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131 STAT. 2207 PUBLIC LAW 115–97—DEC. 22, 2017 ‘‘(ii) ACCELERATION OF INCLUSION.—If there is a liquidation or sale of substantially all the assets of the real estate investment trust (including in a title 11 or similar case), a cessation of business by such trust, or any similar circumstance, then any amount not yet included in gross income under paragraph (1)(B) shall be included in gross income as of the day before the date of the event and the unpaid portion of any tax liability with respect to such inclusion shall be due on the date of such event (or in the case of a title 11 or similar case, the day before the petition is filed). ‘‘(n) ELECTION NOT TO APPLY NET OPERATING LOSS DEDUC- TION.— ‘‘(1) IN GENERAL.—If a United States shareholder of a deferred foreign income corporation elects the application of this subsection for the taxable year described in subsection (a), then the amount described in paragraph (2) shall not be taken into account— ‘‘(A) in determining the amount of the net operating loss deduction under section 172 of such shareholder for such taxable year, or ‘‘(B) in determining the amount of taxable income for such taxable year which may be reduced by net operating loss carryovers or carrybacks to such taxable year under section 172. ‘‘(2) AMOUNT DESCRIBED.—The amount described in this paragraph is the sum of— ‘‘(A) the amount required to be taken into account under section 951(a)(1) by reason of this section (deter- mined after the application of subsection (c)), plus ‘‘(B) in the case of a domestic corporation which chooses to have the benefits of subpart A of part III of subchapter N for the taxable year, the taxes deemed to be paid by such corporation under subsections (a) and (b) of section 960 for such taxable year with respect to the amount described in subparagraph (A) which are treated as a divi- dends under section 78. ‘‘(3) ELECTION.—Any election under this subsection shall be made not later than the due date (including extensions) for filing the return of tax for the taxable year and shall be made in such manner as the Secretary shall prescribe. ‘‘(o) REGULATIONS.—The Secretary shall prescribe such regula- tions or other guidance as may be necessary or appropriate to carry out the provisions of this section, including— ‘‘(1) regulations or other guidance to provide appropriate basis adjustments, and ‘‘(2) regulations or other guidance to prevent the avoidance of the purposes of this section, including through a reduction in earnings and profits, through changes in entity classification or accounting methods, or otherwise.’’. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00155 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS