SHORT TITLE: AMENDMENT OF THE 1986 CODE.

SEC. 10000. SHORT TITLE: AMENDMENT OF THE 1986 CODE. (a) Short Title.— This title may be cited as the “Revenue Act of 1987”. (b) Amendment of 1986 Code.— Except as otherwise expressly provided, whenever in this title an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c) Coordination With Section 15.— No amendment made by this title shall be treated as a change in a rate of tax for purposes section 15 of the Internal Revenue Code of 1986. (d) Table of Contents.— TITLE X— REVENUE PROVISIONS Sec. 10000. Short title; amendment of the 1986 Code. Subtitle A— Individual Income Tax Provisions Sec. 10101. Expenses of overnight camps not allowable for dependent care credit Sec. 10102. Changes to deduction for qualified residence interest. Sec. 10103. Clarification of treatment of Federal judges. Sec. 10104. Treatment of regulated investment companies under 2-percent floor 101 STAT. 1330–383 Subtitle B— Business Provisions Part I— Accounting Provisions Sec. 10201. Repeal of reserve for accrual of vacation pay. Sec. 10202. Provisions relating to installment sales. Sec. 10203. Reduction in percentage of items taken into account under completed contract method. Sec. 10204. Amortization of past service pension costs. Sec. 10205. Certain farm corporations required to use accrual method of accounting. Sec. 10206. Entities may elect taxable years other than required taxable year. Part II— Partnership Provisions Sec. 10211. Certain publicly traded partnerships treated as corporations. Sec. 10212. Treatment of publicly traded partnerships under section 469. Sec. 10213. Treatment of publicly traded partnerships for unrelated business tax. Sec. 10214. Treatment of certain partnership allocations. Sec. 10215. Study. Part III— Corporate Provisions Sec. 10221. Reduction in dividends received deduction for dividends from corporations not 20-percent owned. Sec. 10222. Certain earnings and profits adjustments not to apply for certain purposes. Sec. 10223. Treatment of mirror subsidiary transactions. Sec. 10224. Benefits of graduated corporate rates not allowed to personal service corporations. Sec. 10225. Amendments to section 382. Sec. 10226. Limitation on use of preacquisition losses to offset built-in gains. Sec. 10227. Recapture of LIFO amount in the case of elections by S corporations. Sec. 10228. Excise tax on receipt of greenmail. Part IV— Foreign Tax Provisions Sec. 10231. Denial of foreign tax credit for taxes paid or accrued to South Africa. Part V— Insurance Provisions Sec. 10241. Interest rate used in computing tax reserves for life insurance companies may not be less than applicable Federal rate. Sec. 10242. Treatment of foreign insurance. Sec. 10243. Treatment of mutual life insurance company policy holder dividends for purposes of book preference. Sec. 10244. Certain insurance syndicates. Subtitle C— Estimated Tax Provisions Sec. 10301. Revision of corporate estimated tax provisions. Sec. 10302. Revised withholding certificates required to be put into effect more promptly. Sec. 10303. Estimated tax penalties for 1987. Subtitle D— Estate and Gift Tax Provisions Part I— General Provisions Sec. 10401. 5-year extension of existing rates; phase out of benefits of existing rates, and unified credit. Sec. 10402. Inclusion related to valuation freezes. Part II— Estate Tax Provisions Relating To Employee Stock Ownership Plans Sec. 10411. Congressional clarification of estate tax deduction for sales of employer securities. Sec. 10412. Modifications of estate tax deduction for sale of employer securities. Sec. 10413. Excise tax on plans or cooperatives disposing of employer securities for which estate tax deduction was allowed. Subtitle E— Provisions Relating to Excise Taxes and User Fees Part I— Excise Taxes Sec. 10501. Extension of telephone excise tax. Sec. 10502. Diesel fuel and aviation fuel taxes imposed at wholesale level. Sec. 10503. Extension of temporary increase in amount of tax imposed on coal producers. 101 STAT. 1330–384 Part II— Tax-Related User Fees Sec. 10511. Fees for request for ruling, determination, and similar letters. Sec. 10512. Occupational taxes relating to alcohol, tobacco, and firearms. , Subtitle F— Other Revenue Provisions Part I— Targeted Jobs Credit Sec. 10601. Denial of targeted jobs credit for wages paid during period of labor dispute. Part II— Treatment Of Certain Illegal Irrigation Subsidies Sec. 10611. Treatment of certain illegal irrigation subsidies. Part III— Compliance Sec. 10621. State escheat laws not to apply to refunds of Federal tax. Sec. 10622. Sense of Congress as to increased Internal Revenue Service funding for taxpayer assistance and enforcement. Part IV— Tax Exempt Bond Provisions Sec. 10631. Issues used to acquire nongovernmental output property. Sec. 10632. Bonds issued by Indian tribal governments.105105Copy read “Indian Tribal Governments.”. Subtitle G— Lobbying and Political Activities of Tax-Exempt Organizations Part I— Disclosure Requirements Sec. 10701. Required disclosure of nondeductibility of contributions. Sec. 10702. Public inspection of annual returns and applications for tax-exempt status. Sec. 10703. Additional information required on annual returns of section 501(c)(3) organizations. Sec. 10704. Penalties. Sec. 10705. Required disclosure that certain information or service available from Federal Government. Part II— Political Activities Sec. 10711. Clarification of prohibited political activities. Sec. 10712. Excise taxes on political expenditures by section 501(c)(3) organizations. Sec. 10713. Additional enforcement authority in the case of flagrant political expenditures. Sec. 10714. Tax on disqualifying lobbying expenditures.