last 2 sentences thereof. (5) Paragraph (2) of section 2032A(a) is amended to read as follows: “(2) Limitation on aggregate reduction in fair market value.— The aggregate decrease in the value of qualified real property taken into account for purposes of this chapter which results from the application of paragraph (1) with respect to any decedent shall not exceed $750,000.’