Elimination of 30-day limitation on domestic operations

(a) In general Section 1355 of the Internal Revenue Code of 1986 is amended— (1) in subsection (f), by striking paragraph (4), and (2) in subsection (g)(2), by striking subparagraph (D). (b) Effective date The amendments made by this section shall apply to taxable years beginning after the date of enactment of this Act.