118 STAT. 1509 PUBLIC LAW 108–357—OCT. 22, 2004 (19) Subsection (a) of section 1016 is amended by striking paragraph (13). (20)(A) Paragraph (3) of section 1212(a) is amended to read as follows: ‘‘(3) SPECIAL RULES ON CARRYBACKS.—A net capital loss of a corporation shall not be carried back under paragraph (1)(A) to a taxable year— ‘‘(A) for which it is a regulated investment company (as defined in section 851), or ‘‘(B) for which it is a real estate investment trust (as defined in section 856).’’. (B) The amendment made by subparagraph (A) shall apply to taxable years beginning after December 31, 2004. (21) Section 1223 is amended by striking paragraph (10) and by redesignating the following paragraphs accordingly. (22) Subsection (d) of section 1248 is amended by striking paragraph (5) and by redesignating paragraphs (6) and (7) as paragraphs (5) and (6), respectively. (23) Paragraph (2) of section 1260(c) is amended by striking subparagraphs (H) and (I) and by redesignating subparagraph (J) as subparagraph (H). (24)(A) Subparagraph (F) of section 1291(b)(3) is amended by striking ‘‘551(d), 959(a),’’ and inserting ‘‘959(a)’’. (B) Subsection (e) of section 1291 is amended by inserting ‘‘(as in effect on the day before the date of the enactment of the American Jobs Creation Act of 2004)’’ after ‘‘section 1246’’. (25) Paragraph (2) of section 1294(a) is amended to read as follows: ‘‘(2) ELECTION NOT PERMITTED WHERE AMOUNTS OTHERWISE INCLUDIBLE UNDER SECTION 951.—The taxpayer may not make an election under paragraph (1) with respect to the undistrib uted PFIC earnings tax liability attributable to a qualified electing fund for the taxable year if any amount is includible in the gross income of the taxpayer under section 951 with respect to such fund for such taxable year.’’. (26) Section 6035 is hereby repealed. (27) Subparagraph (D) of section 6103(e)(1) is amended by striking clause (iv) and redesignating clauses (v) and (vi) as clauses (iv) and (v), respectively. (28) Subparagraph (B) of section 6501(e)(1) is amended to read as follows: ‘‘(B) CONSTRUCTIVE DIVIDENDS.—If the taxpayer omits from gross income an amount properly includible therein under section 951(a), the tax may be assessed, or a pro ceeding in court for the collection of such tax may be done without assessing, at any time within 6 years after the return was filed.’’. (29) Subsection (a) of section 6679 is amended— (A) by striking ‘‘6035, 6046, and 6046A’’ in paragraph (1) and inserting ‘‘6046 and 6046A’’, and (B) by striking paragraph (3). (30) Sections 170(f)(10)(A), 508(d), 4947, and 4948(c)(4) are each amended by striking ‘‘556(b)(2),’’ each place it appears. (31) The table of parts for subchapter G of chapter 1 is amended by striking the item relating to part III. Applicability.
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