To amend the Internal Revenue Code of 1986 to require the recapture of certain losses of savings and loan associations, and for other purposes.

Amends the Internal Revenue Code to provide for the recapture of losses claimed by a savings and loan association by reason of certain acquisitions and because such association, after January 3, 1991, becomes subject to the jurisdiction of a bankruptcy court (or another Federal or State court in a receivership, foreclosure, or similar case), or receives Federal financial assistance. Describes such acquisition as one which occurred after November 10, 1988, and before January 1, 1989, and for which the Federal Savings and Loan Insurance Corporation (FSLIC) provided assistance.

Excludes Federal financial assistance from the determination of earnings and profits.