118 STAT. 1190 PUBLIC LAW 108–311—OCT. 4, 2004 (7) The heading for subparagraph (B) of section 1259(c)(3) is amended by striking ‘‘POSITIONS WHICH ARE REESTABLISHED’’ and inserting ‘‘CERTAIN CLOSED TRANSACTIONS WHERE RISK OF LOSS ON APPRECIATED FINANCIAL POSITION DIMINISHED’’. (f) AMENDMENTS RELATED TO SECTION 1015 OF THE ACT.— (1) Section 246(c)(1)(A) is amended by striking ‘‘90 day period’’ and inserting ‘‘91 day period’’. (2) Section 246(c)(2)(B) is amended— (A) by striking ‘‘180 day period’’ and inserting ‘‘181 day period’’, and (B) by striking ‘‘90 day period’’ and inserting ‘‘91 day period’’. (g) AMENDMENTS RELATED TO SECTION 1053 OF THE ACT.— (1) Section 901(k)(1)(A)(i) is amended by striking ‘‘30 day period’’ and inserting ‘‘31 day period’’. (2) Section 901(k)(3)(B) is amended— (A) by striking ‘‘90 day period’’ and inserting ‘‘91 day period’’, and (B) by striking ‘‘30 day period’’ and inserting ‘‘31 day period’’. (h) EFFECTIVE DATE.—The amendments made by this section shall take effect as if included in the provisions of the Taxpayer Relief Act of 1997 to which they relate. SEC. 407. AMENDMENTS RELATED TO SMALL BUSINESS JOB PROTEC TION ACT OF 1996. (a) AMENDMENT RELATED TO SECTION 1307 OF THE ACT.— Subsection (b) of section 1377 (relating to post termination transi tion period) is amended by adding at the end the following new paragraph: ‘‘(3) SPECIAL RULES FOR AUDIT RELATED POST TERMINATION TRANSITION PERIODS.— ‘‘(A) NO APPLICATION TO CARRYOVERS.—Paragraph (1)(B) shall not apply for purposes of section 1366(d)(3). ‘‘(B) LIMITATION ON APPLICATION TO DISTRIBUTIONS.— Paragraph (1)(B) shall apply to a distribution described in section 1371(e) only to the extent that the amount of such distribution does not exceed the aggregate increase (if any) in the accumulated adjustments account (within the meaning of section 1368(e)) by reason of the adjust ments referred to in such paragraph.’’. (b) AMENDMENTS RELATED TO SECTION 1432 OF THE ACT.— Paragraph (26) of section 401(a) is amended by striking subpara graph (C) and by redesignating subparagraphs (D) through (I) as subparagraphs (C) through (H), respectively. (c) EFFECTIVE DATE.—The amendments made by this section shall take effect as if included in the provisions of the Small Business Job Protection Act of 1996 to which they relate. SEC. 408. CLERICAL AMENDMENTS. (a) INTERNAL REVENUE CODE OF 1986.— (1) Subclause (II) of section 1(g)(7)(B)(ii) is amended by striking ‘‘10 percent.’’ and inserting ‘‘10 percent’’. (2) Clause (ii) of section 1(h)(6)(A) is amended— (A) in subclause (I), by striking ‘‘(5)(B)’’ and inserting ‘‘(4)(B)’’, and (B) in subclause (II), by striking ‘‘(5)(A)’’ and inserting ‘‘(4)(A)’’. 26 USC 1. 26 USC 401 note. 26 USC 401. 26 USC 1377. 26 USC 55 note. 26 USC 901. 26 USC 246.
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