H.R.482: To amend the Internal Revenue Code of 1986 to exempt certain personal service corporations from restrictions on deducting accrued year-end regular periodic compensation payable to owner-employees.

Amends the Internal Revenue Code to exempt personal service corporations which use an accrual method of accounting for their last taxable year ending before the date of enactment of this Act from restrictions on deducting year-end regular compensation paid to any employee who is not a key employee.

(Source: Library of Congress)