Page:United States Statutes at Large Volume 100 Part 3.djvu/280

 100 STAT. 2088

PUBLIC LAW 99-514—OCT. 22, 1986 TITLE VIII-ACCOUNTING PROVISIONS Subtitle A—General Provisions

Sec. Sec. Sec. Sec. Sec.

801. 802. 803. 804. 805.

Limitation on use of cash method of accounting. Simplified dollar-value LIFO method for certain small businesses. Capitalization and inclusion in inventory costs of certain expenses. ., Modifications of method of accounting for long-term contracts. Repeal of reserve for bad debts of taxpayers other than financial institutions. Sec. 806. Taxable years of certain entities. Subtitle B—Treatment of Installment Obligations Sec. 811. Allocation of indebtedness as payment on installment obligation. Sec. 812. Disallowance of use of installment method for certain obligations. Subtitle C—Other Provisions

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Sec. 821. Income attributable to utility services. Sec. 822. Repeal of application of discharge of indebtedness rules to qualified business indebtedness. Sec. 823. Repeal of deduction for qualified discount coupons. Sec. 824. Inclusion in gross income of contributions in aid of construction.. -, ' TITLE IX—FINANCIAL INSTITUTIONS

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Sec. 901. Limitations on bad debt reserves. Sec. 902. Interest incurred to carry tax-exempt bonds. Sec. 903. Termination of special 10-year carryback rules for certain financial institutions; new special carryover rules for certain losses. Sec. 904. Repeal of special reorganization rules for financial institutions. Sec. 905. Treatment of losses on deposits or accounts in insolvent financial institutions. TITLE X-INSURANCE PRODUCTS AND COMPANIES Subtitle A—Policyholder Issues Sec. 1001. Repeal of exclusion for interest on installment payments of life insurance proceeds. Sec. 1002. Exclusion from income with respect to structured settlements limited to cases involving ph3rsical injury. Sec. 1003. Denial of deduction for interest on loans from certain life insurance contracts. Sec. 1004. Deduction for nonbusiness casualty losses covered by insurance allowable only if claim filed. Subtitle B—Life Insurance Companies Sec. 1011. Repeal of special life insurance company deduction. Sec. 1012. Repeal of tax-exempt status for certain organizations providing commercial-type insurance. Sec. 1013. Operations loss deduction of insolvent companies may offset distributions from policyholders surplus account. Subtitle C—Property and Casualty Insurance Companies Sec. Sec. Sec. Sec.

1021. 1022. 1023. 1024.

Inclusion in income of 20 percent of unearned premium reserve. Treatment of certain dividends and tax-exempt interest. Discounting of unpaid losses and certain unpaid expenses. Repeal of protection against loss account; revision of special treatment for small companies; combination of parts II and III. Sec. 1025. Study of treatment of property and casualty insurance companies. Subtitle D—Miscellaneous Provisions Sec. 1031. Physicians' and surgeons' mutual protection and interindemnity arrangements or associations.

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