To amend the Internal Revenue Code of 1986 to require recomputations of depreciation determined under the income forecast method, and for other purposes.

Amends the Internal Revenue Code to require taxpayers who determine depreciation under the income forecast method to pay interest under the look-back method for any recomputation year. Requires such determinations to include, in the case of a film produced for theatrical or television exhibition, estimated income from subsequent television exhibition or syndication. Establishes a formula for such recomputations to recapture foregone tax revenues.

Provides for taxing certain rents and royalties paid to foreign subsidiaries as foreign personal holding company income.