Page:United States Statutes at Large Volume 104 Part 2.djvu/898

 104 STAT. 1388-490 PUBLIC LAW 101-508 —NOV. 5, 1990 whom subsection (c) of section 613A does not apply by reason of paragraph (2) or (4) of section 613A(d). " (7) SPECIAL RULES. — "(A) ALTERNATIVE MINIMUM TAXABLE INCOME. —For purposes of paragraphs (I)(B), (4)(A), and (5), alternative minimum taxable income shall be determined without regard to the deduction allowable under this subsection and the alternative tax net operating loss deduction under subsection (a)(4). "(B) GEOTHERMAL DEPOSITS. — For purposes of this subsection, intangible drilling and development costs shall not include costs with respect to wells drilled for any geothermal deposits (as defined in section 613(e)(3)), "(8) REGULATIONS.—The Secretary may by regulation provide for appropriate adjustments in computing alternative minimum taxable income or adjusted current earnings for any taxable year following a taxable year for which a deduction was allowed under this subsection to ensure that no double benefit is allowed by reason of such deduction." (b) CONFORMING AMENDMENTS. — (1) Section 56(d)(1)(A) is amended to read as follows: "(A) the amount of such deduction shall not exceed the excess (if any) of— "(i) 90 percent of alternative minimum taxable income determined without regard to such deduction and the deduction under subsection (h), over "(ii) the deduction under subsection (h), and". (2) Section 59(a)(2)(A)(ii) is amended by inserting "and the alternative tax energy preference deduction under section 56(h)" after "deduction". (3) Section 59A(b)(l) is amended by inserting "or the alternative tax energy preference deduction under section 56(h)" before ", and". 26 USC 56 note. (c) EFFECTIVE DATE,—The amendments made by this section shall apply to taxable years beginning after December 31, 1990. Subtitle F—Small Business Incentives PART I—TREATMENT OF ESTATE TAX FREEZES SEC. 11601. REPEAL OF SECTION 2036(c). (a) IN GENERAL. — Section 2036 (relating to transfers with retained life estate) is amended by striking subse^ction (c) and by redesignating subsection (d) as subsection (c). (b) CONFORMING AMENDMENTS. — (1) Section 2207B is amended— (A) by striking subsection (b) and redesignating subsections (c), (d), and (e) as subsections (b), (c), and (d), respectively, (B) by striking "subsections (a) and (b)" in subsection (c) (as so redesignated) and inserting "subsection (a)", and (C) by striking "subsections (a), (b), and (c)" in subsection (c) (as so redesignated) and inserting "subsections (a) and (b)". (2) Section 2501(d) is amended by striking paragraph (3).

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