IMPUTED INTEREST.

SEC. 1310. IMPUTED INTEREST. (a) General Rule.— Section 4942(f)(2) (relating to income modifications) is amended— (1) by striking out “and” at the end of subparagraph (B), (2) by striking out the period at the end of subparagraph (C) and inserting in lieu thereof “; and”, and (3) by adding at the end thereof the following new subparagraph: “(D) section 483 (relating to imputed interest) shall not applicable the case of a binding contract made in a taxable year beginning before January 1, 1970.”. (b) Effective Date.— The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.