103 STAT. 2424 PUBLIC LAW 101-239—DEC. 19, 1989 - ' (1) Subparagraph (B) of section 453A(b)(2) is amended by striking "all obligations of the taxpayer described in paragraph (1)" and inserting "all such obligations held by the taxpayer". (2) Subparagraph (B) of section 453A(d)(2) is amended by striking "before such secured indebtedness was incurred" and inserting "before the later of the times referred to in subpara- graph (A) or (B) of paragraph (1)". (3) Subparagraph (B) of section 453A(d)(l) is amended by inserting "the time" before the "the proceeds". (4)(A) Paragraph (2) of section 26(b) (as amended by section 11811) is amended by striking "and" at the end of subparagraph (L), by striking the period at the end of subparagraph (M) and inserting ", and", and by adding at the end the following new subparagraph: "(N) sections 453GX3) and 453A(c) (relating to interest on certain deferred tax liabilities)." (B) Subsection (c) of section 453A is amended by redesignating paragraph (5) as paragraph (6) and by inserting after paragraph (4) the following new paragraph: "(5) TREATMENT AS INTEREST.— Any amount payable under this subsection shall be taken into account in computing the amount of any deduction allowable to the taxpayer for interest paid or accrued during the taxable year." 26 USC 56 note. (5) In the case of taxable years beginning in 1987, the ref- erence to section 453 contained in section 56(a)(6) of the Internal Revenue Code of 1986 shall be treated as including a reference to section 453A. (b) AMENDMENTS RELATED TO SECTION 10206 OF THE 1987 ACT. — Effective with respect to taxable years beginning after 1988, the last sentence of section 7519(d)(4) is amended— (1) by striking "for taxable years beginning after 1987,", (2) by striking "if more than 50 percent" and inserting "unless more than 50 percent", and (3) by striking "who would not have been entitled" and inserting "who would have been entitled". (c) AMENDMENT RELATED TO SECTION 10222 OF THE 1987 ACT. — Clause (ii) of section 1503(e)(2)(A) is amended by striking "another member" and inserting "another corporation which is or was a member". (d) AMENDMENTS RELATED TO SECTION 10242 OF THE 1987 ACT. — (1) The item relating to section 842 in the table of sections for part in of subchapter L of chapter 1 is amended by striking n. , ^^. corporations" and inserting "companies". (2) The heading for paragraph (4) of section 842(c) is amended by striking "YEILDS" and inserting "YIELDS". SEC. 7822. AMENDMENTS RELATED TO SUBTITLE C AND FOLLOWING SUB- TITLES. (a) AMENDMENT RELATED TO SECTION 10301 OF THE 1987 ACT.— Paragraph (1) of section 6655(e) is amended by striking "section (d)(l)" and inserting "subsection (d)(D". (b) AMENDMENTS RELATED TO SECTION 10502 OF THE 1987 ACT.— (1) Paragraph (1) of section 6427(i) is amended by striking "subsection (a)" and all that follows through "by any person" and inserting "subsection (a), (b), (c), (d), (e), (g), (h), (1), or (q) by any person".
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