such amount as— (i) the excess of— (I) the highest rate of tax set forth in subsection (a), (b), (c), (d), or (e) of section 1 (whichever applies), over (II) the alternative rate of tax determined under section 1(h), bears to (ii) that rate referred to in subclause (I). . (N) Section 1374(b) is amended by striking paragraph (4). (O) Section 1381(b) is amended by striking taxes imposed by section 11 or 1201 and inserting tax imposed by section 11 . (P) Sections 6425(c)(1)(A), as amended by section 12001, and 6655(g)(1)(A)(i) are each amended by striking or 1201(a), . (Q) Section 7518(g)(6)(A) is amended by striking or 1201(a) . (3) (A) Section 1445(e)(1) is amended— (i) by striking 35 percent and inserting the highest rate of tax in effect for the taxable year under section 11(b) , and (ii) by striking of the gain and inserting multiplied by the gain . (B) Section 1445(e)(2) is amended by striking 35 percent of the amount and inserting the highest rate of tax in effect for the taxable year under section 11(b) multiplied by the amount . (C) Section 1445(e)(6) is amended— (i) by striking 35 percent and inserting the highest rate of tax in effect for the taxable year under section 11(b) , and (ii) by striking of the amount and inserting multiplied by the amount . (D) Section 1446(b)(2)(B) is amended by striking section 11(b)(1) and inserting section 11(b) . (4) Section 852(b)(1) is amended by striking the last sentence. (5) (A) Part I of subchapter B of chapter 5 is amended by striking section 1551 (and by striking the item relating to such section in the table of sections for such part). (B) Section 535(c)(5) is amended to read as follows: (5) Cross reference For limitation on credit provided in paragraph (2) or (3) in the case of certain controlled corporations, see section 1561. . (6) (A) Section 1561 , as amended by section 12001, is amended to read as follows: 1561. Limitation on accumulated earnings credit in the case of certain controlled corporations (a) In general The component members of a controlled group