AMENDMENTS RELATED TO REVENUE RECONCILIATION ACT OF 1993.

SEC. 1703. AMENDMENTS RELATED TO REVENUE RECONCILIATION ACT OF 1993. (a) Amendment Related to Section 13114.— Paragraph (2) of section 1044(c) is amended to read as follows: “(2) Purchase.— The taxpayer shall be considered to have purchased any property if, but for subsection (d), the unadjusted basis of such property would be its cost within the meaning of section 1012.”. (b) Amendments Related to Section 13142.— (1) Subparagraph (B) of section 13142(b)(6) of the Revenue Reconciliation Act of 1993 is amended to read as follows: “(B) Full-time students, waiver authority, and prohibited discrimination.— The amendments made by paragraphs (2), (3), and (4) shall take effect on the date of the enactment of this Act.”. (2) Subparagraph (C) of section 13142(b)(6) of such Act is amended by striking “paragraph (2)” and inserting “paragraph (5)”. (c) Amendment Related to Section 13161.— (1) In general.— Subsection (e) of section 4001 (relating to inflation adjustment) is amended to read as follows: “(e) Inflation Adjustment.— “(1) In general.— The $30,000 amount in subsection (a) and section 4003(a) shall be increased by an amount equal to— “(A) $30,000, multiplied by “(B) the cost-of-living adjustment under section 1(f)(3) for the calendar year in which the vehicle is sold, determined by substituting ‘calendar year 1990’ for ‘calendar year 1992’ in subparagraph (B) thereof. “(2) Rounding.— If any amount as adjusted under paragraph (1) is not a multiple of $2,000, such amount shall be rounded to the next lowest multiple of $2,000.”. (2) Effective date.— The amendment made by paragraph (1) shall take effect on the date of the enactment of this Act. (d) Amendment Related to Section 13201.— Clause (ii) of section 135(b)(2)(B) is amended by inserting before the period at the end thereof the following: “, determined by substituting ‘calendar year 1989’ for ‘calendar year 1992’ in subparagraph (B) thereof”. (e) Amendments Related to Section 13203.— Subsection (a) of section 59 is amended— (1) by striking “the amount determined under section 55(b)(1)(A)” in paragraph (1)(A) and (2)(A)(i) and inserting “the pre-credit tentative minimum tax”, (2) by striking “specified in section 55(b)(1)(A)” in paragraph (1)(C) and inserting “specified in subparagraph (A)(i) or (B)(i) of section 55(b)(1) (whichever applies)”, 110 STAT. 1876 (3) by striking “which would be determined under section 55(b)(1)(A)” in paragraph (2)(A)(ii) and inserting “which would be the pre-credit tentative minimum tax”, and (4) by adding at the end thereof the following new paragraph: “(3) Pre-credit tentative minimum tax.— For purposes of this subsection, the term ‘pre-credit tentative minimum tax’ means— “(A) in the case of a taxpayer other than a corporation, the amount determined under the first sentence of section 55(b)(1)(A)(i), or “(B) in the case of a corporation, the amount determined under section 55(b)(1)(B)(i).”. (f) Amendment Related to Section 13221.— Sections 1201(a) and 1561(a) are each amended by striking “last sentence” each place it appears and inserting “last 2 sentences”. (g) Amendments Related to Section 13222.— (1) Subparagraph (B) of section 6033(e)(1) is amended by adding at the end thereof the following new clause: “(iii) Coordination with section 527(f).— This subsection shall not apply to any amount on which tax is imposed by reason of section 527(f).”. (2) Clause (i) of section 6033(e)(1)(B) is amended by striking “this subtitle” and inserting “section 501”. (h) Amendment Related to Section 13225.— Paragraph (3) of section 6655(g) is amended by striking all that follows “‘3rd month’” in the sentence following subparagraph (C) and inserting “, subsection (e)(2)(A) shall be applied by substituting ‘2 months’ for ‘3 months’ in clause (i)(I), the election under clause (i) of subsection (e)(2)(C) may be made separately for each installment, and clause (ii) of subsection (e)(2)(C) shall not apply.”. (i) Amendments Related to Section 13231.— (1) Subparagraph (G) of section 904(d)(3) is amended by striking “section 951(a)(1)(B)” and inserting “subparagraph (B) or (C) of section 951(a)(1)”. (2) Paragraph (1) of section 956A(b) is amended to read as follows: “(1) the amount (not including a deficit) referred to in section 316(a)(1) to the extent such amount was accumulated in prior taxable years beginning after September 30, 1993, and”. (3) Subsection (f) of section 956A is amended by inserting before the period at the end thereof: “and regulations coordinating the provisions of subsections (c)(3)(A) and (d)”. (4) Subsection (b) of section 958 is amended by striking “956(b)(2)” each place it appears and inserting “956(c)(2)”. (5) (A) Subparagraph (A) of section 1297(d)(2) is amended by striking “The adjusted basis of any asset” and inserting “The amount taken into account under section 1296(a)(2) with respect to any asset”. (B) The paragraph heading of paragraph (2) of section 1297(d) is amended to read as follows: “(2) Amount taken into account.— ”. (6) Subsection (e) of section 1297 is amended by inserting “For purposes of this part—” after the subsection heading. (j) Amendment Related to Section 13241.— Subparagraph (B) of section 40(e)(1) is amended to read as follows: 110 STAT. 1877 “(B) for any period before January 1, 2001, during which the rates of tax under section 4081(a)(2)(A) are 4.3 cents per gallon.”. (k) Amendment Related to Section 13242.— Paragraph (4) of section 6427(f) is amended by striking “1995” and inserting “1999”. (l) Amendment Related to Section 13261.— Clause (iii) of section 13261(g)(2)(A) of the Revenue Reconciliation Act of 1993 is amended by striking “by the taxpayer” and inserting “by the taxpayer or a related person”. (m) Amendment Related to Section 13301.— Subparagraph (B) of section 1397B(d)(5) is amended by striking “preceding”. (n) Clerical Amendments.— (1) Subsection (d) of section 39 is amended— (A) by striking “45” in the heading of paragraph (5) and inserting “45A”, and (B) by striking “45” in the heading of paragraph (6) and inserting “45B”. (2) Subparagraph (A) of section 108(d)(9) is amended by striking “paragraph (3)(B)” and inserting “paragraph (3)(C)”. (3) Subparagraph (C) of section 143(d)(2) is amended by striking the period at the end thereof and inserting a comma. (4) Clause (ii) of section 163(j)(6)(E) is amended by striking “which is a” and inserting “which is”. (5) Subparagraph (A) of section 1017(b)(4) is amended by striking “subsection (b)(2)(D)” and inserting “subsection (b)(2)(E)”. (6) So much of section 1245(a)(3) as precedes subparagraph (A) thereof is amended to read as follows: “(3) Section 1245 property.— For purposes of this section, the term ‘section 1245 property’ means any property which is or has been property of a character subject to the allowance for depreciation provided in section 167 and is either—”. (7) Paragraph (2)of section 1394(e) is amended— (A) by striking “(i)” and inserting “(A)”, and (B) by striking “(ii)” and inserting “(B)”. (8) Subsection (m) of section 6501 (as redesignated by section 1602) is amended by striking “or 51(j)” and inserting “45B, or 51(j)”. (9) (A) The section 6714 added by section 13242(b)(1) of the Revenue Reconciliation Act of 1993 is hereby redesignated as section 6715. (B) The table of sections for part I of subchapter B of chapter 68 is amended by striking “6714” in the item added by such section 13242(b)(2) of such Act and inserting “6715”. (10) Paragraph (2) of section 9502(b) is amended by inserting “and before” after “1982,”. (11) Subsection (a)(3) of section 13206 of the Revenue Reconciliation Act of 1993 is amended by striking “this section” and inserting “this subsection”. (12) Paragraph (1) of section 13215(c) of the Revenue Reconciliation Act of 1993 is amended by striking “Public Law 92–21” and inserting “Public Law 98–21”. (13) Paragraph (2) of section 13311(e) of the Revenue Reconciliation Act of 1993 is amended by striking “section 1393(a)(3)” and inserting “section 1393(a)(2)”. 110 STAT. 1878 (14) Subparagraph (B) of section 117(d)(2) is amended by striking “section 132(f)” and inserting “section 132(h)”. (o) Effective Date.— Any amendment made by this section shall take effect as if included in the provision of the Revenue Reconciliation Act of 1993 to which such amendment relates.