(7) TREBLE DAMAGE PAYMENTS UNDER THE
ANTITRUST LAW.—Section 162(g) of such Code is
amended by striking the last sentence.
(8) CHARITABLE, ETC., CONTRIBUTIONS
AND
GIFTS.—Section 170 of such Code is amended by
striking subsection (k).
(9) NET
OPERATING
LOSS
CARRYBACKS
AND
CARRYOVERS.—
(A) 
Section 
172 
of 
such 
Code 
is
amended—
(i) by striking subparagraph (D) of
subsection (b)(1) and by redesignating
subparagraphs (E), (F), (G), and (H) as
subparagraphs (D), (E), (F), and (G), re-
spectively,
(ii) by striking ‘‘ending after August
2, 1989’’ in subsection (b)(1)(D)(i)(II) (as
redesignated by clause (i)),
(iii) by striking ‘‘subparagraph (F)’’
in subsection (b)(1)(G) (as redesignated by
clause (i)) and inserting ‘‘subparagraph
(E)’’,
(iv) by striking subsection (g), and
(v) by striking subparagraph (F) of
subsection (h)(2).
(B) Section 172(h)(4) of such Code is
amended by striking ‘‘subsection (b)(1)(E)’’
each place it appears and inserting ‘‘subsection
(b)(1)(D)’’.
(C) Section 172(i)(3) of such Code is
amended by striking ‘‘subsection (b)(1)(G)’’
each place it appears and inserting ‘‘subsection
(b)(1)(F)’’.
(D) Section 172(j) of such Code is amend-
ed by striking ‘‘subsection (b)(1)(H)’’ each
place it appears and inserting ‘‘subsection
(b)(1)(G)’’.
(E) Section 172 of such Code, as amended
by subparagraphs (A) through (D) of this para-
graph, is amended—
(i) by redesignating subsections (h),
(i), and (j) as subsections (g), (h), and (i),
respectively,
(ii) by striking ‘‘subsection (h)’’ each
place it appears and inserting ‘‘subsection
(g)’’, and
(iii) by striking ‘‘subsection (i)’’ each
place it appears and inserting ‘‘subsection
(h)’’.
(10) RESEARCH AND EXPERIMENTAL EXPENDI-
TURES.—Subparagraph (A) of section 174(a)(2) of
such Code is amended to read as follows:
‘‘(A) WITHOUT
CONSENT.—A taxpayer
may, without the consent of the Secretary,
adopt the method provided in this subsection
for his first taxable year for which expenditures
described in paragraph (1) are paid or in-
curred.’’.
(11) AMORTIZATION
OF
CERTAIN
RESEARCH
AND
EXPERIMENTAL
EXPENDITURES.—Paragraph
(2) of section 174(b) of such Code is amended by
striking ‘‘beginning after December 31, 1953’’.
(12) SOIL AND WATER CONSERVATION EXPEND-
ITURES.—Paragraph (1) of section 175(d) of such
Code is amended to read as follows:
‘‘(1) WITHOUT
CONSENT.—A taxpayer may,
without the consent of the Secretary, adopt the
method provided in this section for the taxpayer’s
first taxable year for which expenditures described in
subsection (a) are paid or incurred.’’.
(13) ACTIVITIES NOT ENGAGED IN FOR PROF-
IT.—Section 183(e)(1) of such Code is amended by
striking the last sentence.
(14) DIVIDENDS RECEIVED ON CERTAIN PRE-
FERRED STOCK; AND DIVIDENDS PAID ON CERTAIN
PREFERRED STOCK OF PUBLIC UTILITIES.—
(A) Sections 244 and 247 of such Code are
hereby repealed, and the table of sections for
part VIII of subchapter B of chapter 1 of such
Code is amended by striking the items relating
to sections 244 and 247.
(B) Paragraph (5) of section 172(d) of
such Code is amended to read as follows:
‘‘(5) COMPUTATION OF DEDUCTION FOR DIVI-
DENDS RECEIVED.—The deductions allowed by sec-
tion 243 (relating to dividends received by corpora-
tions) and 245 (relating to dividends received from
certain foreign corporations) shall be computed with-
out regard to section 246(b) (relating to limitation
on aggregate amount of deductions).’’.
(C) Paragraph (1) of section 243(c) of
such Code is amended to read as follows:
‘‘(1) IN GENERAL.—In the case of any dividend
received from a 20-percent owned corporation, sub-
section (a)(1) shall be applied by substituting ‘80
percent’ for ‘70 percent’.’’.
(D) Section 243(d) of such Code is amend-
ed by striking paragraph (4).