AMENDMENTS RELATED TO OMNIBUS BUDGET RECONCILIATION ACT OF 1986.

SEC. 2003. AMENDMENTS RELATED TO OMNIBUS BUDGET RECONCILIATION ACT OF 1986. (a) Amendment Related to Section 1011 of the Act.— (1) Subparagraph (B) of section 501(c)(12) of the 1986 Code is amended by striking out “or” at the end of clause (ii), by striking out the period at the end of clause (iii), and inserting in lieu thereof “, or”, and by adding at the end thereof the following new clause: 102 STAT. 3598 “(iv) from the prepayment of a loan under section 306A, 306B, or 311 of the Rural Electrification Act of 1936 (as in effect on January 1, 1987).” (2) Subparagraph (C) of section 501(c)(12) of the 1986 Code is amended to read as follows: “(C) In the case of a mutual or cooperative electric company, subparagraph (A) shall be applied without taking into account any income received or accrued— “(i) from qualified pole rentals, or “(ii) from the prepayment of a loan under section 306A, 306B, or 311 of the Rural Electrification Act of 1936 (as in effect on January 1, 1987).” (3) The amendments made by this subsection shall apply to taxable years ending after the date of the enactment of the Omnibus Budget Reconciliation Act of 1986. (b) Amendments Related to Section 8011 of the Act.— (1) The following provisions of the 1986 Code are each amended by striking out “the 14th day after the date on which” and inserting in lieu thereof “the 14th day after the last day of the semimonthly period during which”: (A) Subparagraphs (A) and (B) of section 5061(d)(2). (B) Paragraph (3) of section 5061(d). (C) Clauses (i) and (ii) of section 57O3(b)(2)(B). (D) Subparagraph (C) of section 57O3(b)(2). (2) The amendments made by paragraph (1) shall take effect as if included in the amendments made by section 8011 of the Omnibus Budget Reconciliation Act of 1986. (c) Amendment Related to Section 8041 of the Act.— (1) In general.— Paragraph (3) of section 901(j) of the 1986 Code is amended— (A) by striking out “Section 275” and inserting in lieu thereof “Sections 275 and 78”, and (B) by inserting “, Etc.” after “Deduction” in the paragraph heading. (2) Effective date.— The amendments made by paragraph (1) shall take effect on January 1, 1987. (d) Amendment Related to Section 9002 of the Act.— Paragraph (3) of section 3509(d) of the 1986 Code is amended by striking out “subsection (d)(3)” and inserting in lieu thereof “subsection (d)(4)”.