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131 STAT. 2142 PUBLIC LAW 115–97—DEC. 22, 2017 (1) Section 168(i)(7)(B) is amended by striking the second sentence. (2) Section 743(e) is amended by striking paragraph (4) and redesignating paragraphs (5), (6), and (7) as paragraphs (4), (5), and (6). (c) EFFECTIVE DATE.—The amendments made by this section shall apply to partnership taxable years beginning after December 31, 2017. Subpart B—Insurance Reforms SEC. 13511. NET OPERATING LOSSES OF LIFE INSURANCE COMPANIES. (a) IN GENERAL.—Section 805(b) is amended by striking para- graph (4) and by redesignating paragraph (5) as paragraph (4). (b) CONFORMING AMENDMENTS.— (1) Part I of subchapter L of chapter 1 is amended by striking section 810 (and by striking the item relating to such section in the table of sections for such part). (2)(A) Part III of subchapter L of chapter 1 is amended by striking section 844 (and by striking the item relating to such section in the table of sections for such part). (B) Section 831(b)(3) is amended by striking ‘‘except as provided in section 844,’’ (3) Section 381 is amended by striking subsection (d). (4) Section 805(a)(4)(B)(ii) is amended to read as follows: ‘‘(ii) the deduction allowed under section 172,’’. (5) Section 805(a) is amended by striking paragraph (5). (6) Section 805(b)(2)(A)(iv) is amended to read as follows: ‘‘(iv) any net operating loss carryback to the tax- able year under section 172, and’’. (7) Section 953(b)(1)(B) is amended to read as follows: ‘‘(B) So much of section 805(a)(8) as relates to the deduction allowed under section 172.’’. (8) Section 1351(i)(3) is amended by striking ‘‘or the oper- ations loss deduction under section 810,’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to losses arising in taxable years beginning after December 31, 2017. SEC. 13512. REPEAL OF SMALL LIFE INSURANCE COMPANY DEDUC- TION. (a) IN GENERAL.—Part I of subchapter L of chapter 1 is amended by striking section 806 (and by striking the item relating to such section in the table of sections for such part). (b) CONFORMING AMENDMENTS.— (1) Section 453B(e) is amended— (A) by striking ‘‘(as defined in section 806(b)(3))’’ in paragraph (2)(B), and (B) by adding at the end the following new paragraph: ‘‘(3) NONINSURANCE BUSINESS.— ‘‘(A) IN GENERAL.—For purposes of this subsection, the term ‘noninsurance business’ means any activity which is not an insurance business. ‘‘(B) CERTAIN ACTIVITIES TREATED AS INSURANCE BUSINESSES.—For purposes of subparagraph (A), any activity which is not an insurance business shall be treated as an insurance business if— 26 USC prec. 804. 26 USC 381 note. 26 USC prec. 841. 26 USC prec. 804. 26 USC 168 note. 26 USC 168. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00090 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS