A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of regulated investment companies.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow certain personal holding companies to be treated as regulated investment companies. Subjects the undistributed taxable income of a regulated investment company that is a personal holding company to the highest rate of corporate income tax rate plus the personal holding company tax. Allows a regulated investment company to elect to computed taxable income without regard to rules related to short-term obligations issued on a discount basis.…