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131 STAT. 2123 PUBLIC LAW 115–97—DEC. 22, 2017 (A) Section 172 is amended by striking subsections (f), (g), and (h), and by redesignating subsection (i) as subsection (f). (B) Section 537(b)(4) is amended by inserting ‘‘(as in effect before the date of enactment of the Tax Cuts and Jobs Act)’’ after ‘‘as defined in section 172(f)’’. (d) TREATMENT OF CERTAIN INSURANCE LOSSES.— (1) TREATMENT OF CARRYFORWARDS AND CARRYBACKS.—Sec- tion 172(b)(1), as amended by subsections (b)(2) and (c)(1), is amended by adding at the end the following new subpara- graph: ‘‘(C) INSURANCE COMPANIES.—In the case of an insur- ance company (as defined in section 816(a)) other than a life insurance company, the net operating loss for any taxable year— ‘‘(i) shall be a net operating loss carryback to each of the 2 taxable years preceding the taxable year of such loss, and ‘‘(ii) shall be a net operating loss carryover to each of the 20 taxable years following the taxable year of the loss.’’. (2) EXEMPTION FROM LIMITATION.—Section 172, as amended by subsection (c)(2)(A), is amended by redesignating subsection (f) as subsection (g) and inserting after subsection (e) the fol- lowing new subsection: ‘‘(f) SPECIAL RULE FOR INSURANCE COMPANIES.—In the case of an insurance company (as defined in section 816(a)) other than a life insurance company— ‘‘(1) the amount of the deduction allowed under subsection (a) shall be the aggregate of the net operating loss carryovers to such year, plus the net operating loss carrybacks to such year, and ‘‘(2) subparagraph (C) of subsection (b)(2) shall not apply.’’. (e) EFFECTIVE DATE.— (1) NET OPERATING LOSS LIMITATION.—The amendments made by subsections (a) and (d)(2) shall apply to losses arising in taxable years beginning after December 31, 2017. (2) CARRYFORWARDS AND CARRYBACKS.—The amendments made by subsections (b), (c), and (d)(1) shall apply to net operating losses arising in taxable years ending after December 31, 2017. SEC. 13303. LIKE-KIND EXCHANGES OF REAL PROPERTY. (a) IN GENERAL.—Section 1031(a)(1) is amended by striking ‘‘property’’ each place it appears and inserting ‘‘real property’’. (b) CONFORMING AMENDMENTS.— (1)(A) Paragraph (2) of section 1031(a) is amended to read as follows: ‘‘(2) EXCEPTION FOR REAL PROPERTY HELD FOR SALE.—This subsection shall not apply to any exchange of real property held primarily for sale.’’. (B) Section 1031 is amended by striking subsection (i). (2) Section 1031 is amended by striking subsection (e). (3) Section 1031, as amended by paragraph (2), is amended by inserting after subsection (d) the following new subsection: ‘‘(e) APPLICATION TO CERTAIN PARTNERSHIPS.—For purposes of this section, an interest in a partnership which has in effect a 26 USC 172 note. 26 USC 172. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00071 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS