To amend the Internal Revenue Code of 1986 to require recomputations of depreciation determined under the income forecast method, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to require taxpayers who determine depreciation under the income forecast method to pay interest under the look-back method for any recomputation year. Establishes a formula for such recomputations to recapture foregone tax revenues. Provides for taxing certain rents and royalties paid to foreign subsidiaries as foreign personal holding company income.…