the term undistributed capital gain means the excess of the net capital gain over the deduction for dividends paid (as defined in section 561) determined with reference to capital gain dividends only. . (K) Section 882(a)(1) is amended by striking , or 1201(a) . (L) Section 1374(b) is amended by striking paragraph (4). (M) Section 1381(b) is amended by striking taxes imposed by section 11 or 1201 and inserting tax imposed by section 11 . (N) Section 6655(g)(1)(A)(i) is amended by striking or 1201(a), . (O) Section 7518(g)(6)(A) is amended by striking or 1201(a) . (2) Section 1445(e)(1) is amended by striking 35 percent (or, to the extent provided in regulations, 20 percent) and inserting 20 percent . (3) Section 1445(e)(2) is amended by striking 35 percent and inserting 20 percent . (4) Section 1445(e)(6) is amended by striking 35 percent (or, to the extent provided in regulations, 20 percent) and inserting 20 percent . (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 12 is amended by striking paragraph (6). (C) 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 the preceding provisions of this Act, 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 of corporations on a December 31 shall, for their taxable years which include such December 31, be limited for purposes of this subtitle to one $250,000 ($150,000 if any component member is a corporation described in section 535(c)(2)(B)) amount for purposes of computing the accumulated earnings credit under section 535(c)(2) and (3). Such amount shall be divided equally among the component members of such group on such