Page:United States Statutes at Large Volume 103 Part 3.djvu/305

 PUBLIC LAW 101-239—DEC. 19, 1989 103 STAT. 2373 "The preceding sentence shall not apply in the case of any amount excluded from gross income under section 108 (or the corresponding provisions of prior law)." (3) Clause (iii) of section 56(jgX4XB) is hereby repealed. (4) Paragraph (5) of section 56(g) is amended by striking subparagraphs (A) and (C) and by redesignating subparagraphs (B) and (D) as subparagraphs (A) and (B), respectively. (5)(A) Clause (ii) of section 312(n)(2)(A) is amended by striking "in which the production from the well begins" and inserting "in which such amount was pedd or incurred'. (B) Paragraph (1) of section 59(e) is amended by inserting before the period at the end thereof: "(or, in the case of a qualified expenditure described in paragraph (2)(C), over the 60- month period beginning with the month in which such expendi- ture was paid or incurred)". (6) Subsection (i) of section 59 is amended— (A) by striking "interest shall" and inserting "any amount shall", and (B) by striking "INTEREST" in the subsection heading and inserting "AMOUNTS". (g) EFFECTIVE DATES. — 26 USC 56 note. (1) IN GENERAL.— Except as otherwise provided in this subsec- tion, the amendments made by this section shall apply to taxable years beginning after December 31, 1989. (2) INTANGIBLE DRILLING COSTS. —The amendments made by subsection (fK5) shall apply to costs paid or incurred in taxable years beginning after December 31, 1989. (3) REGULATIONS ON EARNINGS AND PROFITS RULES.—Not later than March 15, 1991, the Secretary of the Treasury or his ^ delegate shall prescribe initial regulations providing guidance as to which items of income are included in adjusted current earnings under section 56(g)(4)(B)(i) of the Internal Revenue Code of 1986 and which items of deduction £u*e disallowed under section 56(g)(4)(C) of s\ich Code. ^ SEC. 7612. OTHER MODIFICATIONS TO MINIMUM TAX. (a) MODIFICATION TO CORPORATE MINIMUM TAX CREDIT. — (1) IN GENERAL. —Subparagraph (B) of section 53(d)(l) (relating to credit not allowed for exclusion preferences) is amended by adding at the end thereof the following new clause: "(iv) CREDIT ALLOWABLE FOR EXCLUSION PREFERENCES OF CORPORATIONS. —In the case of a corporation— "(I) the preceding provisions of this subpara- graph shall not apply, and "(II) the adjusted net minimum tax for any tax- able year is the amount of the net minimum tax for such year increased by the amount of any credit not allowed under section 29 solely by reason of the application of section 29(b)(5)(B)." (2) CONFORMING AMENDMENT.—Clause (ii) of section 53(d)(l)(B) IS amended— (A) by striking "subsections (b)(l) and (c)(3)" and inserting "subsection (b)(D", and (B) by striking the last sentence. (8) EFFECTIVE DATE. —The amendments made by this subsec- 26 USC 53 note, tion shall apply for purposes of determining the adjusted net

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