; determination of section 960 credit on current year basis. Title IV—Reduced rates for individuals Sec. 401. Reduced rates for individuals. Title V—Tax-exempt reorganizations Sec. 501. No taxable event for change of corporate form. Title VI—Repeal of net investment income tax Sec. 601. Repeal of net investment income tax. Title VII—Repeal of estate tax Sec. 701. Repeal of estate tax and retention of basis step-up. I Immediate cost recovery 101. Repeal of certain limitations on the expensing of section 179 property (a) In general Section 179 is amended by striking subsections (b) and (e) and by redesignating subsections (c), (d), and (f) as subsections (b), (c), and (d), respectively. (b) Conforming amendments (1) Subsection (c) of section 179 , as redesignated by subsection (a), is amended by striking paragraphs (6) and (8), and by redesignating paragraphs (7), (9), and (10) as paragraphs (6), (7), and (8), respectively. (2) Paragraph (6) of section 179(c), as redesignated by paragraph (1) and subsection (a), is amended by striking paragraphs (2) and (6) and inserting paragraph (2) . (3) Section 42(d)(2)(B)(i) is amended by striking section 179(d)(2) and inserting section 179(c)(2) . (4) Subclause (I) of section 42(d)(2)(D)(iii) is amended— (A) by striking section 179(d) and inserting section 179(c)