mining the period for which the taxpayer has 
held any share of stock or beneficial interest— 
‘‘(i) the rules of paragraphs (3) and 
(4) of section 246(c) shall apply, and 
‘‘(ii) there shall not be taken into ac-
count any day which is more than 6 
months after the date on which such share 
or interest becomes ex-dividend.’’. 
(18) Paragraph (2) of section 856(l) is amend-
ed by striking the last sentence and inserting the fol-
lowing: ‘‘For purposes of subparagraph (B), securi-
ties described in subsection (m)(2)(A) shall not be 
taken into account.’’. 
(19) Subparagraph (F) of section 954(c)(1) is 
amended to read as follows: 
‘‘(F) INCOME FROM NOTIONAL PRINCIPAL 
CONTRACTS.— 
‘‘(i) IN GENERAL.—Net income from 
notional principal contracts. 
‘‘(ii) COORDINATION
WITH
OTHER 
CATEGORIES
OF
FOREIGN
PERSONAL 
HOLDING COMPANY INCOME.—Any item of 
income, gain, deduction, or loss from a no-
tional principal contract entered into for 
purposes of hedging any item described in
any preceding subparagraph shall not be 
taken into account for purposes of this 
subparagraph but shall be taken into ac-
count under such other subparagraph.’’. 
(20) Paragraph (1) of section 954(c) is amend-
ed by redesignating subparagraph (I) as subpara-
graph (H). 
(21) Paragraph (33) of section 1016(a), as re-
designated by section 7(a)(1)(C), is amended by 
striking ‘‘section 25C(e)’’ and inserting ‘‘section 
25C(f)’’. 
(22) Paragraph (36) of section 1016(a), as re-
designated by section 7(a)(1)(C), is amended by 
striking ‘‘section 30C(f)’’ and inserting ‘‘section 
30C(e)(1)’’. 
(23) Subparagraph (G) of section 1260(c)(2) is 
amended by adding ‘‘and’’ at the end. 
(24)(A) Section 1297 is amended by striking 
subsection (d) and by redesignating subsections (e) 
and (f) as subsections (d) and (e), respectively. 
(B) Subparagraph (G) of section 1260(c)(2) is 
amended by striking ‘‘subsection (e)’’ and inserting 
‘‘subsection (d)’’.
(C) Subparagraph (B) of section 1298(a)(2) is 
amended by striking ‘‘Section 1297(e)’’ and insert-
ing ‘‘Section 1297(d)’’. 
(25) Paragraph (1) of section 1362(f) is 
amended— 
(A) 
by 
striking 
‘‘, 
section 
1361(b)(3)(B)(ii), or section 1361(c)(1)(A)(ii)’’ 
and inserting ‘‘or section 1361(b)(3)(B)(ii)’’, 
and 
(B) by striking ‘‘, section 1361(b)(3)(C), 
or section 1361(c)(1)(D)(iii)’’ in subparagraph 
(B) and inserting ‘‘or section 1361(b)(3)(C)’’. 
(26) Paragraph (2) of section 1400O is amend-
ed by striking ‘‘under of’’ and inserting ‘‘under’’. 
(27) The table of sections for part II of sub-
chapter Y of chapter 1 is amended by adding at the 
end the following new item: 
‘‘Sec. 1400T. Special rules for mortgage revenue bonds.’’. 
(28) Subsection (b) of section 4082 is amended 
to read as follows: 
‘‘(b) NONTAXABLE USE.—For purposes of this sec-
tion, the term ‘nontaxable use’ means— 
‘‘(1) any use which is exempt from the tax im-
posed by section 4041(a)(1) other than by reason of 
a prior imposition of tax, 
‘‘(2) any use in a train, and
‘‘(3) 
any 
use 
described 
in 
section 
4041(a)(1)(C)(iii)(II). 
The term ‘nontaxable use’ does not include the use of ker-
osene in an aircraft and such term shall not include any 
use described in section 6421(e)(2)(C).’’. 
(29) Paragraph (4) of section 4101(a) (relating 
to registration in event of change of ownership) is 
redesignated as paragraph (5). 
(30) Paragraph (6) of section 4965(c) is 
amended by striking ‘‘section 4457(e)(1)(A)’’ and 
inserting ‘‘section 457(e)(1)(A)’’. 
(31) Subpart C of part II of subchapter A of 
chapter 51 is amended by redesignating section 
5432 (relating to recordkeeping by wholesale deal-
ers) as section 5121. 
(32) Paragraph (2) of section 5732(c), as re-
designated by section 11125(b)(20)(A) of the 
SAFETEA–LU, is amended by striking ‘‘this sub-
part’’ and inserting ‘‘this subchapter’’. 
(33) Subsection (b) of section 6046 is amend-
ed— 
(A) by striking ‘‘subsection (a)(1)’’ and in-
serting ‘‘subsection (a)(1)(A)’’, and
(B) by striking ‘‘paragraph (2) or (3) of 
subsection (a)’’ and inserting ‘‘subparagraph 
(B) or (C) of subsection (a)(1)’’. 
(34)(A) 
Subparagraph 
(A) 
of 
section 
6103(b)(5) is amended by striking ‘‘the Canal 
Zone,’’. 
(B) Section 7651 is amended by striking para-
graph (4) and by redesignating paragraph (5) as 
paragraph (4). 
(35) Subparagraph (A) of section 6211(b)(4) is 
amended by striking ‘‘and 34’’ and inserting ‘‘34, 
and 35’’. 
(36) Subparagraphs (A) and (B) of section 
6230(a)(3) are each amended by striking ‘‘section 
6013(e)’’ and inserting ‘‘section 6015’’. 
(37) Paragraph (3) of section 6427(e) (relating 
to termination), as added by section 11113 of the 
SAFETEA–LU, is redesignated as paragraph (5) 
and moved after paragraph (4). 
(38) Clause (ii) of section 6427(l)(4)(A) is 
amended by striking ‘‘section 4081(a)(2)(iii)’’ and 
inserting ‘‘section 4081(a)(2)(A)(iii)’’. 
(39)(A) Section 6427, as amended by section 
1343(b)(1) of the Energy Policy Act of 2005, is 
amended by striking subsection (p) (relating to gas-
ohol used in noncommercial aviation) and redesig-
nating subsection (q) as subsection (p). 
(B) The Internal Revenue Code of 1986 shall 
be applied and administered as if the amendments 
made by paragraph (2) of section 11151(a) of the 
SAFETEA–LU had never been enacted. 
(40) Subsection (a) of section 6695A is amend-
ed by striking ‘‘then such person’’ in paragraph (2) 
and inserting the following: 
‘‘then such person’’. 
(41) Subparagraph (C) of section 6707A(e)(2) 
is amended by striking ‘‘section 6662A(e)(2)(C)’’ 
and inserting ‘‘section 6662A(e)(2)(B)’’. 
(42)(A) Paragraph (3) of section 9002 is 
amended by striking ‘‘section 309(a)(1)’’ and insert-
ing ‘‘section 306(a)(1)’’. 
(B) Paragraph (1) of section 9004(a) is amend-
ed by striking ‘‘section 320(b)(1)(B)’’ and inserting 
‘‘section 315(b)(1)(B)’’. 
(C) Paragraph (3) of section 9032 is amended 
by striking ‘‘section 309(a)(1)’’ and inserting ‘‘sec-
tion 306(a)(1)’’. 
(D) Subsection (b) of section 9034 is amended 
by striking ‘‘section 320(b)(1)(A)’’ and inserting 
‘‘section 315(b)(1)(A)’’.
(43) Section 9006 is amended by striking 
‘‘Comptroller General’’ each place it appears and in-
serting ‘‘Commission’’. 
(44) Subsection (c) of section 9503 is amended 
by redesignating paragraph (7) (relating to transfers 
from the trust fund for certain aviation fuels taxes) 
as paragraph (6). 
(45) Paragraph (1) of section 1301(g) of the 
Energy Policy Act of 2005 is amended by striking 
‘‘shall take effect of the date of the enactment’’ and 
inserting ‘‘shall take effect on the date of the enact-
ment’’. 
(46) The Internal Revenue Code of 1986 shall 
be applied and administered as if the amendments 
made by section 1(a) of Public Law 109–433 had 
never been enacted. 
(b) CLERICAL AMENDMENTS RELATED TO THE TAX 
RELIEF AND HEALTH CARE ACT OF 2006.— 
(1) AMENDMENT RELATED TO SECTION 209 OF 
DIVISION A OF THE ACT.—Paragraph (3) of section 
168(l) is amended by striking ‘‘enzymatic’’. 
(2) AMENDMENTS RELATED TO SECTION 419 OF 
DIVISION A OF THE ACT.—
(A) Clause (iv) of section 6724(d)(1)(B) is 
amended by inserting ‘‘or (h)(1)’’ after ‘‘section 
6050H(a)’’. 
(B) 
Subparagraph 
(K) 
of 
section 
6724(d)(2) is amended by inserting ‘‘or (h)(2)’’ 
after ‘‘section 6050H(d)’’. 
(3) EFFECTIVE DATE.—The amendments made 
by this subsection shall take effect as if included in 
the provision of the Tax Relief and Health Care Act 
of 2006 to which they relate. 
(c) CLERICAL AMENDMENTS RELATED TO THE GULF 
OPPORTUNITY ZONE ACT OF 2005.— 
(1) AMENDMENTS RELATED TO SECTION 402 OF 
THE ACT.—Subparagraph (B) of section 24(d)(1) is 
amended— 
(A) by striking ‘‘the excess (if any) of’’ in 
the matter preceding clause (i) and inserting 
‘‘the greater of’’, and 
(B) by striking ‘‘section’’ in clause (ii)(II) 
and inserting ‘‘section 32’’. 
(2) EFFECTIVE DATE.—The amendments made 
by this subsection shall take effect as if included in 
the provisions of the Gulf Opportunity Zone Act of 
2005 to which they relate.
(d) CLERICAL AMENDMENTS RELATED
TO
THE 
SAFE, ACCOUNTABLE, FLEXIBLE, EFFICIENT TRANSPOR-
TATION EQUITY ACT: A LEGACY FOR USERS.— 
(1) AMENDMENTS RELATED TO SECTION 11163 
OF
THE
ACT.—Subparagraph 
(C) 
of 
section 
6416(a)(4) is amended— 
(A) by striking ‘‘ultimate vendor’’ and all 
that follows through ‘‘has certified’’ and insert-
ing ‘‘ultimate vendor or credit card issuer has 
certified’’, and 
(B) by striking ‘‘all ultimate purchasers of 
the vendor’’ and all that follows through ‘‘are 
certified’’ and inserting ‘‘all ultimate purchasers 
of the vendor or credit card issuer are cer-
tified’’. 
(2) EFFECTIVE DATE.—The amendments made 
by this subsection shall take effect as if included in 
the provisions of the Safe, Accountable, Flexible, Ef-
ficient Transportation Equity Act: A Legacy for 
Users to which they relate. 
(e) CLERICAL AMENDMENTS RELATED TO THE EN-
ERGY POLICY ACT OF 2005.— 
(1) AMENDMENT RELATED TO SECTION 1344 OF 
THE ACT.—Subparagraph (B) of section 6427(e)(5),
as redesignated by subsection (a)(37), is amended by 
striking ‘‘2006’’ and inserting ‘‘2008’’. 
(2) AMENDMENTS RELATED TO SECTION 1351 
OF THE ACT.—Subparagraphs (A)(ii) and (B)(ii) of 
section 41(f)(1) are each amended by striking 
‘‘qualified research expenses and basic research pay-
ments’’ and inserting ‘‘qualified research expenses, 
basic research payments, and amounts paid or in-
curred to energy research consortiums,’’. 
(3) EFFECTIVE DATE.—The amendments made 
by this subsection shall take effect as if included in 
the provisions of the Energy Policy Act of 2005 to 
which they relate. 
(f) CLERICAL
AMENDMENTS
RELATED
TO
THE 
AMERICAN JOBS CREATION ACT OF 2004.— 
(1) AMENDMENT RELATED TO SECTION 301 OF 
THE
ACT.—Section 9502 is amended by striking 
subsection (e) and redesignating subsection (f) as 
subsection (e). 
(2) AMENDMENT RELATED TO SECTION 413 OF 
THE ACT.—Subsection (b) of section 1298 is amend-
ed by striking paragraph (7) and by redesignating 
paragraphs (8) and (9) as paragraphs (7) and (8), 
respectively.
(3) AMENDMENT RELATED TO SECTION 895 OF 
THE
ACT.—Clause (iv) of section 904(f)(3)(D) is 
amended by striking ‘‘a controlled group’’ and in-
serting ‘‘an affiliated group’’. 
(4) EFFECTIVE DATE.—The amendments made 
by this subsection shall take effect as if included in 
the provisions of the American Jobs Creation Act of 
2004 to which they relate. 
(g) CLERICAL AMENDMENTS RELATED TO THE FSC 
REPEAL AND EXTRATERRITORIAL INCOME EXCLUSION 
ACT OF 2000.— 
(1) Subclause (I) of section 56(g)(4)(C)(ii) is 
amended by striking ‘‘921’’ and inserting ‘‘921 (as 
in effect before its repeal by the FSC Repeal and 
Extraterritorial Income Exclusion Act of 2000)’’. 
(2) Clause (iv) of section 54(g)(4)(C) is amend-
ed by striking ‘‘a cooperative described in section 
927(a)(4)’’ and inserting ‘‘an organization to which 
part I of subchapter T (relating to tax treatment of 
cooperatives) applies which is engaged in the mar-
keting of agricultural or horticultural products’’. 
(3) Paragraph (4) of section 245(c) is amended 
by adding at the end the following new subpara-
graph:
‘‘(C) FSC.—The term ‘FSC’ has the 
meaning given such term by section 922.’’. 
(4) Subsection (c) of section 245 is amended by 
inserting at the end the following new paragraph: 
‘‘(5) REFERENCES TO PRIOR LAW.—Any ref-
erence in this subsection to section 922, 923, or 927 
shall be treated as a reference to such section as in 
effect before its repeal by the FSC Repeal and 
Extraterritorial Income Exclusion Act of 2000.’’. 
(5) Paragraph (4) of section 275(a) is amended 
by striking ‘‘if’’ and all that follows and inserting ‘‘if 
the taxpayer chooses to take to any extent the bene-
fits of section 901.’’. 
(6)(A) Subsection (a) of section 291 is amended 
by striking paragraph (4) and by redesignating 
paragraph (5) as paragraph (4). 
(B) Paragraph (1) of section 291(c) is amended 
by striking ‘‘subsection (a)(5)’’ and inserting ‘‘sub-
section (a)(4)’’. 
(7)(A) Paragraph (4) of section 441(b) is 
amended by striking ‘‘FSC or’’. 
(B) Subsection (h) of section 441 is amended— 
(i) by striking ‘‘FSC or’’ each place it ap-
pears, and
(ii) by striking ‘‘FSC’S AND’’ in the head-
ing thereof. 
(8) Subparagraph (B) of section 884(d)(2) is 
amended by inserting before the comma ‘‘(as in ef-
fect before their repeal by the FSC Repeal and 
Extraterritorial Income Exclusion Act of 2000)’’. 
(9) Section 901 is amended by striking sub-
section (h). 
(10) Clause (v) of section 904(d)(2)(B) is 
amended— 
(A) by inserting ‘‘and’’ at the end of sub-
clause (I), by striking subclause (II), and by re-
designating subclause (III) as subclause (II), 
(B) by striking ‘‘a FSC (or a former 
FSC)’’ in subclause (II) (as so redesignated) 
and inserting ‘‘a former FSC (as defined in sec-
tion 922)’’, and 
(C) by adding at the end the following: 
‘‘Any reference in subclause (II) to section 
922, 923, or 927 shall be treated as a ref-
erence to such section as in effect before 
its repeal by the FSC Repeal and 
Extraterritorial Income Exclusion Act of 
2000.’’.
(11) Subsection (b) of section 906 is amended 
by striking paragraph (5) and redesignating para-
graphs (6) and (7) as paragraphs (5) and (6), re-
spectively. 
(12) Subparagraph (B) of section 936(f)(2) is 
amended by striking ‘‘FSC or’’. 
(13) Section 951 is amended by striking sub-
section (c) and by redesignating subsection (d) as 
subsection (c). 
(14) Subsection (b) of section 952 is amended 
by striking the second sentence. 
(15)(A) Paragraph (2) of section 956(c) is 
amended— 
(i) by striking subparagraph (I) and by re-
designating subparagraphs (J) through (M) as 
subparagraphs (I) through (L), respectively, 
and 
(ii) by striking ‘‘subparagraphs (J), (K), 
and (L)’’ in the flush sentence at the end and 
inserting ‘‘subparagraphs (I), (J), and (K)’’. 
(B) Clause (ii) of section 954(c)(2)(C) is 
amended by striking ‘‘section 956(c)(2)(J)’’ and in-
serting ‘‘section 956(c)(2)(I)’’. 
(16) Paragraph (1) of section 992(a) is amend-
ed by striking subparagraph (E), by inserting ‘‘and’’