Page 104 - Tax Reform

131 STAT. 2154 PUBLIC LAW 115–97—DEC. 22, 2017

‘‘(I) by substituting ‘more than 50 percent’ for
‘at least 80 percent’ each place it appears, and
‘‘(II) without regard to paragraphs (2) and (3)
of section 1504(b).
‘‘(ii) CONTROL OF NON-CORPORATE ENTITIES.—A
partnership or any other entity (other than a corpora-
tion) shall be treated as a member of an expanded
affiliated group if such entity is controlled (within the
meaning of section 954(d)(3)) by members of such group
(including any entity treated as a member of such
group by reason of this clause).’’.
26 USC 162 note. (b) EFFECTIVE DATE.—The amendments made by this section
shall apply to taxable years beginning after December 31, 2017.

SEC. 13532. REPEAL OF ADVANCE REFUNDING BONDS.
26 USC 149. (a) IN GENERAL.—Paragraph (1) of section 149(d) is amended
by striking ‘‘as part of an issue described in paragraph (2), (3),
or (4).’’ and inserting ‘‘to advance refund another bond.’’.
(b) CONFORMING AMENDMENTS.—
(1) Section 149(d) is amended by striking paragraphs (2),
(3), (4), and (6) and by redesignating paragraphs (5) and (7)
as paragraphs (2) and (3).
(2) Section 148(f)(4)(C) is amended by striking clause (xiv)
and by redesignating clauses (xv) to (xvii) as clauses (xiv)
to (xvi).
26 USC 148 note. (c) EFFECTIVE DATE.—The amendments made by this section
shall apply to advance refunding bonds issued after December 31,
2017.

Subpart D—S Corporations

SEC. 13541. EXPANSION OF QUALIFYING BENEFICIARIES OF AN
ELECTING SMALL BUSINESS TRUST.
(a) NO LOOK-THROUGH FOR ELIGIBILITY PURPOSES.—Section
1361(c)(2)(B)(v) is amended by adding at the end the following
new sentence: ‘‘This clause shall not apply for purposes of subsection
(b)(1)(C).’’.
26 USC 1361 (b) EFFECTIVE DATE.—The amendment made by this section
note. shall take effect on January 1, 2018.
SEC. 13542. CHARITABLE CONTRIBUTION DEDUCTION FOR ELECTING
SMALL BUSINESS TRUSTS.
(a) IN GENERAL.—Section 641(c)(2) is amended by inserting
after subparagraph (D) the following new subparagraph:
‘‘(E)(i) Section 642(c) shall not apply.
‘‘(ii) For purposes of section 170(b)(1)(G), adjusted gross
income shall be computed in the same manner as in the
case of an individual, except that the deductions for costs
which are paid or incurred in connection with the adminis-
tration of the trust and which would not have been incurred
if the property were not held in such trust shall be treated
as allowable in arriving at adjusted gross income.’’.
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(b) EFFECTIVE DATE.—The amendment made by this section
26 USC 641 note.
shall apply to taxable years beginning after December 31, 2017.