A bill to amend the Internal Revenue Code of 1954 to provide an election for parallel income and deduction treatment with respect to initial payments made to certain physicians' and surgeons' mutual protection and indemnity associations.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from the gross income of a physicians' and surgeons' mutual protection and indemnity association any initial payment made by a member upon joining such an association provided that the member does not elect to claim an income tax deduction for such payment. Allows a member of such an association to elect to claim an income tax deduction as a business expense any initial payment made to the association. Limits the amount of such deduction to an amount which would be payable to an independent insurance company for medical malpractice insurance.…