CORPORATIONS IMPROPERLY ACCUMULATING SURPLUS.

SEC. 31. CORPORATIONS IMPROPERLY ACCUMULATING SURPLUS. (a) Adjustments to Taxable Income for Charitable Contributions.—Section 535 (b) (2) (relating to adjustments to taxable income to determine accumulated taxable income for purposes of the tax on corporations improperly accumulating surplus) is amended by striking out “the limitation in”. (b) Adjustments to Taxable Income for Long-Term Capital Gains.—Section 535 (b) (6) (B) (relating to determination of accumulated taxable income) is amended to read as follows: “(B) such taxes computed for such year without including in taxable income the excess of the net long-term capital gain for the taxable year over the net short-term capital loss for such year (determined with regard to the capital loss carry-over provided in section 1212).”